Your Questions About Check My Mortgage Loan

Richard asks…

Buyers paid earnest money with stopped check, held the property for 2.5 months and now they are walking away?

I had buyers to a property I was preparing to sell. They signed an agreement and they begged me not to cash the earnest check because they were getting mortgage for the full amount. I did hold the earnest check for 2 months.

Everything passed, inspection, appraisal, their loan, everything was set.

5 days before closing they informed me that the closing company has a problem with the title and it will be fixed in couple of weeks (the closing was scheduled for June 24th). Two days later they asked to move at once to my property before closing. I said while I am not obligated to do so, give me a week and I will be glad to help.

Note.. all communication were documented

The buyers a day later said they will postpone the closing for a month, to which I agreed. but then a day later they sent a message stating they are walking away from the deal because of the delay

When I tried to cash the earnest check it bounced back

The closing company informed me that they worked out the problem and they are ready to close. Only problem is that the buyers changed their mind and don’t want to close fr no reason.

The sales agreement states that I have 30 days to cure any problem with the title, and it was cured in under a week ( a typo on my deed), yet the buyers are insisting that they will walk away

The buyers spray painted my front steps without my knowledge when they were scheduled to close on the property and now I have spray paint all over my brick wall and steps and rail.

The buyers paid the earnest money ($2000 with a stopped check) thinking it will allow them to walk when ever they feel like it

The buyers held the property for close to three months and now they don’t want to close because their own closing company delayed the process by two weeks

Am I entitled to sue them over the earnest money, damages to the property and bank fees for the bounced check?

Thank you greatly for your help
They were approved. The house was appraised for much more than I was asking for. We were 4 days from closing when they informed me that there was a typo on my original deed and that their closing company was working on it. The closing company fixed the problem in under 2 weeks. Yet they just want to walk away now and since they paid the earnest with a stopped check they thing they can get out of the deal easily. The sales agreement states that if there were a problem with the title I have 30 days to cure it. The typo took less than two weeks to cure. Now that they damaged the property, held it for almost 3 months they want to walk away. Please help.. I am both shocked and desperate for answers. What to do
I wanted to add that the buyer was a former student of mine, that is why I trusted them with the check thing. I was not being stupid. I was getting ready to list it when they came to me and said they want to buy it (she and her fiancee). I really was not being cheap.. Just too trusting I think 🙁

admin answers:

I’m truly sorry this has happened to you and just know that there are a lot of Sellers this is happening to as well. But as usual, it is not only “Buyer Beware” but a very much needed “Seller Beware” when it comes to a For Sale By Owner such as this. If you had an agent, then there is more to this than meets the eye.

Although you had a signed contract, the Earnest Money Deposit should have been put into an Escrow Account. Second, it is not a good idea to let a buyer move into the property that you still own. In your case, you were being very nice but the buyer ran all over you in the process. When a Buyer wants to run the transaction, Sellers really need to be on their toes and figure out why. Usually a Buyer who does that has an ulterior motive even when they seem to be the nicest.

You can take them to Small Claims Court and not only sue for the $2,000 Earnest Money Deposit (which would be considered Liquidated Damages) but also for the three months they lived there rent free and for property damage. You can also ask for court costs. Make sure that when you go to file at the courts you have all the documentation including phone calls, dates, times, who you spoke with, emails, notes, requests made,etc. This will help you prove your case.

If there were any agents, Realtors involved you can also sue them for damages but make sure you send a Certified Letter to all parties involved so they will have to sign saying they had received. You can sue the Buyers agent/Realtor and Buyers Broker, send a certified letter to the Board of Realtors which will also investigate and if they find something they can either put a complaint in each of the agent and brokers files, fine both the agent and broker, suspend the license of the agent and or broker or even revoke licenses. This is considered fraud so be very aware of what you are getting into. You can ask the paralegal in the self help division of the court where you live if you can not afford a real estate attorney.

Both parties (Buyers and Sellers) entered into a legal and binding contract.

Paul asks…

NEED SOME HELP WITH A loan modification fraud CALLED PARADIGM PROPERTY?

MY MOTHER RECENTLY PAID A loan modification COMPANY 2.500$ TO HAVE HER HOUSE PAYMENT REDUCED AND THEY NOT ONLY TOOK HER MONEY BUT THEY ALSO MESSED UP HER CREDIT AND I CHECKED IN WITH MORTGAGE COMPANY AND IN THE 3 MONTHS THEY NEVER CALLED OR EVER CONTACTED HER MORTGAGE COMPANY TO ATEMP A SETTLEMENT … WE JUST NEED TO KNOW WHO DO WE CONTACT FOR HELP WE WENT TO A LAWYER BUT HIS CHARGEING 2.200$ WERE IN LAS VEGAS NEVADA …

admin answers:

Try the state Atty’ generals office

Charles asks…

using fake check stubs and w2?

my friend used fake check stubs and w2 to get a 40,000 loan from a mortgage company to buy a house,and did not get caught,just wondering how this got thru the cracks,also he did not have someone on the inside to help him

admin answers:

Oh don’t you love dishonest people? It makes it harder for those that are honest to get anything.

I don’t know how he did it..but it will catch up with him….things like this do. It is called FRAUD! It is punishable by fines and jail.

I hope you have more character than your “friend”…..he doesn’t’ sound like he could be trusted with much…….once a liar and thief….always one.

Chris asks…

Approved mortgage but afraid i will get turned down now.?

ok well they know it is on my credit but for some reason they reposted it after i applied for a mortgage. my income has not changed and i have not opened any new line of credit. i even gave them a letter of why it got repoed (they wanted that.). but now my score dropped to below 600. I should still get the loan if they already approved me correct even if they check my credit befor closing again.

admin answers:

No, with your score below 600 you aren’t getting a loan.

They keep checking, up until closing. Your drop disqualifies you.

Donna asks…

My family was cheated by an asuran .We mortgage our property and get from him four lakhs and five times regist?

My family was cheated by an asuran .We mortgage our property and get from him four lakhs and five times registered mortgage loan.2001-2003. In addition we gave him power of attorney,and a sale deed for 4 lacks to his wife on the same date as wellas security five blank cheque also. He misuse his power to transfer the property to his wife31/3/2003 and filed a criminal case against my brother with the five blank cheques. We cancelled the sale deed on the date 21/5/2003 in between he pay the full stamp duty sec 47a at 3/9/2003. Is the sale deed valid? He had no right to pay the incomplete stamp duty. Is the sale deed valid? We published it in a newspaper and send him lawyer notice also. We filed against him a civil suit of fradulent transaction in 2003. Since 2003 my young brother has been suffering with the cheque case which he gave on behalf of my family. He is innocent. He is suffering in the hands of law for the past nine years. The additional sub court enquired the civil case and gave verdict in favour of the asuran. Innocent people and those who unaware of the law and it loopholes suffering like me. Now I have appealed to the District Court against the lower court judgement. I ask the entire Indian Law community to answer my question.
I want to get back my property. I want my brother come out from the iron chain of sec 138 negotiable act dishonour of cheque case. I want the asuran must be punished by law and his criminal business to steal others property with the help of law loopholes must be stopped.
what should I do?

admin answers:

Civil suit to be filed paying court fee, which may be huge sum, for getting annulled the sale deed. Your lawyer will advise, if evidence with you is sufficient to successfully pursue a case like this.
Section 138 NI Act cases are to be defended. You may take the contention of ‘lack of consideration’ as defence, while cross examining the complainant’s witness but you should also be able to lead evidence on behalf of the accused.
From the language and drafting of your questions, and panic perceptible in repeating the same matter umpteen times, you do not appear to be capable of being a witness for the accused. If necessary, get yourself evaluated by your lawyer as to your capability of withstanding cross examination.

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Your Questions About Check My Mortgage Loan

Susan asks…

My house was sold in a short sale, but the remaining loan was sold in a foreclosure sale?

I finalized my short sale in August, everything was done. All documents were sign, and it was a huge relief. However, I just checked my old mortgage account and it stated that the remaining principal on my loan had been sold in a foreclosure sale and on my credit it shows that my account was derogatory past August and it is being listed as a foreclosure. I never received any documentation from the mortgage company after August. What gives?
In the agreement I was granted a full release of the loan.

admin answers:

That is what you agreed to when you asked for a short sale. The balance of the mortgage is either paid by you or marked as uncollected debt

George asks…

when can I refinance on my mortgage?

I bought my home Dec 08, my credit isn’t as great as it was, my mother got a car repoed i co-signed for her on (I had no idea until credit check) and now, I just have more debt to income. Any advice? There aren’t any loans or monthly expenses I can personally lower or change beside this possibly.

admin answers:

What is it that you need to accomplish with your refinance? Cash out for paying off debt or to just get a lower rate and payment.

If you can prove 2 hardships, for instance loss of income or wages cut, medical problems, loss of partner income, there is a long list, you may qualify for a mortgage loan modification. While it can be a hassle, many people have succeeded in getting there monthly payments lowered, principal cut, rates lowered, to bring there payments down to or below 31% of your gross monthly income.

I would first try your current lender/bank who is servicing your note, and if they give you too difficult of a time, there are attorneys that work on your behalf to provide pressure on the banks you may not know about.

In today’s mortgage market, your file is looked at with 3 sets of eyes. Credit, have you demonstrated the ability to make your obligations, debt to income, how much are your gross household earnings or anyone that is applying for the loan, and Equity position, what is your home worth compared to the amount you owe or want to borrow.

If you purchased the home in 2008, depending where your at, you shouldnt have been affected too severely by the housing downturn, it may seem like income and credit are your problems.

Todays average bank or lending institution are requiring a minimum 640 – 660 credit score, no exceptions for money saved or payment history of the mortgage itself. Depending on what exactly your debt to income level is though that alot of lenders will look at differently depending on compensating factors. Compensating factors are things like savings, current and past mortgage and rent history, extensive job time with the same employer, and even in sum financing types like FHA, non occupying family members as a crutch. (Non occupant co borrowers cannot be used on a cash out refinance)

When determining your debt to income percentage, you will make a list of all payments reporting to your credit report (credit cards, lines of credit, mortgages, car notes and leases, recreational vehicle payments, student loans, child support, alimony, Property Taxes, Insurance, 401k repayment plans through payroll, etc.) and add them up. You dont want to include items like car insurance, health clubs, utilities (that dont report to credit) child care expenses, and cell phone or home phone services. You will then divide that number into your gross monthly income. Your gross income can be calculated by salary which is easy, or by dividing your current YTD gross income into however many weeks we are into the year. This is if you are paid on a weekly basis. There are several ways to calculate income, most difficult is for self-employed so you have a question regarding that, feel free to let me know.

I hope this helps

James asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Go speak with JAG as there are programs to help service members who had to either short sell or or foreclose due to military moving (under orders) I don’t know specifics but I know there is something out there. Also Laws difer from state to state as to what a debtor can and cannot do so teh best course is have your husband go speak to JAG

Laura asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Something is very fishy here and its not that your husband is at sea. You need to make the phone call yourself to YOUR mortgage company and see if they really initiated this phone call. Many times these calls are scams and get you for alot of money. If your mortgage company did make this call then you should call a lawyer to find out where you really stand with the mortgage company. Only a real estate attorney can advise you on this one.

Donald asks…

Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?

In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.

She passed away in August of that year, and her daughter went to live with her boyfriend’s parents afterward. My father has been paying on the house each month ever since. My father does not live in the house — nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.

The problem is, while he’s been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he’s not on the loan, his money has not built any equity for him and it’ll be problematic pursuing any type of refinance. He’s stubborn to foreclose or cut his ties to the house because he doesn’t understand his options.

My dad lives in an apartment with rent half the payment of the house. He has good credit and would’ve never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.

If you’re familiar with property law, is there any insight you could provide on this situation?

I would really like to see this situation resolved somehow — my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he’d be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.

admin answers:

It’s way to complicated for Answers. You need to see an expert on this. There’s way too much at stake to put off seeing an expert.

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Your Questions About Check My Mortgage Loan

Sharon asks…

How can I qualify for a mortgage?

Okay, I started a new job in mid June of last year. In four months I made $11,000, so that would put me at about $33G a year. Then I was in a severe accident. I was out of work from November-Mid January because I was in the hospital. I started back with the same company mid January, but of course have not made quite as much because they started me back slowly, I hadn’t worked Dec, so got no Jan commission check, and only half of Jan so only half a February Commission Check. I have a baby coming in May, and my fiance and I would like to buy a house. We are looking at houses that are 92,000 to 99,000… I have pretty great credit. He has no credit history really. And he just lost his job thanks to the economy… So I guess, what I am asking is, how much would he need to make for us to get approved for a mortgage to buy one of these? OR is there such a thing as a cosigner on a mortgage loan that his parents could maybe help out with?

admin answers:

You make enuf income to qualify because the interest rates are so low. The lender will be skeptical about his credit but that will force you to get an FHA loan. FHA doesn’t loan you any money but they “insure” that the bank won’t lose any money. Their loans are the most lenient. Your injury and “break in employment” will be worrisome but probably acceptable. Get the house. No need for a co-signer..

Joseph asks…

Is my second loan a recourse loan?

Hello,

Is an ARM that has already adjusted that is/was a purchase-money second mortgage a recourse loan in the state of California? The loan was never refinanced.

On top of that, if I decide to walk away, could I write myself a check for the available equity and keep walking w/o legal action being taken?

Thanks!
The combined LTV of the 1st/2nd is somewhere around 200%, there is equity available on the second one. It would just happen to push the equity further negative.

admin answers:

1) If the second was for purchasing the house (say an 80/20) then you should be okay.

2) Writing yourself a check would probably be recourse and also fraud (I am amazed your bank hasn’t lowered your limit by now to bring it closer to 80 LTV) and may be considered a refinance making the entire second recourse. Without a doubt, the bank would take legal action the minute you wrote the check and stopped payment.

James asks…

Sold our house, title company paid off our investment property by mistake. What now?

Seems like the mortgage company sent the wrong data and the title company did not check. The loan values were pretty close, so we didn’t notice until we got an email notification that the home loan was late. So I paid that (late fee removed), have another payment coming up. New owners paid cash, know nothing of the lien. Investment property is sold on contract – we couldn’t liquidate it if we wanted to, so would need that loan replaced, and my credit is not good enough today for that. Maybe they can do a collateral swap. Or maybe we can walk – would title company insurance kick in? Would we get sued?

admin answers:

The title insurance is on the hook for the mess it made. I would advise you to seek legal council. See a real estate attorney right away.

Laura asks…

Is this a loan scam or not?

I am going through Parkington Solutions in California for a loan. They called me and told me that I was pre approved for a $7,968 loan. I had to give them a collateral payment of $980 which is deducted from the loan amount. I did this through Western Union. Obviously I am in desperate need for a loan and this sounded very appealing. They faxed over documents and discussed the loan and the payments I will have to make every month. The President, Chief Executive and Financial Accounts Manager signed the documents. This is a place where they help people with bad credit with giving them a loan and trying to build up their credit through the loan payments. Parkington Solutions has their own website that looks legit and reviews from past clients. They also help with mortgage. The woman I talked to also said to “enjoy my loan.” I checked Parkington Solutions out at the better business bureau and they came up fine. When I got my car awhile ago I also had to put down a down payment and the place was out of state, that turned out fine. Parkington Solutions said that I would get my loan within 2-4 hours last night. I got nothing, but I called my bank and customer service said that the bank was closed all day. I’m thinking that is why the money was not deposited onto my card. Parkington Solutions number still goes through but says they are closed, it is Sunday. Tomorrow is Presidents Day, so I have to wait until Tuesday to see what happens. This place checks out at the better business bureau. Is this a possible scam or not? Sorry for the length.
I just checked the phone numbers. The exact number for the real Parkington Solutions was the one who called me.

admin answers:

100% scam.

There is no loan. While the company might exist, you have NOT been emailing anyone that actually works for that company. You have been emailing a scammer who stole your money.

The next email was from one of the scammer’s fake names and free email addresses and has demanded you pay for made-up fees, in cash, and only by Western Union or moneygram.

Western Union and moneygram do not verify anything on the form the sender fills out, not the name, not the street address, not the country, not even the gender of the receiver, it all means absolutely nothing. The clerk will not bother to check ID and will simply hand off your cash to whomever walks in the door with the MTCN# and question/answer. Neither company will tell the sender who picked up the cash, at what store location or even in what country your money walked out the door. Neither company has any kind of refund policy, money sent is money gone forever.

Now that you have responded to a scammer, you are on his ‘potential sucker’ list, he will try again to separate you from your cash. He will send you more emails from his other free email addresses using another of his fake names with all kinds of stories of great jobs, lottery winnings, millions in the bank and desperate, lonely, sexy singles. He will sell your email address to all his scamming buddies who will also send you dozens of fake emails all with the exact same goal, you sending them your cash via Western Union or moneygram.

You could post up the email address and the emails themselves that the scammer is using, it will help make your post more googlable for other suspicious potential victims to find when looking for information.

Do you know how to check the header of a received email? If not, you could google for information. Being able to read the header to determine the geographic location an email originated from will help you weed out the most obvious scams and scammers. Then delete and block that scammer. Don’t bother to tell him that you know he is a scammer, it isn’t worth your effort. He has one job in life, convincing victims to send him their hard-earned cash.

Whenever suspicious or just plain curious, google everything, website addresses, names used, companies mentioned, phone numbers given, all email addresses, even sentences from the emails as you might be unpleasantly surprised at what you find already posted online. You can also post/ask here and every scam-warner-anti-fraud-busting site you can find before taking a chance and losing money to a scammer.

If you google “fake loan Western Union”, “fraud Western Union loan company scam”, “advanced fee fraud” or something similar you will find hundreds of posts from victims and near-victims of this type of scam.

Lisa asks…

Should I use my own money to pay the contractors, or wait and make a down payment on the mortage loan?

Say I have $25,000 saved up for our new house. Instead of taking a draw from the bank loan, should I use my own money to pay the contractors until the money runs out, or should I keep saving and make a large down payment on the mortgage loan when the house is finished and use our mortgage loan money to pay the contractors and begin paying interest earlier? Our credit is great according to the credit check.
I had to change my details because I worded the other wrong. My wife and I are contracting out the building of our house to sub-contractors. We have money saved up and are continuing to save as we build. We are wondering if we should pay the sub-contractors from our own money until it runs out versus using the bank’s money via the construction loan. Or, should we wait until the house is finished and make a large downpayment on the mortgage loan when we are ready to convert it from a construction loan?
To answer Brenda’s question, the interest rate is 6.75%. Also, I don’t know how to contact you.

admin answers:

Hi Andy D.,

What is the rate of your construction loan? This is very important. I have seen rates from prime + 1 and up to 14% for construction loans. Yes, it’s nice to have cash on the sideline but not if you are paying a 10 point spread on the money (the difference of what interest you can get for loaning your money to the bank and what rate you are borrowing the money.

A previous answer mentioned that cash is king. Sure, it can be if you are flipping houses, have less coming in than going out etc. But it sounds like you are fixing up this house to live in and plan to stay there. I did not recall reading anything about investing.

ALWAYS **** be in control of the money that gets paid to the contractors. Make sure that you get a “Conditional lien waiver” each time they are paid AND make sure you receive an “Unconditional lien waiver” when you make final payment. In addition, only pay them 2 draws per month. Setup invoicing received by the 15th paid by the 25th and invoicing received by the 1st paid by the 10th of the next month. This will save you when they try to collect a check on the spot, for the typical reasons….

1. Have to pay my guys
2. Have to pay my rent
3. Have to pay my mortgage
4. Have to pay for my materials
5. And 101+ others blah, blah blah

You just tell them to invoice you: ) Contractors are like investors. They use their money to make more money. All of their supplies are invoiced at the end of the month and usually due 30 days later. So they “float” this money that is due to work on more jobs.

If you have any other questions just contact me, I would be more than happy to help.

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Your Questions About Check My Mortgage

Susan asks…

What does it mean for a Mortgage Company to check your employment.?

Am Trying to close on a house, I gave all the information bank statements etc to the mortgage people, but i have not receive a date to close. My home inspection is this week. Should i be closing soon?

admin answers:

The mortgage company is simply verifying that you have the job you put on the application and have the income you claimed.

You should pick the closing date that works for your schedule. Usually you close 30-60 days after the seller has accepted your offer. Typically an inspection will happen 1-2 weeks after to formally apply for a loan/mortgage.

Charles asks…

are there any sources out there who will check my mortgage contract for junk fees before i go to closing? who?

admin answers:

Usually that’s the job of your loan processor/officer, realtor or title company. Junk fees are usually tacked onto the actual title, not the mortgage. If you’re unsure about any fees on there you should definitely ask your loan officer for clarification. Then double check with your realtor since they are experienced with contracts.

Carol asks…

How can I fix this mortgage problem with my home’s title?

I’m trying to sell my home, but it seems an unexpected mortgage comes up on the title check. That mortgage has been paid off over 10 years ago, and I haven’t been paying any mortgage since then. The mortgage company that held the mortgage has been sold and bought numerous times by other companies and I’m having trouble trying to get verification for the buyers that the mortgage has been paid. I need to do this quick so the buyers don’t back out. What can I do?

admin answers:

In the quickest scenario you will need to find some kind of proof relating to the pay off of the mortage regardless of what it is and then record an affidavit stating that the attached proof represents the pay off and describing all of the recording information regarding the mortgage. You really should get a real estate attorney to quickly help you. The title company can also assist you in the needed research showing who bought and or was supposed to service your original mortgage. The lender who gave you the money should have all that information as a starting point.
To get legal help go here:
American Bar Association: http://www.abanet.org/about/ or http://www.abanet.org/statelocal/home.html
Buena Suerte

George asks…

how do you sue a bank that marks out your account numbers on the check fr your mortgage and puts other numbers?

Bank marked out mortgage account number on “checks” continuously stated I was late after drafting without my consent 4 payments and now ready to forclose my house, I wasn’t late to begin with

admin answers:

Report the bank for fraud to the Federal Trade Commission, the highest authority for banks. You can do it online but also need to make a police report and have the officer sign off on the printed report before you mail, email or fax it back. On the report, use the FTC Complaint Assistant, and when you get to the type of complaint, check that you are dissatisfied with the practices of a debt collector or “other” and keep going from there.

I’ve only filed Identity Theft reports with the FTC, but one was against a bank, and the procedure is different for that.

John asks…

Possible to have a mortgage loan where homeowners ins. is not escrowed ?

My sister has her mortgage with Bank of America. She swears she pays $40 a month for homeowners insurance – seperate from the mortgage check. I guess she sends State Farm a payment every month.
Have you ever heard of a mortgage where your payment is NOT included and escrowed?
Edit : Mikey loves to learn things………Thanks.
Edit : Mikey loves to learn things………Thanks.

admin answers:

I haven’t had my insurance escrowed for years. I haven’t had the property taxes escrowed since I re-fied six years ago. Banks will agree to this when loan to equity is below 80% – or they did, before the recent mess. Now they’re likely to be more cautious.

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Your Questions About Reverse Mortgage

Robert asks…

reverse mortgage?

how does it work?

admin answers:

Homeowners who own their homes outright may in certain states cash in on their equity by taking a reverse mortgage. Typically, 80% of the value of the home is paid by a bank to a homeowner in a lump sum or in installments. Principal is due when the home is sold or when the homeowner dies; interest is added to the loan and is payable when the principal is paid. The IRS has ruled that an interest deduction may be claimed by a cash-basis homeowner only when the interest is paid, not when the interest is added to the outstanding loan balance.

Thomas asks…

reverse mortgage?

admin answers:

This is a good idea for a older home owner over 65 who plans on living in the house until the end of their days. It’s nice because a lot of older people are on a very tight budget especially with the cost of medical bills and prescriptions and this allows you to pull the equity out of your home and you don’t have to make any payments until the house is sold.

David asks…

Where can i get reverse mortgage training in California?

I plan on going back to work at the end of Summer. I have been staying home with the kids and I’m re-entering the workforce. I have banking and Mortgage lending experience.
I’m in Northern California.

admin answers:

I believe there are several good banks that offer classes in reverse mortgages in Sacramento. A reverse can be a very smart thing to do and all the major banks offer them. Go with a reputable bank and not some guy knocking on your door. Enjoy your money, don’t sit on it until you die and give it to your kids. Let your kids earn their own money! 😉

Jenny asks…

Reverse mortgage or Equity loan?What is the best, least confusing and fastest way to sell a senior’s home?

My grandma is near 80 and my granfather is mentally gone.She doesnt want to be in the house when people are viewing her home.So, I think the best way is for her to see the home she wants to buy, get a mortgage for it, move and THEN sell her home. It is just my dad an I helping her.Any advice?
Yes, grandma wants to sell her home and move to either a senior community or a new home all together.
Her house is paid for.

admin answers:

Yes, there are many opportunities for elders to get taken advantage of in reverse mortgages, so consult a real estate attorney and/or advisor before doing any reverse mortgage.

The most common practice when buying a home is to make an offer on the home you want to buy ‘contingent’ on the home you own selling first. That means you’re not stuck with the financial responsibility for two homes. That does however mean you have to have folks coming into your home to look at it while your grandparents are still living there. So it might not be possible for your grandmother to get your grandfather out of the house on a moments notice when a real estate agent wants to show the house. If your grandparents are financially capable of buying one house, and then selling theirs, that might be best in your situation. Make sure there is no penalty for early payoff of the mortgage, if they intend to pay off the new mortgage with the proceeds from the sale of their home. Some reputable builders offer something called a home trade program, where they will buy your home when you buy theirs. Most will pay close to fair market value. At least 90% of FMV is usually fair to allow them to pay expenses, etc.

Best advise, get a professional realtor to walk you through it.

Steven asks…

Feelings on senior equity reverse mortgage?

I am at the age that I can use Senior Equity Reverse Mortgage. I would like to hear from some of you who have taken advantage of this and how it is working for you….

admin answers:

I think it is the best thing since slice bread!!!

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Your Questions About Reverse Mortgage Solutions

William asks…

My Home Is In Foreclosure. The Deed Is In My And Husband’s Name. Mortgage Is In Husbands Alone.?

Can We Quit Claim The Home Into The Name Of The LLC To Try To Stop Or Slow Down Foreclosure? I have 2 ideas to try to save home. 1)I have a small business I just started as a sole member LLC where I am the only member/registered agent. 2) Quit Claim home into my grandmothers name with ours since she lives with us and try to get a reversed mtg through her since she’s 75? Will any of this work in Florida to stop or buy us time to find a solution to save home?

How is it a fraudulent transaction? As for the house having to be paid for to qualify for a reverse mtg. That is not true, I checked. I just have to have enough equity in the home to support the loan where I don’t owe more than house is worth. That’s why I proposed adding my grandmother as an owner so that she can get reverse mtg through her age. All this stuff went crazy when my original loan company sold loan, and the new servicer was sending stmts for more than what they were suppose to based on the agreement with original lender. They wouldn’t accept what I said and paperwork said my pymt should be, and by the time they finally got original file and straightened it, the mtg was too far behind to catch up, plus we’ve had emergencies popup that took from money we were holding onto, like 2 major leaks in the home within 3mths, hubby having 2 angioplasty done within 6mths. Its just been horrible. So can I add grandmother and do reverse mtg? This will payoff current lender completely.
Maxmom5 do not give people your unknowledgeable opinion, with nothing to back it up…because it is WRONG! Plus, not offering no positive suggestion as to a solution. My suggestions in my question are not fraudulent transfers. It is no different than investors who do bailouts when you sign over your deed and make pymts to them. The only difference is that i’m trying to maintain my home and equity myself, without some stranger just sucking it up. My purpose is getting the current mtg paid off either through the credit of my LLC or either a refinance in the form of a reverse mtg through my grandmother; who would be considered an interested party anyway since she lives with us. My question is mainly time based to see if anyone thinks I will have enough time to do these things and close the loan in either case before foreclosure is granted? People use this site for people to help that have either professional knowledge or life experience that relates…not judgemental opinions of no help!

admin answers:

It’s not as easy as you propose. Quick claim will not work because you still have to show proof of income to the lender. If you cannot pay for the morgage now, don’t sacrifice your LLC’s credit score for it.

Also, a reverse mortgage only works when the house is paid in full by the owner. Your grandmother would have to pay off the house in full before reversed mortgage could even be an option. I wouldn’t put my grandmother through that… And you should not either.

Nancy asks…

Is Peter Schiff right about Obama’s bank regulation plan?

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100121/FREE/100129968/0/STATIC

Once again, President Obama completely missed the mark on the causes of and solutions to the financial crisis. In his speech this morning, the President outlined a major initiative to increase regulation of banks. He claims the financial crisis was caused by reckless speculation by greedy bankers in search of quick profits. What he fails to acknowledge is that this behavior was the direct result of the cheap credit supplied by the Federal Reserve and the moral hazard supplied by government regulations and subsidies.

In his efforts to prevent the next financial crisis, the President is focused on the symptoms rather than the disease. Therefore, his attempt to prevent future financial crises is doomed to failure, as the misguided policies that led to the last crisis are preserved while even more damaging policies are added. Current Fed policy is more reckless than before; continued subsidies to the mortgage market and the bailouts for banks are creating even bigger moral hazards; and, as a result, the economy is even more leveraged and more vulnerable to rising interest rates than ever.

The only way to prevent another financial crisis would be to reverse the fiscal and monetary policies that lead to the last crisis, and which now threaten to bring on an ever larger one. However, this Administration seems to lack the brains or the guts to do it.
http://www.youtube.com/watch?v=zdVP_sgCETo

admin answers:

Yes government regulation and government creations fannie and freddie allowed the housing bubble to happen.

Sandy asks…

My husband earns less than me – and I hate it!!?

My problem is my husband earns less money than me…and I hate it!!!

I know it’s sexist and traditionalist and a whole range of other things, and I hate myself for having an issue with it, but I do. It’s this: my husband earns about half as much as me – and it drives me crazy!

I know that in this enlightened day and age of equality it shouldn’t be a problem but I never wanted to be the main breadwinner in our relationship and I can’t help resenting the fact that I have been stuck doing exactly that.

We met eight years ago and have been married for six years. When we first met we earned about the same amount. He’s a teacher, I worked in admin. Fast-forward a few years though and I have a managerial role with a finance company which earns me about twice as much as he brings home from his teaching.

So – we want to start a family soon and there is no way in the world that we will be able to live off his income only. Either he will end up being the main caregiver for our kids (a role that I always expected to do) or they will be in daycare while we both work.

Every time I try to bring up the topic of kids and work and who will look after them he gets all defensive and accuses me of being focussed on nothing but money, which is not true. But the mortgage isn’t going to magically disappear all by itself.

I’m not expecting a solution. I love my husband, he loves being a teacher, I want him to be happy. The main breadwinner role is just not one that I expected having though and I can’t help wishing that our jobs were reversed. Unfortunately I can’t see an easy way to do that.

Any advice?

admin answers:

Yup i have Advise for you Congrats , that you become Manger thing in Finance company and you huby would Awesome Teacher lets come to your Problem , why do you take things on Mortage ? Even they get expensive and i am Muslim , for me its illegal to , secondly what do you think what the money is ? Is it yours ? No its Just ALLAH (God) mercy over you its Belongs to him everything you have and everyone have , its not belongs to us he would reward to anyone anything , so just not complaining about the money , and yea Allah (God) Promised over something weather you pray or not , you never be slept without eaten up , so don’t worry about it , but if you have money instead of paying in extra mortage try to wait up gather the money all in one place and then pay for it .. You will have that in cheap amount to then . In my Country i don’t remember my Dad ever bought anything or Mortage or my Dad , or me ? Or anyone , even Mortage Facility available , but we just used to gather money save every penny and , buy that thing simple

Sandra asks…

Will Republicans succeed in pushing us down the same failed austerity path that EU countries have pursued?

This past week Jared Bernstein, former economic adviser to Vice President Joe Biden let it be known that no new jobs stimulus, WPA-type programs or mortgage relief is even on the table for discussion among most of the president’s advisers, and apparently the president as well.

While left and liberal economists from Paul Krugman to Brad DeLong to Robert Reich have been warning of this for some time, this is the first insider revelation confirming my worst fears. I felt stunned.

No doubt I should have taken the hint when the president’s otherwise very fine address on the budget last month made no mention of unemployment, already on the rise again.

No doubt I should have taken note of the now obvious defections of the president’s chief economic advisors from his team. Romer, Goolsbee, Bernstein – even Summers, all of them, it turns out, were advocates of addressing this depression with major structural and demand-side investments in jobs, infrastructure, tax reform. And all of them seem to have been beaten down and alienated by a scarlet alliance of “political realists” (GE chief Jeffrey Immelt, Chief of staff William Daley) and the banking industry – i.e. Treasury Secretary Timothy Geithner.

The lesson drawn by these “realists” from the Republican, anti-democratic, soak-the-people attacks in the November 2010 elections is that there is no alternative to austerity politics. Debt and deficits are more important than jobs. This is the same philosophy that is tearing up Europe, and will likely fracture the European Union. It is the same policy that took hold of Congress in 1936-37, beat back Roosevelt reforms, and led to the famous “double-dip” in the Great Depression. That “dip” was only reversed by the massive 110 percent of GDP investments of World War II. It is the same policies for which Paul Krugman and the best minds in the economics profession have compellingly argued there is absolutely no foundation in the short run. The truth is – there will be no solution to the debt problem unless people BOTH go back to work, AND their incomes rise. You don’t really have to be an economist to understand that.

admin answers:

Sure. They want to return to an oligarchy. 2 classes: rich and poor. 1 party: republicans. It won’t work that way (2 classes, no parties at all) but they seem to like the idea.

Mary asks…

Legal Question re: reversing a property sale, bad taxes on property, and Grams loosing her home…Help please.?

Any and all help would be greatly appreciated. Before I go into everything, please know that I do plan on getting an attorney as well as hiring a paralegal – but only if absolutely necessary. I am more or less asking for any other alternatives or helpful guidance as to what my next steps/first steps should be.

My grandfather passed in March 1999. He had 17 acres in AK, with a house was on the land and he and my grandmother lived there. Supposedly, the property, as well as others (but this is the only one I am worried about) went into probate when he passed because he didn’t have a will, dividing all properties between their 3 children and my Gram. From there, my uncle was able to have all properties signed over to him…and this is where it gets a little messy… All of this was done about 5 months after my grandfather died. My Gram did go through a hard time, and was actually hospitalized as being unstable (I am working on getting the proper documentation to prove as much). To make an even longer story short, my uncle had my grandmother sign over all her property, stocks, putting his name on all of her banking accounts, etc….and thats just what I have gotten to figure out by researching for a couple of days. My Gram didn’t remember signing over any of this and was shocked to belief when she called her banks and my uncle’s name was on everything. Anyways, my uncle called his sister a couple of weeks ago, saying that he needed money for the property that he is renting out to her (another prop that my Grams had) to pay for the taxes on the house in Florida. Sure enough, he is 3 years behind on it. That’s what originally got me going on what I have most recently found out. On this property that my Grams owes in Alaska, he is 2 years behind, and the borough where she lives only gives you until January 1st of the 2nd year of backed taxes to pay them back, otherwise everything starts being processed, and the house will be up for auction come June.

Now, I am not an attorney by any means, and I am not made of money, so hiring an attorney and paralegal just to do footwork that can be done by me seems to be a waste of my hard earned money. But nothing is making sense in this. In Alaska, when you are over 65, you are exempt from paying property tax up to $150,000.00. My grams is well over that, and was when my grandfather died. So if he would have just let her keep the property, she wouldn’t be in this tax debt now…and wouldn’t have had to pay for the last 12 years of taxes!

I don’t know if I’m just overthinking this and not seeing an easier solution, or maybe it’s just wishful thinking, but I seem to think that I heard somewhere (I know…that sounds bad) that in order for a legal document to be binding, all signers have to be of sound mind and body. That wasn’t the case for my Grams. I have done my research and I see where he had sold some of her property to the state for a highway, mortgaged her property off (and paid it back, thank goodness) twice. He has cashed in on the stocks that were willed to my Grams from HER aunt, as well as a property that HER aunt willed to her that was in Nebraska. And all of this was done within months of my grandfathers death!

In any case, I am just asking for some guidance. I live in FL, and she is up in Alaska. I plan on visiting her beginning of January. The easiest solution I can figure is if I can get my uncle to give the property back to my Gram, she pay her backed property tax, and after that she wont have to worry about taxes anymore. I will still have to get his name off of everything (ie. Bank accounts, savings…anything else..??) just to make sure that he cannot get around it, but that’s a BIG ‘IF’ – trying to get my uncle just to sign it back over…easier said than done.

I know I’m probably rambling, and this could have been said a lot simpler, but I’m having a hard time wrapping my head around all of this. If anyone can recommend anything…I would be so grateful! This property has been my grandmothers’ home for 40 years. I cant let it go down like this.

Again, thank you for taking the time to read this and help me.
Thanks, both of you for the information! I thought it was a BIG ‘IF’ to try to get my uncle to sign it back over, but I’ll try anything at this point. I am leaning hard on getting an attorney – at least just a consultation – to get me started in where to go. I have never done anything like this, and would never have expected it out of her SON!

Question – If/When I do go in for a consultation with an attorney, can I expect that they will guide me as to what I need to do next, or will I be paying them to see if they will support my Grams case? Like I said, I have NEVER had to do any of this, so I am not sure what to expect.

Again, thanks so much! I am trying to reach out to anyone who has the slightest bit of knowledge, past experience, etc…

admin answers:

Once the property goes into tax foreclosure, I doubt you’re going to be able to get it out just by paying up the taxes. What you’ll probably have to do is buy it at the auction. As for the ‘being of sound mind’ part, it sounds like you might have a case, but I don’t think you’d be able to make anything happen without a lawsuit.

Edit: An honest attorney will tell you what needs to be done and inform you of the chances of success before he continues. Because this is a real estate case, you want to look for a real estate attorney. You might want to talk to a title company to get a recommendation for one.

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