Your Questions About Check My Mortgage Loan

David asks…

Do you get your escrow surplus if you’ve filed bankruptcy w/ giving up the property?

I received a letter today from my (old) Mortgage company stating my escrow account was in surplus of almost $400 and if my loan was current i’d get a check. however, my loan wasn’t current at the time of filing bankruptcy for medical reasons. So, since technically i have no obligation to the debt what-so-ever, do I get that escrow surplus back? My mortgage company says no, the loan is still not current.. however, the loan is discharged…

admin answers:

NO they are gonna take your property and sell it for WHATEVER they can get out it even at a big loss

Mandy asks…

Will our credit be good enough for a mortgage loan within a year?

My fiance and are are 21 years old. He’s got a good job making about $34K a year (that’s at 40 hours a week, and he’s currently working a mandatory 60 per week) and he gets dollar raises once every six months. I’m a full time college student currently working part time.

We’d love to buy a home, but neither of us have ANY credit history. None. So, here’s what I was thinking:

-He can get a secured credit card through our bank and actively use it and pay it off monthly for a consistent 12-month period.
-I can get financed for a piece of furniture for a 12-month plan.

He already has utilities in his name and we are both in good standing with our rental history as well as our checking and savings accounts. We’d really like to look into buying a home (around $100-150K home) next August around the time we get married. I know credit takes awhile to build up, but I’m not sure how much history I’ll need. Any advice on this would be appreciated!

IMPORTANT: Please don’t suggest we get a co-signer. We don’t know anyone with good enough credit to co-sign.
We know a lot of people that own homes that make salaries that are much less than what he is making. We live in South Carolina, so $16.50 an hour is considered pretty damn good, considering the price of living down here. I don’t know anyone that makes $50K a year. So what gives?

admin answers:

One year of credit history is sufficient, and so is your income. Don’t listen to those that think you need to be rich to buy a house. Mortgage guidelines now require that you buy within your means, so that isn’t a problem.
Right now guidelines require two tradelines rated for 12 months on your credit report, and open and active. So I would suggest that you BOTH open secured credit cards (5/3 bank is a good option for these) and that you BOTH finance furniture on an 18 month plan if you can… If they only do 12 month plans then BOTH of you can finance a small piece of furniture for 12 months, and then 8 months from now go and request to finance an additional piece of furniture. That way you will both have two tradelines open and active for 12 months. Make sure that the furniture place reports monthly to all 3 credit bureaus. Not all of them do.
If you have a $500 secured card, make sure you do not utilize more than $100 max each month. Don’t use the card again until you have paid back that $100. That way you will maximize your credit score.
Good luck with your future purchase, and if you have any further questions or want to talk about getting preappoved when the time comes feel free to message me.

Steven asks…

Help writting letter of explanation to a underwritter for a mortgage loan?

my previous land lord accepted cash and money orders, and it was all bills paid. so i don’t have utilities history or proof of payment for the months i lived there. My current landlord is a corporation and accepts only checks and or money orders. and my utilities are to be paid on my own. i have been at my current residence since oct. last year and the bank needs 12 months of rental history. how should i write this and am i waisting my time only to be denied :0(
i had the land lord to write a letter and gave me a copy of her d.l., i rented a room in her house so it was not much i was paying…. i dont think she would have put it on her tax return
thank you… the thing is im only 27 and this address was my x mother inlaw and me and my x husband rented a room….. i allways had my mail sent to my dads house

admin answers:

My guess is that the first landlord was not declaring the income on his taxes, otherwise, you could get a notarized statement saying that you rented there and paid all your bills on time. Without actual receipts, you are going to have a problem showing 12 months rental history.

Paul asks…

felony probation deffered?

well i got charged with bribery which is a felony, i bribed a cop when i was drunk to try and get out of some trouble, i know stupid huh i was 18 at the time, high school party days lol anyways its a defferred probation meaning after i complete the probation i will never be convicted of the felony, not making me a convicted felon…now to my question, is this still going to haunt me for life like it would a convicted felon, backround checks, apartments, loans, college, professional jobs?i really wish i did not get in to what i got my self into, but lately its been really bothering me thinking about my future and all the dreams and goals i have set for myself, i want to go to college, i want to be able to have a great paying job, and i do not want to be turned down when it comes to getting a mortgage loan! someone please give me some advice that will cheer me up a little, im 19 and the last year has been living hell for me thinking about what little i may have left for myself 🙁

admin answers:

You need to be specific about this “deferred probation” thing. It’s probably just a matter of my being from a different state, but I am a NY area prosecutor and I’ve never heard of it. In NYS, you get probation when you are sentenced for committing a crime – this finalizes your conviction, and if it’s a felony conviction, you will face a mandatory state prison term on your next felony conviction. The specific details about different forms of sentencing are explicitly detailed in your state’s penal code or criminal procedural statute – you can find a copy in your local library. They may provide for complete sealing of your record or only of the conviction (meaning that your arrest and indictment or “supreme court information” are still on record). How long is your probation? If you’re on probation, you should have a probation officer who can explain all of this.

Richard asks…

my ex-wife didn’t put a bank loan in her name?

I got a divorce in 2006 my wife was suppose to but the mortgage loan in her name and never did i just check my credit report and found it on there and shes late what do i do to get it off my credit report?

admin answers:

If this is in your divorce decree all you can do is drag her back into court and sue for contempt.

You can not remove accurate information from credit reports, so until she refinances the home in her name only there is nothing you can do except take her back to court.

Good luck.

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