Your Questions About Check My Mortgage Status

Charles asks…

Here’s my problem… while I was involved with my exboyfriend, he was involved?

in various real estate transactions… he would buy, fix and sell. After a few months of dating, with the assumption and knowledge that the relationship was a lasting one, I agreed to having him put some houses in my name. On one particular house, I also agreed to take out a mortgage for him with the agreement being that he would pay the mortgage every month ($225) and take care of the house and all bills included with the house, i.e. taxes, insurance, etc. All the bills for this house were put in my name. Unfortunately, i signed a quitclaim deed giving him the house for $1.00 in the event that we broke up. Well, that has happened two years later. Since the breakup, he has not paid the mortgage and I recently found out that he has not paid the property taxes for nearly two years. The house is currently in tax title and was going into foreclosure in a month. I just found this out a few weeks ago. I have been in total contact with the mortgage company from the beginning and they are doing everything they can to help so they don’t foreclose on the house. Also, this was a rental property. The ex was renting it out to Section 8 housing and collecting checks from the government. After researching with the housing department, I found that he was collecting the partial rent checks under his name as the owner. I informed them of the situation, that he had not been paying the bills on the house, showed them my deed and they changed the owner status to me. I have received one partial rent payment. The renters are responsible to pay the owner the balance of the rent. They have been informed of the change in ownership status from the housing department. I have serious emotional anguish speaking to this man as he is never truthful in whatever he says and is very manipulative. I finally got him to pay me back $5,000 he owed me, after continually hounding him for 6 months and him continuously lying to me about the money. So now, after he didn’t receive his monthly check, he called me and said he had his income tax money and wants to pay on the mortgage and to pay him back the money I owe . He is collecting $2,400 a month of rent from this rental!!! My question is this, is this quitclaim deed still legal after having been signed in 2009 and him just filing it on April 6? Also, how can a property be legally quitclaimed if there is a tax lien on it and an outstanding mortgage? Is there anything I can do to rebutt this quitclaim deed as he has breached his oral contract with me? please help, thank you!

admin answers:

Signing the quit claim deed did NOT release you from the legal obligation to pay the bills.

You owe him NOTHING. The house is in your name, you legally are entitled to collect the rent. Yes, the quitclaim deed is still valid. He can file the deed, if they allow it, it is going to make the mortgage come due in full.

Try and prove the oral contract. You can’t. Any homes of his that are still in your name, I would sell them. Including the one in question.

Thomas asks…

Denied for credit card…what does it mean?

I checked my credit report last week on equifax and saw that my score was 739. Last month I consolidated a $16,000 loan at a rate of 29% into a $20,000 loan at a rate of 11.5%(payment is $518). I also have a student line of credit (now inactive) for $12,000 with a balance of $7,500 (rate is 5.75, min payment is $75). I have a mastercard with limit of $2500 and a balance of $4. I have another inactive visa on my report with a balance of -$23.

I was looking to get a new visa in order to benefit from the air miles, insurance, and other benefits that my active mastercard does not have. The adviser at the bank figured that I would be ok to apply since I make $75,000 and have no current mortgage or rent payment (I don’t own a house though or other assets though).

She put the application in on Friday and it came back declined today. The stated reason was that “client has a new consolidation loan, and trades are high. Client also is without savings”. that’s the extent of what it said.

My adviser was a little surprised but told me that she could check with her manager as sometimes they can vouch for a clients low risk status. I told her that I just wanted to know what I should do to improve my credit worthiness. She’s checking with the manager and will get back to me in a few days.

I’m in need of a new car. Does this mean that I would not qualify for an auto loan at this point? What is my best course of action to improve my situation?

Thanks.

Mike

admin answers:

It depends on the bank. Some banks aren’t taking any risks these days. I have more debt and less income than you and never had a problem getting a credit card through Chase, Amex, Citibank, Bank of America, or Discover. Try another bank. I wouldn’t think you would have any problem getting a car loan with your score and income.

Chris asks…

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George asks…

Will Social Security help me pay for a Handicapped Accessible apartment?

I am a 24 year old female who has been collecting Social Security Disability (SSDI) as well as SSI for the past two years. Currently I am living with Muscular Dystrophy, Gastroparesis, Mixed Connective Tissue Disease, Anemia, and Herniated Discs in my Cervical and Thoracic Spine. I also have a few medical conditions that do not contribute as much to my disability status, such as Hypothyroidism and Polycystic Ovarian Disease.

Six years ago I began attending college on a full scholarship, but when I started to become very ill about halfway through my junior year, I had to move back in with my parents (even though they are also living below the poverty line and have been collecting food stamps to try to make ends meet). My SSI and Disability checks have long been my only source of income, but together these checks only grant me about $600/month. About a third of that money goes to Medical Expenses not covered by my insurance, and another half towards helping my parents with household expenses, leaving me with less than $100 each month to pay my bills.

Now my parents can no longer pay their mortgage are facing eviction, and there is no way that I can find an apartment on Long Island for less than $300 (the amount I’ve been allotting from my checks to give to my parents for shelter expenses each month). Does social security help people who are on disability to find housing, and more importantly, to pay for it? I don’t walk well, so the apartment would have to be on the first floor and handicapped accessible, and I know that my current benefits couldn’t afford me an apartment anywhere in NY, even if most of my check didn’t go towards other expenses. I always try to stay positive, but I’m starting to feel really hopeless. Where can I turn to for help?

admin answers:

Social Security pays monthly benefits only and provides Medicare to those who are eligible; how you spend your benefits is up to you. The claims reps are not social workers and are not in the business of helping people find housing. The agency doesn’t pay additional monies for housing or home health care or anything else. That isn’t the purpose of Social Security. Why wouldn’t you have Medicare and Medicaid? Between the two they should cover all of your medical expenses.

People who have Medicare and SSI can file an application at the county welfare office so that the county/state will pay the Medicare premiums, co-pays and deductibles.

You can complete an application for subsidized housing at HUD, I believe, but the lists are years long. You will probably have to find yourself a roommate until you can obtain Section 8 housing or find a two bedroom apartment and share it with your parents and pool your income with theirs to meet living expenses.

And like Teddy says – don’t pay any attention to Flower’s answer but I do want to point out to you that if you were paying your fair share of expenses your monthly benefit between SSI and SSDI would be $718 per month – not $600. Fair share is monthly rent, utilities & food divided by the # of people living in the household. You have not been committing fraud.

Mary asks…

Requirements for VA refinance…?

I rec’d a postcard for refinancing my VA loan at a rate cheaper than what I currently have. It also states that there will be no credit check and no income verification. But, why in the loan application does it asks for a copy of your tax returns and your work tel#? I would like to refinance to skip 2mo payments and have lower monthly payments, but the problem is that I was laid off 3mo ago and still cannot find work. I do not want to have my wifes name on the refi (she is not on my current mortgage since I bought house before we were married) in case I have to walk away from my mortgage if I cant find work soon and don’t want to mess up my wife’s credit if I walk away. I’m not late on my mortgage payments now, but cant pay for long without work. Any ideas or know why the loan is asking for stuff that can tell them what they are saying they don’t need (income verification and marraige status from tax return).
Thanks
I was really wanting to know why these brokers send out these ads (post cards) stating “no income verification”, but then their loan application asks for a copy of last 2 tax returns and your work ph#. I really do not want to provide my last 2 tax returns because I am married and it shows I have a wife. I don’t want to ad my wife on any refi. paperwork in case I default on this refi (if I cannot find a job soon). I want to refi. because it will allow me to skip 2 payments (gives me a longer time to find a job, and then pay mortgage each month). Do I really need to provide copies of tax returns in order to get a refi. loan?

admin answers:

If your wife is not on the current mortgage loan, any negative action caused by this property would not be reflected on your wife’s credit report. Her name nor social security number is on the mortgage loan you obtained to acquire the property. This would be true even if you added her name to the property deed by quit claim. You did not and can not add her name to the mortgage loan, without a refinance.

What you have gotten in the mail is a streamlined VA mortgage refinance. You may refinance without an appraisal and income verification under this streamline procedure. You might have also been offered a 2.99% interest. This is an adjustable rate mortgage, therefore be careful of any mortgage loan docs you would sign prior to getting a full explanation as the type mortgage you are getting. This mortgage loan would adjust in 5-7 or 10 years.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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Your Questions About Check My Mortgage Application

Thomas asks…

Will mortgage be approved?

Hi

Im looking to apply for a mortgage promise from the halifax ( a lender who ARE offering 95% LTV) in January with a 5% deposit on a £140,000 house. A few questions if anyone can answer;

1) Does the mortgage promise do the credit check etc or is that done during the full application stage?

2) I am a teacher with a permanent job and an excellent credit rating with annual wage £22,249. My partner earns £15,000 and has a “fair” credit history (a few late phone bills paid three years ago.) Will this be an issue?

3) Are the halifax generally good lenders? Have heard stories about banks “picking and choosing” customers.

And also i have seen some good 95% LTV deals with Bristol and West – Can anyone comment on this lender?

Thanks

admin answers:

Given the choice, if your deposit is only 5%, go with Bristol & West.

In many other circumstances, I would say Halifax are a good lender to go for. Not so when you’re only looking at a 5% deposit, because they charge an additional fee known as a Higher Lending Charge (HLC) above 90% Loan to Value, and currently their rates are atrociously high for that sort of mortgage anyway.

Bristol & West are a brilliant lender for first time buyers, and if you can get one of your parents to act as a sponsor/guarantor, you can get yourself a very competitive deal. This product needs a little explaining though, ask about their “First Start” product.

Steven asks…

santander AIP will it be declined?

had a mortgage agreed in principal with santander by a broker who says they have passed both mine and my husbands credit checks, the application has now gone to the underwriters who have asked for a couple of extra bits of info, the broker says he is pretty sure all will be agreed as if they would decline they would have done so by now rather then bother to ask for the extra info which was just full dates of last addresses, waiting for a reply hopefully monday just stressing as hate all this waiting, just wanted other peoples opinions as to what they think

admin answers:

In my experience of life,i must tell you that the Very Name of Certain Financial Organisations makes my blood boil. Santander is one of them. A close second is The Royal Bank of Scotland.
I have been ripped off in a manner that beggars belief.
There was a time when peoples savings were robbed from the banks at the point of a Gun:Today the robbers are sitting in suits and behind a desk.
Leagalised plundering of Savers.
Banks that have denied savers of Annual Bonusses , and Terminal bonussess, after 10 years of Savings without touching the Capital should- never tolerate The Directors to award themselves HUGE bonus pay each Year and even on their retirement.There must be Thousands of Pensioners who have lost more than half their Investments. I did over “40 Grand” My lifes savings.
Banks can also overwhelm you and keep you away from enquiries by using Phone set up Technology in a manner it was never intended for.Wait until 2012, and you will realise” You ain’t seen nothing yet.”

George asks…

mortgage pre-approval question?

i’m a first time home buyer, my wife is not. she has no negative issues with her last house. i have never had bad credit because i’ve never had any credit until recently when she added me to her credit cards. one which is now paid off and the other with a balance of $7,500. were pre-approved for $269,000 but only need 218,000 with 7,000 down and 3,000 for closing, both of which will be borrowed from 401k. 401k has 23,000. we bid on 1.1 acres of land for 100,000 plus cut the seller of the land a check for $500 which will be applied to settlement costs. 2 weeks later we signed a construction agreement for building the house we picked out. today we go to the bank for the loan application and have to cut another check for $350 which from what I understand is non-refundable. my question is are the chances of us getting approved from the lender favorable or not? my wife has excellent credit and i have a little credit now. our gross income is around $70,000/year.

admin answers:

Dear djskooby

The first thing that will help you is… Always remember that obtaining a loan is a: process

You already have your pre-approval, and there are still many hoops to overcome. The lender will still need to review all the documents to support the information that you provided on the loan application. If all meets with their criteria you there should be no problem in getting your loan.

Best of Luck
Daisy

Laura asks…

I have a question about Line of Credit and possible mortgage fraud.?

Hi my name is Jane and I am living in Virginia.
I purchased a house in Woodbridge VA in Dec/2004.Tom was my mortgage agent. I made 10% deposit. (Contract amount was $535,000.00)
US Express Mortgage Company approved first and second mortgage (1st $374K and 2nd $107K). About two months after settlement I received check book from BB&T Bank (3rd lien – Line of Credit $125,000).

I called Tom (Mortgage Broker) and asked about the check from BB&T because I had never applied or asked Raymond to open a Line of Credit for this property. He said “Jane, you did not need a loan application and you didn’t have to sign anything because you have a good credit and your Woodbridge house had an immediate equity right after you closed the deal. So BB&T approved the loan based on your excellent credit and equity of your house.

By the way I did not close the account and unfortunately I used the money.

December, 2008, the house was foreclosed (by 1st lien holder) and 3rd mortgage lender; BB&T Bank filed a lawsuit against me in the amount of $125K. I received complaint by mail in 01/15/2009.

* Right before foreclosure I requested all the documents regarding this loan to the entire lender including BB&T. (I was not sure what they have but I tried.)
Shockingly enough, there was a Loan Application which I have never seen and someone forged my signature.

BB&T Bank was not a wholesale lender. (BB&T had a wholesale department but I am not talking about them)/I didn’t know at that time because Tom and Bank loan officer were acting like they are…/The loan officer had to contact with borrower directly but it didn’t happen. Someone forged my signature in Loan Application, Credit Line Agreement, and Credit Line Deed of Trust (Notary Public? I don’t know who she is and there was no seal)
So they foreclosed my house and also asked me to pay. Yes I did use the money. If I have to pay then I have to. But how about a FRAUD. (Forgery and violation of lender’s liability…
Q #1. What should I do? Do I have to pay them and bury that fraud?
#2. We have 2 years of statute of limitation for fraud in Virginia. Someone told me that when I received the checkbook from BB&T Bank I should have known that it was a FRAUD (He said this is common sense). What do you think? I confirmed fraud when I saw someone forged my signature on Dec.2008–My deference is –“Jane you did not need….. your excellent credit and equity of your house.”
#3.Can I fight with the lender for anything like-Breach of Contract or Fraud or Lender Liability… I don’t know.

Thank you so much

P.S. Just for your information, Mortgage Broker and the loan officer are in federal prison committing Bank Fraud, money laundry etc. But not for my case.

admin answers:

I would look for a lawyer or attorney that specializes in that field and/or find out who the district attorney is that imprisoned them and notify them of your situation and if there is anything you can do, write a letter. Notify the BB&T co. That you are disputing their fraudulent account.

Nancy asks…

DTI needed for self employed?

So my mortgages are keeping me from getting any loans.. against my home or any of my rental properties. (DTI too high and no W2–self employed landlord).

I’m considering selling my home to move into a rental.

Will this immediate change in my debt to income help in qualifying me?

Do you have to show an entire year of acceptable DTI to get a loan?

Is there a bank (or professional) that might look at my situation without me having to do an entire application (credit check, etc.)?
I have tax returns….

The question is if you sell a property this obviously has an immediate impact on your DTI..

At that point… It seems to me your DTI would be recalculated. Correct?

I really need an underwriter or mortgage banker to answer this I believe.

admin answers:

Since it sounds as if your profession is being a landlord, you would have to show 2 years of tax returns showing how much you *netted* (self employment doesn’t go on gross like normal working folk.

No bank is going to let you slip under the cracks anymore without tax returns, credit checks and a down payment.

Your tax returns should show a bank where you stand financially as far as your income goes.

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Your Questions About Mortgage

Donald asks…

How much mortgage debt is there in the USA?

Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

admin answers:

I don’t know the numbers, but it is an astronomical amount.

Carol asks…

How does a mortgage holder get out of PMI payments on their mortgage loan?

Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I lose my job (my job is very secure). Please any suggestions on how to get the PMI waived by the mortgage company.

admin answers:

PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home’s value.

Laura asks…

What is the difference between mortgage tax and property tax?

mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?

Thank you.

admin answers:

In the USA, I don’t know of anything called a Mortgage Tax. The money you pay to the bank, because you borrowed the loan is called Interest.

William asks…

How does mortgage interest work when dealing with tax returns?

How does a mortgage work when dealing with tax returns?

Do we get back all the interest that we pay off or a certain percentage?

Please provide backup in your answer.

admin answers:

Http://www.irs.gov/publications/p936/ar02.html

Charles asks…

How does mortgage companies work when a person dies?

My mom and sister are both named on the mortgage. Payments are still being made. My mom just passed and my sister does not have a job because she was caring for our ailing mother.

admin answers:

It sounds like your sister needs to sell the house ASAP, or get herself a job to pay the mortgage, otherwise it be foreclosed.

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