Your Questions About Check My Mortgage

Sandra asks…

Am I liable for the payment if my name is on the mortgage only?

My house is going to foreclosure. My name is on the mortgage but not on the deed nor the note, am i liable for the payment? I just check my credit report it is not affected at all, does that mean i’m safe and the bank won’t come after me??? I am in Michigan. Thanks.

admin answers:

If you are one of the signers (guarantors) to a mortgage loan, you are responsible for payment even if your name is not on the deed to the property on which the mortgage was generated. I’m not certain how you got yourself into such a silly situation, but I assume you are correct in the information provided.

I would venture that, at this time, the lender is only reporting credit deficiencies on another name on the mortgage (yes, that happens). However, once the property is foreclosed, that action becomes public record, and the credit reporting bureaus will gather such information from those records and put it in your credit file.

Whether or not the bank pursues you for repayment is the option of the bank.

David asks…

For tax purposes…is it ever considered income if someone writes you rent check in this situation?

I was wondering if a family member lives in my house and writes me personal checks every month amounting to about half the mortgage and utilities, could this ever be misconstrued somehow as income by the IRS? Would it mess with my taxes in any way?
I will be asking my accountant one day when I get around to it, but I’m sure some of you know the answer

admin answers:

No, your not renting for profit..however, do not try to claim the person paying you “rent” as a dependent you wont have a leg to stand on

Nancy asks…

Can a couple get a mortgage, with both incomes being considered, but only 1 credit check?

My fiance and I are thinking about buying a house together. He has a house currently but we need something bigger and in a better location. The problem is, while his credit is perfect mine is not.
We want to apply for a mortgage together but with only his credit being checked. I know this is probably not possible, but we need the bank to take both of our incomes into consideration, just not my credit. Is there anyway we can get a mortgage with both incomes considered, with only his credit checked?
Im obviously going to pay it back. I have a 40,000 car loan that I have had for 3 years and never missed a payment, so its rude for you to just assume I wont pay it back. I have bad credit from issues when I was a teenager.

admin answers:

Absolutely not. If they are going to give you money they want to know what kind of people both of you are. It sounds like you have vastly different ethics, ans your ethics indicate it is not wise to give you any money, you are not going to pay it back.

Mandy asks…

How my spouse’s credit score will affect to get a mortgage?

My spouse and I are planning to buy a house in the next few months. I am wondering how my spouse’s CS will affect to get a good mortgage deal. I have good credit (781, just checked) but my spouse has been accumulating credit history for less than two years. A point that may be consider is that neither my spouse nor I carry credit card debt, just student and car loans. The total payment is less than 5% of our monthly income. Thanks!

admin answers:

When you apply, put your name first on the application and your spouse as teh cosigner. You may get a slightly higher interest rate because of her score, but I think you’ll still be okay. Do you know what her score is?

Joseph asks…

Are certified check funds available anywhere, immediately?

I will be closing on the sale of my apartment, and moving to a new state, where we already have a house lined up to purchase. There is no mortgage involved. If I take the certified check I receive here , and use it to open an acct at a bank in my new state (my bank does not have branches in the new state), can I get a certified check issued immediately, for the closing over there?

Thanks

admin answers:

The bank that issued the certified check has the funds to cover the check.
It will depend on the bank you open an account with.

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Your Questions About Check My Mortgage

Susan asks…

Can I get a mortgage with my credit scores?

I am tired of paying $700 in rent. So, I am looking for houses to but that will hopefully give me a better monthly payment.

My question is: Can I get a mortgage for a $59,900 house with my credit scores being 620, 573, and 571?

My roommate – who would be moving with me – has excellent credit (way over 700) but no current employment. I have a great job that I have been at for almost a year and earn $34,000. My monthly debt is around $350 (not counting rent).

We have a $4000 down payment for whatever we do. I also have check stubs for the last 10 months of paying $700 rent.

We have to do something because our lease will soon be up. So, waiting for my credit scores to go up will not be possible.
My roommate would be on the mortgage with me. She is out of work because she went back to college full time. Before she started school she was with the same company for over a year and a half. She has student loans which – in the writing of the loan – states that she is allowed to use the loan for housing since she lives off campus.
I am currently working with a law firm that does credit repair, but do not have the time to wait for the firm to help build up my credit before I either have to move or renew my lease.

admin answers:

Your credit scores are too low to get a decent rate. Even if you were able to get a loan for 59k you might no be able to afford it. Spend a couple of months to work on your credit score before you dive into a loan. Some of the things you’ll want to do is follow the steps I have listed here and make sure you get the free credit report monitoring on the article listed below to track your progress which is really important!

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year — :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read the full article here, it gives you an overview of credit scores, and the 10 steps in detail on page 2 .. Good luck!
Http://millionster.com/articles/debt/increase-fico-credit-score/

Jenny asks…

Daycare for 3? How can we afford it?

We are now expecting our 3rd child, and don’t know how to afford daycare. My husband and I make to much money to qualify for assistance, but having 3 kids in daycare will be almost my entire check, leaving my husbands check for mortgage, car, insurance, electricity, natural gas, fuel, food, phone, and expenses. It’s just not possible!!! Any ideas???

admin answers:

Stop having kids if you can’t afford them. Re-do your budget, cut back on unnecessary items, we all have them. Watch where every penny goes and figure out what you don’t need.

William asks…

Insurance check endorsement by Lenders?

I have a commercial property, it had some damage due to natural disaster, the insurance company have send me a Check, one of my Mortgage lender have endorsed it without any troubles, but the second lender is giving me trouble about depositing the check into trustee account, will some one know what are my rights towards getting that check endorsed by them without getting them to keep it into mutual account????

admin answers:

You HAVE no rights in this matter. THEY have all the rights – to make sure that the money actually goes to repair the damage. I’m actually surprised that the first mortgagee endorsed the check.

The STANDARD procedure, is that the mortgagee deposits the check into a trustee account, to be released to the contractor as the work gets completed.

The way around this, is to give the check back to the adjuster, and have them pay the contractor directly, after the work is completed. MOST contractors don’t have a problem with this.

Maria asks…

Why isnt my mortgage being reported to the credit bureau?

Have had a mortgage now for 6 months and checked my credit report the other day and noticed that they are not reporting, i asked the place we financed through and they told me that they are not allowed to report cause they dont deal with enough loans, but they can report if we are ever late on a payment, this didnt seem right to me cause i thought the whole point of buying your own home was to build equity and help with your credit score, is this right?

admin answers:

Common. Not every credit servicer reports to a credit bureau; but they all turn in delinquencies for collection thus reporting them in an effort to get paid.

Especially true with investment groups and small private lenders

Michael asks…

In the state of California, does a mortgage broker have to have a license?

I am just curious…
Do they have to have any special licenses?

I checked my TRW and have found that the mortgage company is not reporting my no late payments and I am not able to refinance due to lack of records.

What is the law?
Thank you Dion…

admin answers:

Yes. To act in the capacity as a broker, you must be licensed by the Department of Real Estate, the Department of Corporations, or you must be an attorney with a license by the California Bar. Additionally, banks, savings and loans, thrifts, credit unions and etc all may broker loans to each other as long as they are either chartered federally or by the state. For information on a broker, you can check their name or license by going to the following sites below.

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Your Questions About Check My Mortgage

Charles asks…

Can a spouse refinance a mortgage alone if the other is not working?

The situation is this. My wife and I bought a home b4 we had kids. she is now a stay-at-home mom and does not have a paying job. We want to refinance to lower the payments. Does the bank require a credit check on both spouses or is it normal that they only care about the one who has a job? Any mortgage professionals out there with the real answer? Really appreciate it. Thanks.

admin answers:

If you live in a community property state your wife’s credit will be pulled and any debt that she has that is not joint will be held against your debt to income ratio. If you qualify with just your income you should be fine.

Joseph asks…

can i get a mortgage if i dont get a W2?

I work in a small clothing boutique and get paid cash, nothing comes out of my checks. Can i still get a mortgage?

admin answers:

Sorry, but no documented income is the same as no income at all. You cannot expect to avoid taxes, but at the same time use that income to obtain a loan. You can’t have it both ways.

Chris asks…

Why is my mortgage company asking me about where I lived 20 years ago?

I have never ha this happen before…
This goes beyond even the seven year bad credit check and everything else.
What is up with these guys? I would like to have the lower rate on the mortgage and save a little cash…But is it worth them and everybody else who gets ahold of my mortgage knowing where I lived an my past history on those places? I find this rather invasive to my privacy.
Are there any laws against what they are doing?

admin answers:

All of your previous addresses show up in your credit report. Addresses are not private. It sounds like there may be some sort of discrepancy or the data is missing.

James asks…

credit changes with mortgage?

I am closing on my house in 8 days, I spoke to my loan officer about buying a car and she said it would be fine after the initial approval and that it probably wouldn’t show up on my credit report for 30-45 days anyways. Everything has been approved for the house, but I just checked my credit report and there it is after 18 days. Do mortgage companies usually check credit again after the initial approval??

admin answers:

Your loan officer was wrong. Never make purchases during the buying process of a home. I have had clients go out and buy new furniture and appliances for thier new home so they would have them when they moved in and then the deal fell through because of thier debt. Most MTG companies check a day or two before closing on a persons credit. Good luck

Steven asks…

How do some married couples get a $5k-6k tax refund check each year?

My only guess is it has something to do with having kids and a mortgage. This will be our first year where my wife and I have both a mortgage and a new child. But I just don’t see getting a large refund check. We prob made around $45k this year.

admin answers:

They probably make 100k combined and both file w-4’s with single 1

if you only make $45k – there is no way you are going to get a $5k refund, no matter what you do

teh first year you have a mortgage, you won;t get a full yrs worth of interest and prop taxes and you have to itemized your deductions to get any benefit from those anyway, which means at least $10,000 in itemizable deductions

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Your Questions About Check My Mortgage

Mary asks…

Is there a mortgage that I can pay with my airline mileage card?

I pay thousands monthly on two mortgages, would like to figure out how to pay for them with an airline mileage card. Most mortgage companies won’t let you charge your payment, and writing a credit card “check” is actually like a cash withdrawal that they don’t give mileage for… any ideas? Thanks…
ADDED: Thanks, but MOST if not all will not take a credit card for payment. Try yours, if it works let me know!! Paying with credit for your mortgage is looked at like you don’t have the money to pay for your house, so they won’t take a credit card payment. Thanks.

admin answers:

I haven’t heard that charging a mortgage payment is off-limits…have you checked that thoroughly?

It would seem that they want their money and would not likely be concerned as to how it was received?

…as long as the card used was not drawn on the same financial institution.

If that is just the case with your mortgage company, then perhaps refinancing elsewhere would be your only option?

Good Luck.

Richard asks…

when a mortgage company makes an error what rights do I have?

My mortgage company made a clerical error which resulted in forclosure on my home. I was never late and always paid more and had all the proof but I could not get anyone to listen to me and an attourney wanted large amounts of money just to send a letter to stop the forclosure. I already had all the proof and had done all the leg work. I finally got the forclosure stopped 2 days before the sale and was issued a large check because I had too much money in my escorw after they corrected the error but it has ruined my life. I am a single mom and do not have lots of money to hire an attorney. They all tell me it is common.

admin answers:

Your rights will vary depending both upon the state in which this took place and the contract you have with your mortgage company. However, if you stopped the foreclosure and received a refund, it seems unlikely that you’ll have substantial monetary damages.

James asks…

Will a direct mortgage lender have an effect on your credit score?

I was just told by a direct mortgage lender that it would have absolutely no affect on my credit score/report if he was to run a credit check on me, is that true? He says it is because he is a direct mortgage lender not a broker. Anyone know about this?

admin answers:

BULL S–T! I am a direct lender as well and any inquire on your credit effects the score. I just pulled one where the client has been shopping for a loan and with 18 pulls the scores went from 619 down to 567. Don’t believe him as it is not true. I will have to wait for her scores to reset in order to help her get a home.
I am a mortgage banker in TN & KY

Charles asks…

when will a down payment actually be requested on a mortgage?

My wife and I are going to the bank to get preapproved on a mortgage. When are they going to ask for the downpayment? After we’re approved? Right before we buy the house? Reason being is I will be getting my bonus check next month so I wouldn’t officially have a downpayment until next month.

admin answers:

Yes, you bring it to closing. You pay the earnest money to hold the house when you sign the contract and that is added into the down payment.

Helen asks…

my husband has not made a mortgage payment in months. How do I get him out of the house?

He received OUR tax check back this year in the amount of $12,000 and did not apply any toward mortgage, not sure what he did with the money. Trying to find out how do I go about getting him to leave. I have asked him to leave and he will not. I can’t afford to hire an attorney at the moment.

admin answers:

The bank will start foreclosure proceedings after so many months of being in arrears. Getting him to leave is a short term problem, you need to get in touch with the bank to see if you can avoid losing your house so that you aren’t homeless. Good Luck.

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Your Questions About Check My Mortgage

Sharon asks…

Bank of America ran mortgage twice.?

BOA who I have my mortgage and checking with ran my mortgage payment twice. Which caused my account to go into negative. I had the duplicate payment reversed. They have charged me 4 35 dollar overdraft fees due to mortgage being charged twice even tho the second payment was reversed. I have called the checking end and they told me they will reverse one of the 4 overdraft fees but not the other three. I’m really annoyed. I called them the day I saw the duplicate payment pending and was told it was taken care of. Then two days later see it went thru along with 4 overdraft fees. Is there anything I can do??

admin answers:

How did the payment come out twice? Was it set up through Bill Pay, or is it on an automatic payment? If it is on bill pay through online banking, ask to talk to the bill pay department specifically and once they credit the account they can also credit the fees. If it was done on an automatic payment (they pull it out of your account each month using your checking and routing numbers) , then the checking department should definitely be able to reverse all of the fees. If that’s the case, call back and tell them to check the history on that day to see that a duplicate payment was processed.

Linda asks…

Come on Obama. Where is my rebate check? Why can’t I afford my mortgage?

Why are troops still in Iraq? Come on Obama, get busy.

admin answers:

Obama just got into office, give him a chance to have a full day or work before you start raggin on him!

Lizzie asks…

How to pay your collections?

A few months ago a mortgage loaner checked my boyfriends credit, and told us that he owed a cell phone company and a hospital in another state a few hundred dollars. We want to pay it off, but we have no idea who to call? We don’t know which hospital it was, or which phone company. Is there just some kind of collections place that we can call, and pay it all off?

admin answers:

Do not call anyone.

Call no one.

Calling a collections place is one of the worst thing that you can do.

If you must ask them something or tell them something, then do it only in writing, without using the telephone.

To find out which hospital or phone company it is, get your credit report for free at http://www.annualcreditreport.com without using the telephone.

It will have their address on it. If you need to tell them something or ask them something, send a letter to that address.

Do not use the telephone. I cannot stress this enough.

Richard asks…

How do you select a mortgage lender?

How do I get quotes for a mortgage wihtout jeopardizing my credit score? I understand that every time you have someone check your credit, you drop your score.

admin answers:

I am answering from South Africa but I am sure mortgage brokers all work similarly, world wide. My advice is to go to a broker. They will be able to assess, without an initial credit check, whether you qualify and what you qualify for. If you qualify they have their ” favourite” financial institutions which they will submit your application to. Be honest answering any questions asked of you, so there are no surprises later. In doing this your credit rating should not be affected in any way.

Jenny asks…

How can you add someone to the deed in FL?

My boyfriend and I are moving in together. How can I get added to his deed so that I can get an equiity loan on the house for renovations? Will I need to be added onto the mortgage? If I need to be added onto the mortgage, will the check my credit for that? Thanks!

admin answers:

Through the county hall of records

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Your Questions About Check My Mortgage

Donna asks…

Refused mortgage, why? ?

Hiya

My partner and I are looking to buy a house. We have 60k deposit and want to buy a house worth 185k therefore will need 125k mortgage. We checked our credit score before seeing an independent mortgage broker. My score was 920 and partners was 850.

I work and earn 25k. My partner doesn’t work but claims benefits and the mortgage broker said his 5k benefits can go towards the mortgage.

The mortgage broker said we would get a mortgage for up to 130k easy!

Little did we know, we didn’t!

We were only offered 50k and now our scores have dropped. Mines now 819 and partners is 699!

Why did we get refused? What can we do? Do you still think we will get our mortgage?

Thanks all

admin answers:

Even though you have a large deposit, there are several things against you here. The biggest one is that your bf doesn’t have a job, and you are a higher risk if you’re not married. Also, if you only make $25k a year then you will not be able to afford it. You’re only bringing home about $2,000 a month and your mortgage payment is supposed to be one weeks worth, so your ‘bring home’ pay is only $520 per week. That’s not enough for a mortgage because your payments would be close to half of your monthly income.

What you can do is tell your boyfriend to get a job! That will significantly help your situation. You need at least $3k + per month before the bank will accept you, so you need a combined income of about $40k plus before you will even be considered.

Banks look at debt to income and with so many people abusing the system with foreclosures they are more than a little leary now. You have to jump through hoops. It’s not based on just your credit, they look at the overall picture to see whether you can afford it so even if your credit score is high doesn’t mean you can afford it.

Paul asks…

When Obama doesn’t send my mother her Social Security Check next month and she defaults on her mortgage and?

has to live on the street in D.C. can I quote Kanye West and say the “Obama doesn’t care about Black Folks?”

admin answers:

Sorry to say this, but if you mother is old enough to be on Social Security and still has a mortgage to pay, she didn’t plan well.
Washington DC is Way over-priced on homes.
Leave there. Move to a more sensible and cost logical place to live. Maybe she can actually buy a home for what she can get for the one she sells in Washington DC and end up with money to spare plus no mortgage. She will have lower taxes and a lower cost of living. (Of course Obama will confiscate her profits from the sale of her Washington DC home through high taxes.)
I know this doesn’t answer the objective of your question, but it is what I would advise if she were my own mother.
Meanwhile, F*** Obama and Never vote for another Socialist Marxist.

Thomas asks…

Mortgage in my Ex-Husband name, Can I still apply for Making Home Affordable program?

Me and my husband are divorced now, but I have ownership of the house, I need to apply for Making home affordable program to lower my payment, I do qualify for the program, however, Can I still apply even tho my name is not in the mortgage? I do pay the mortgage monthly out of my own checking account.

admin answers:

No, it is not technically your mortgage. You should have refianced as part of the divorce and property settlement process. Your chances of doing any refi now are totally pathetic – hardly any are being done for anyone.

The mortgage modification program is a total failure anyway. It was supposed “to help millions” keep their homes. Surpr-eye-ize! Very few are making it past the temporary, probationary process. Of those who pass that hurdle, over half are in foreclosure within 6 months, over 70-75% are in foreclosure within 9 months, and current estimates are that over 90-95% will go into foreclosure within a year. So these govt programs would not help you even if you did qualify.

You have no choices left but to find a way to make your payments and keep your house, or sell the house, or lose the house.

Richard asks…

Can my wife claim she owns the house if her income goes toward the mortgage and my income goes toward everyday

My wife and I own our home. We recently refinanced and now the mortgage is deducted from her own checking account that her income goes to. We have a joint account where my income goes into that we use for everyday living expenses. If we were to divorce, would she be able to claim that she was paying the mortgage, therefore, she should own the home.

admin answers:

Well, that is a more complicated question than it would appear on its face.

How is the house in title? Is it in both your names? If it is, then she can pay every dime and it is still half yours.

If you are in a community property state and the house is in one name, a litigator could argue that the house was paid for by her, but one of you should still be able to be entitled to the proceeds.

If you are not in a community property state and the house is in HER name, you are in rough waters. An attorney will argue that she has paid for it and you aren’t entitled to it.

George asks…

I want to refinance my house. How can I find out of a mortgage company is legitimate.?

I want to check on refinancing my house. How can I find out if a mortgage company is legitmanate

admin answers:

This would be very hard over the web.

My first suggestion is to ask your current lender. They already are “on the hook” and may be able to re-fi it much cheaper and easier than other people.

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Your Questions About Check My Mortgage

Robert asks…

Can a surevyor (Mortgage), re-survey the shouse when coming to check the original survey?

I’ve just recently bought my frist home with my partner, the mortgage company arranged for the house to be surveyed which is standard practice I assumed, the survey found various problems with the house which resulted in the mortgage company retaining £3000 of the mortgage. We managed to find the extra money at last minute and were told the £3000 retained by the mortgage company would be released if the problems highlighted were fixed within 3 months. The 3 months have passed and we’ve rectified all the problems from the original survey. The surveyor (same one who did the original survey) came back round to check on the work done. He confirmed that everything looked good as per the original survey but then got his damp meter out, after checking a few walls he says there may be a problem now as some of the walls appear to be a little damp. My grievance is that this wasnt picked up on the original survey so, 1) Are the mortgage company allowed to with hold the money for a fault that wasnt picked up on the original survey, and 2) are they even allowed to re-survey the house, and couldnt this game of cat and mouse surely go on for years and years??
Thanks for responding, Yes the loan was agreed as we provided the extra £3000 to cover the survey problems. The damp found was not related to any work done as it was in a part of the house that has remained untouched. Having only 3 months, we purely focussed on the points raised in the original survey. Having completed all the neccesary work on time surely it cant be right to not release tthe money based on a totally unrelated matter. Does it also not pose the question as to why this bit of damp was not picked up on the original survey? If it was it would have been rectified along with the other problems. Cheers again for your help.
====================================================================

Should the lender be penalized for something that was missed in the first inspection? Do they only get one bite at the apple? If this condition had been noticed/noticeable initially, it probably would have been on the list of things to address as well, correct?

First thanks for getting in touch.

Couldnt agree more, if there is a problem with damp on this particular wall then it does need sorting, now I’m no expert in damp but in the 3 months that have just passed, no builder, decorator, surveyor etc etc has spotted this “damp” on a visual basis, it was the random probing of the damp meter that uncovered the new found damp. But wether it is damp or not for me isnt really the issue. It’s the actings of the building society that are worrying me.

If the building society comes back and offers a further 3 month period in which to have the damp issue resolved, with a view to then having the full £3000 r
….the full £3000 released, this other than this being a further slight annoyance I can undertsand. But this is not what I believe the surveyor was hinting at while re-inspecting the house. He gave the impression that “theres a chance you might not get the whole £3000 back now because of the damp I’ve just found”. This being the final word on the matter as opposed to being another step along the road.This is what I feel would be highly unfair as I feel I’ve danced to there tune the whole time, they asked for they extra £3000 in the first place which I gave them, I’ve worked to and completed the list of problems form the surveyor they assigned and now they may hold back some of the money because of something they missed, surely cant be right can it?

admin answers:

The mortgage company can do pretty much as they like as relates to the surveys.

This may be a new fault, possibly caused by the other repairs.

You do not make clear whether your original loan has been passed to you and the house purchased. If so the only money the mortgagor could retain is the £3000 albeit for a different reason from the original.

Arrange an appointment with them to discuss.

John asks…

What are the procedures for cashing a claims check for putative damages.?

The check is made out to myself, the adjuster, and my mortgage company.

admin answers:

Is it a public adjuster that you used? You would sign it first, then give it to the public adjuster, then forward to the mortgage company.

William asks…

How long does farmers insurance group take to send refund check?

I recently switched my home insurance co and cancelled the policy with farmers ins group, the agent said I’ll be receiving a check for a little over $600.

My mortgage company sent the payment right away to new insurance co from escrow account and I was advised to send refund check as soon as I get it, because they are getting ready for the escrow analysis.

how long will regularly take from farmers insurance group to do a refund?

admin answers:

It’s normally going to be 30 to 45 days. They wait until the other payment check has completely cleared before issuing a refund based on it.

Maria asks…

My identity was stolen, and I can’t check my credit due to having a mortgage?

My identity was stolen before I turned 18 (even though having a mortgage at 18 is illegal). I know that I have to report this to the credit bureau and prove that I am who I am and that I am only 18, but after that, what do I do? Is my credit wiped? And also, I’m trying to figure out how to send everything to the credit bureau. I thought I could fax it, but it’s saying online that I have to call, tell them, then MAIL everything to them and that’s a ridiculous hassle for something I’ve been trying to get fixed for months.
As another note, when I go to check my credit and say I never had a mortgage, it’s wrong and shuts me out. I wasn’t approved to get a bank account, which is how we discovered this issue in the first place.

admin answers:

Are you SURE your identity has been stolen? Or are you just misunderstanding the security questions they ask you when you try to check your credit online? If you were given a multiple choice question asking which bank you have a mortgage at, one of the choices should have been “none of the above”. That’s a typical security question — someone who’s pretending to be you might choose the wrong answer, but YOU know you really DON’T have a mortgage.

It sounds like you *do* need to actually call the credit bureau. How can simply making a phone call be a “ridiculous hassle” when you say you’ve been trying to get this fixed for months already?

Richard asks…

Refused mortgage, why? ?

Hiya

My partner and I are looking to buy a house. We have 60k deposit and want to buy a house worth 185k therefore will need 125k mortgage. We checked our credit score before seeing an independent mortgage broker. My score was 920 and partners was 850.

I work and earn 25k. My partner doesn’t work but claims benefits and the mortgage broker said his 5k benefits can go towards the mortgage.

The mortgage broker said we would get a mortgage for up to 130k easy!

Little did we know, we didn’t!

We were only offered 50k and now our scores have dropped. Mines now 819 and partners is 699!

Why did we get refused? What can we do? Do you still think we will get our mortgage?

Thanks all

admin answers:

Its not just about credit score, if the lender deems you a risk using their criteria you won’t get the mortgage.

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Your Questions About Check My Mortgage

Charles asks…

why is my claims check made out to both me and my mortgage company?

Had some damage from a leaky dishwasher which has caused over $13000 worth of damage to flooring. After weeks my adjustor has finally said that he is sending out a check next week that will made out to both me and mortgage company, Why do they do this since I am the policy holder? Secondly mortgage company told me that they will keep the money and disperse upon reciept of contractor contracts for repairs. What if my hubby and I wanted to do some of the work ourselves to save money, will we get any left over amount back? If not, makes no sense to try and do it and save the money! Lastly we have been sending in our receipts to for eating out to the adjustor as he directed. How can that go to the mortgage company?

admin answers:

Easy Answer: Because you own the part of the house that is paid for and the mortgage company owns the part you have not paid for.

Longer Answer: because the house is collateral for a loan that you took out with the mortgage company. As such, the mortgage company has an interest in the home and in making sure that the damage is properly repaired. If you don’t repair the house and stop making your payments – they foreclose and the damaged house now belongs to them but you pocketed the money.

Also – your insurance policy has a Loss Payee Clause that says the insurance company has a legal duty to protect the mortgage companies interest in the house. They do that by putting the mortgage company on the check.

Regarding the eating out: You have to eat whether you have a claim or not. The Additional Living Expense only covers the increase in expenses from what you normally incur. They don’t pay for every bit of food or drink that go into your mouth. They also don’t pay for you to eat steak every night.

Mbrcratz gave good advice. You want to be reasonable in your eating out.

Usually the check for additional living expense is issued to the insured with out the mortgage company name. The adjuster may be waiting until all the repairs are done and you are back into the house and then settle up the additional living expense claim in one shot.

Betty asks…

How do you manage your finances?

Am posting this in the wedding section since I believe people should have the finances talk before getting married. My husband and I got married this past May, but moved in together in spring 2010. Initially we had planned on keeping our finances separate, with a joint checking/mortgage account for paying bills. Now more than a year later, our finances have evolved to depositing our paychecks into the joint checking. (Before paychecks were dumped into our separate checking.) Credit cards are a combo of merged and separate accounts.

How do other couples split finances?

admin answers:

When we first got together, we had separate accounts

now, we have a joint checking and saving account

checks are deposited there

i don’t like this arrangement and will change it soon so that my check will be deposited into an account that i only have access to

the reason i want to do this is that my husband is constantly taking out money

peace

Robert asks…

Bad situation–allow bank to cover check or be 30+ days late on mortgage?

I cannot decide which to do. I have been with my bank for over 13 yrs in good standing. I have only had a few instances in that time where I had insufficient funds to cover a transaction. I know they will not return a transaction unpaid to recipient up to $1500. because of my history. I have also NEVER made a 30 day late payment to my mortgage. Here’s the problem– we have undergone a pay change that will now result in a paycheck being received when our mortgage will be considered 34 days late. I have contacted the mortgage company 2x, and they will do NOTHING to help. I have about $1k of the roughly $1500 needed, but will definately be short by $400+ the day the payment will go 30 d. I assume the bank will pay out the difference to the mortgage company and hit me with NSF fees. Do I pay it, bounce it on my end and accept the fee, or do I just allow the 1 time late on the credit report? I will need to apply for a car soon, so credit matters, but bouncing terrifies me. Which is worse?
Cannot get the overdraft line of credit you mention- score too low since cards are all full. We had a fire in Feb that displaced us for more than half the year. We lost ALMOST everything, but are still fighting the insurance. We have replacement policy, which is good, but also means we pay out first and they reimburse-taking their sweet time to do it. We are waiting on more insurance money, but it won’t come in time to help this.

We know our financial status isn’t good- I am just asking which is WORSE if you can’t get credit or a loan anywhere to cover it.

admin answers:

Have you tried taking money out of equity? If not i am sure you would get a great interest rate from your bank when applying for a small loan to get by…

Ken asks…

my claim check from my homeowner’ insurance co. put my name and the mortgage name. how do i deposit the check?

admin answers:

This is normal practice. Contact your mortgage company, they will know exactly what to do. They do this all of the time (and each has a different method to handle it).

They do this because if you spend the money and don’t repair the house, the mortgage company can come along and force them to pay again.

Mandy asks…

My Mortgage company refuses to sign my Insurance repair check. What’s worse…?

Our mortgage company refuses to sign our Insurance repair check they say we have to sign and send it to them. They printed a new check, made it payable to me and the contractor for half the money, and when the repairs are complete and inspected they will send the other half of the money the same way. We have another check, and don’t want to follow this same process. This holds up the repairs, it undermines our authority over our home with the contractor, it takes away our financial control over our home, and the right to change contractors if we want (since the contractor is making us wait because the money is his and he knows it). Is this process legal? Is it against state regulations? Is this considered unfair, and unethical practices? It sure feels and looks like it. We didn’t buy our home 1 year ago for this treatment. Do we need an attorney? Do we complain to a government agency? Do we just send a certified, notarized letter saying we want them to sign any future Insurance checks, and threaten court action? We have not signed any agreement, nor have we ever seen this agreement at the closing of our home purchase. The Mortgage company admits we didn’t sign anything as well. The check is less than $3500, but the principle is important to us. Please point me in the right direction.

admin answers:

The mortgage company is making sure the home is repaired. Think of it this way, you own the part of the house that is paid for— they own the part of the house that is not. They have a financial interest in the house. They have a financial interest in making sure the repairs get done. There concern is that you will not get the repairs done – fall behind on the payments and they will foreclose on the house. Given the high fore-closer rate right now — that’s not an unrealistic concern. I am sure mortgage companies have been burned by this situation too many times and are starting to crack down.

As far as your policy goes, it has a loss payable clause that says the insurance company HAS to protect the mortgage companies interest. They have to put the mortgage company on the check.

So yes, what the mortgage company is doing is legal.

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