Your Questions About Check My Mortgage

Lisa asks…

If I refinance with a different mortgage company, what happens with my escrow from my old mortgage company?

I am considering a refinance with a different mortgage company. I was told that my old mortgage company will send me a refund check for my money in escrow…is this true? And I was considering using the refund to pay for my appraisal fee for the refinance. Is this a good idea?

admin answers:

Yes, the old mortgage processor will refund your escrow balance within 30 days AFTER closing. You need cash flow to complete the process or the new mortgage company needs to agree adding the fees to your mortgage balance.

Rates are very good now. Some companies are offering 4.5% note rate on a 30-year mortgage with no fees or points whatsoever (APR 4.500%). Assumes single-family residence, not a condo, owner-occupied, no secondary/subordinate financing, escrow impounds, loan amount > $100K, and FICO >= 740. Good luck.

Joseph asks…

My lawyer’s secretary cashed official bank checks made out to my mortgage co. Who do I sue and how?

We made out certified bank checks to our mortgage co. for 4 months and gave the checks to my lawyers secretary to send to the mortgage company lawyers to come out of a chapter 13. We thought we were caught up, only to find out that she had altered the checks and made them payable to herself. Each check was over $ 2200.00. The bank that cashed the checks said it’s not their fault and my bank said it’s not their fault. My lawyer has since fired her, and basically acts like he didn’t have anything to do with it and say’s it’s our loss. I need to know if this is professional misconduct on my attorneys part, and were both banks negligent in allowing this checks to be passed.

admin answers:

Get a good attorney – sue her and her former employer.

Sharon asks…

What I have to be careful if I use HARP through my bank to refinance my house?

By the way, all my previous answer were really great and helpfull. I want to do a nice research before I refinance. My fixed rate is until next year and I want to reduce my monthly mortgage of $1,870.00. Basically all my pay check goes to mortgage and I can’t sell it. The price of the house went down 100,000.00. Thank you

admin answers:

The most important thing to be careful about in the HARP program is to make your payments on time. A late payment in the last six months will disqualify you from the program. You are allowed only one late (30 days) during the last 7-12 months. For more informaton about HARP eligibility see the BIlls.com article http://www.bills.com/harp-mortgage/ .

The HARP 2.0 mortgage program can be divided into two types of loans:
1. Manual underwritten loans: Theses can be only be offered by your original lender/servicer.
2. Automated underwritten loans: These can be offered by new lenders who participate in the HARP program.

The manual underwritten loans (Fannie Mae’s Refi Plus and Freddie Mac’s Relief Refinance) have less strict underwriting criteria. This includes no DTI (debt to income) ratio requirement. An automated underwritten loan has a DTI requirement of around 45% maximum, although lenders often have stricter requirements.

Based on the information you provided, it sounds like your DTI is high and that you may not qualify for an automated underwritten loan. Start by speaking to your current lender. Don’t be surprised if the interest rate is higher than the market average.

Mark asks…

Paying off Mortgage Bank of America won’t take my check.?

I made out a check $25,000 to pay off one mortgage and part of that money to pay existing mortgage so the amount is lowered down. The clerk won’t accept it. I told her it was my last check. So, I wasted my time going there, and I wasted writing my last check! I didn’t get to pay my mortgage that day! I have not been treated so unkindly, and I wonder why we don’t bank at BofA. I was so embarrassed!

She wanted me to give her TWO CHECKS!

If someone owed me money, I would have accepted it, no matter what shape, or form, as long as the money is legit.

That was bad customer service. What do you think?
I just called BOA to get my balance, so I know what $$$ checks to write. Guess what! She couldn’t find my mortgage account. I went over with her my SSN, my address, zip code, spelled my last name, and the bimbo at the bank yesterday, she must have deleted my account! The CS on the phone couldn’t find it online.
I went to the manager first, she directed me to the teller clerk. They required two checks so each one will go to each mortgage (department). Beats me!

admin answers:

If you were paying TWO mortages of course you would need TWO checks.
The money goes to TWO different accounts and they must be able to reconcile the payments.

If you just pay one check what is going to happen is that the money will get credited to ONE account, even if that causes an overpayment (negative loan amount).

George asks…

Does it matter whether a mortgage preapproval is from a bank or a mortgage company?

My former realtor told me that it’s better to have a preapproval from a bank than a mortgage company. My preapproval is from Suntrust Mortgage. My new realtor is asking that I check out two different lender that are not with banks. Is either one better than the other?

admin answers:

No, it really doesn’t matter at all where the letter comes from as long as it comes from a qualified housing lender. Bank or mortgage company is fine. I would imagine it might?? Be better if the lender is a household name such as a large bank as opposed to a small mortgage company that no one has ever heard of. In reality, a lender is a lender.

Real estate agents often try to steer people towards a certain lender because they will get a “finder’s fee” for that if you use their lender.

Use whatever lender gives you the lowest rate. If anyone gives you flak, find a new agent. In today’s market, the agent’s will be begging for your business.

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