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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