Your Questions About Check My Mortgage Application

Lisa asks…

IndyMac Mortgage Pmt problem – HELP!?

I set up auto payments for my mortgage to start May 08 with IDMB. The bank confirmed my application for auto pmt and I stopped receiving payment notices. Because I travel frequently I did not check to see if they were in fact debiting my account. But since I never got a late notice nor, anything else about what was going on with IDMB I figured I was OK. I got a letter a few days ago saying if I was having trouble with my payments to let them know. When I called the phone # on the letter to see what was going on, the phone # was disconnected. I now find out that IDMB never debited my account and my other wise perfect credit is now ruined and I cannot refinance with another bank. I finally got a hold of customer service at the bank who was NO help at all. What do I do? Who do I call?

admin answers:

Not to worry == the govt took over the bank so in fact they now hold you mortgage — i would write them a letter spelling out what happen — give as many details as possible to back your story names and dates and request them to tell you whom to make future payments to!!! You can fix your credit once you get you payment back on track!!!

Susan asks…

credit card application owner or renter choice if neither?

I am trying to get my a credit card from AMEX, specifically blue cash and do not know what to check where it says whether I rent or own ?

I neither rent nor own.
I live in a house with my dad, which will be his in 3 years.

I am not on the deed, so there are no public property transfers with my name on it.
I do not pay rent, so there is no hard pull on my credit for a background check, nor any rent receipts or anything like that.

Anyways, what do I put down on the application ?

In anticipation of your questions and criticisms:
Cant refi the house because the current cosigner is deceased (bank doesnt know), bank is disreputable (chase) and will try to foreclose (see, so its better to wait out the last 3 years of the mortage (i have enough liquid assets to close the mortgage now).

Also, I am not a dead beat, i make nearly 6 figures.

Also, I have recieved pre-selected offers from AMEX for gold, green and zinc cards….
The house is in my family’s name, as I share the same last name as my dad.

admin answers:

I would say rent since the home is not in your family’s names. If you have doubts, you can probably apply over the phone.

Michael asks…

Mortgage refinance advice and help needed?

I am trying to refinance my house with Chase Bank, and today I received this good faith estimate in the mail, and with all this number I am not sure if this is what I want to do cost the closing cost is getting high more than what I thought it will be. Also what I currently my debt on this mortgage is 207,000 but with refinancing my debt jump to 215,000 so that I will not have to pay any closing cost out of pocket.

Can someone that no about this help me to check if this estimate is right and clear.

Also I am planning to buy a bigger house for me and my family, do you think it’s worth it to refinance this house or I should put it on sale instead of refinancing. Please any advice is welcome.

Also if I decide to refinance is there any way I can negotiate this estimate, and please kindly outline which one to negotiate. Thanks.

GOOD FAITH SETTLEMENT (Description of Settlement charges)

Loan origination fee $1050.00
Application fee $395.00
Processing fee $300.00
Underwriting fee $295.00
Courier fee $30.00
Flood cert $14
FHA MIP $3,675.00
Hazard Insurance reserve $165.00
County property taxes $918.00
Settlement or closing cost $350.00
Title insurance binder fee $150.00
Recording/filing fee $79.00
City/ county tax stamps $178.21
State Tax Stamps $534.19
9 or 90 (not too clear) days of interim interest $298.80
The current house value is 220,000

admin answers:

Do not do this, it solves nothing.

Sandy asks…

I have a problem with my mortgage company and loan. How do I sue them?

From the beginning,my loan contract was handled negligently. My loan documents were re-drawn 3 different times, during the final time my Property taxes were mis-calculated, having my mortgage payment one year later to increase by $900.00. During the remodification process someone mis-reversed(cancelled) the application. I gave $10,000 to participate into the plan. the company applied the money towards my past due amount mailing a $800.00 dollar check for their mistake. Then October 16, 2008 the company pre-qualified me for the government program, and every since the mortgage company has requested the same financial information repeatedly not moving forward with my approval,putting my home into foreclosure. I have contacted the Governor, Senators, Federal Reserve, Consumer Assistant Group, Office of Comptroller, and other offices on behave of this matter. Please respond!
When I speak with someone at my mortgage company they tell me over and over again there’s nothing more needed for the account, for the approval of the program.
It’s the Federal Fair Debt Collection Practices Act set in place to protect consumers like me, and violation laws set into place. Remember these are professional Corporations. Certified by Federal agency;s and the Better Business Buearu’s to conduct business funded to represent the Federal government practice acts,.
Legal advise only.

admin answers:

Your motgage company gave you ESTIMATES. They are not liable.

Note that it is very very common (when buying a new home) for the taxes to be estimated on the unimproved land, then for it to go through the roof a year later. This happens to every new home buyer I know if they don’t have a good realtor or advice before hand.

Nothing in your post is a law suit. People constantly try to sue their way out of everything.

They did make some mistakes, but suing is not the answer. Get in their office and sit down with a person and get it fixed.

Sharon asks…

REVISED Does Insurance Agency Owe Me? If so, what?

My boyfriend owns the agency but doesnt feel liable for my $327.00 loss…I rented out my house and bought new house. Called b/f agency for landlord quote, I checked was quoted $297/year. I brought them a check for $50 to start policy. My mortgage company placed forced ins. saying they never got proof of coverage. I called agency and was told it was taken care of. I did this several times. The renters purchased home and mortgage payoff included forced insurance $327 for May 28 to July 31. Turns out agent never issued policy just cashed my check and had me sign application. So when they were “taking care of it” nothing was done. So I cant get $ from mortgage company cuz no one can prove there was a policy. So my $50 would have covered 2 months with agency, I feel they owe me the $327 I was forced to pay due to negligence minus 1 month which would have been $24.75, so $302.25. Any ideas? I hate to sue my boyfriends company or turn him in to dept of insurance, but his comp. screwed me.

admin answers:

This is going to be complicated and you are definitely going to have to get the Insurance Department of your state involved because the agent broke the law.

The $50 you brought to start the policy acted as a ‘binder’ and bound the insurance company to the coverage from that point on you were fully insured (as long as you didn’t lie on the application).

So at that point, the mortgage company’s insurance was unnecessary which means that coverage can and should be retroactively cancelled with a full refund of premium.

The agent who cashed your check without issuing the policy needs to have his/her license either suspended or revoked. This is a serious violation of law and it needs to be addressed immediately.

Your insurance department, armed with this information, can issue an enforcement action, requiring both the insurer that you originally had and the forced insurer to repay you.

Your boyfriend’s agency is also going to be in trouble for hiring and not properly supervising this law breaking agent.

All this being said…….if you really love your boyfriend….is all this really worth $300?

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