Your Questions About Check My Mortgage Application

Sharon asks…

What type of lawyer do I get to Sue a mortgage comapny?

I recieved my first mortgage payment that I pay to the bank while the process of my loan being sold takes place. The mortgage company made an error and want me to pay more that what was agreed on at signing. I have a document that shows the final dollar amount is $671 and get the bill and it shows $721 and the final HUD document with the FHA breakdown has the mortgage insurance included in the $671 and they only document showing $721 is my loan application. At no point was I given any information showing the error and the manager at the bank said someone must have checked the wrong box. What type of lawyer should I go to for them to review my claim?Thanks for the help and you provide a great service here. 🙂

Steven yahoo follower 4 a long time

admin answers:

Any real estate attorney. A contracts attorney would be fine as well. Keep in mind though, the going rate for a lawyer these days is $250 and hour. So that could make it expensive quickly.

I would suggest you contact the state attorney generals office. They handle these cases often, and they do it for free.

Chris asks…

is my mortgage broker ripping us off?

So, my husband and i went with a mortgage broker. her sales pitch sounds great! we still think it does but are now skeptical. she says taht she is waiving us any origination fees (processing and application fees). she says she gets rates much lower because the banks dont pay her a salary. they give her great rates because she brings in people from the outside that arent going directly to the bank. the rate she gave us was 3.875 for a 30 yr with paying .80 point which we agreed to. the commitment we just received said the origination fees is 6700. when i questioned her, she said thats a mistake and to look at the good faith estimate she wrote up. she says that the disclosed yield spread is a maximum of 3187.10 and is paid by the bank directly. all this sounds like gibberish to me. our lawyer left me a message when he saw the mistake on the commitment letter basically saying we’re getting ripped off. he left for the day so i cant speak to him about this. i pretty much have to make a decision by the weekend.

So, my question to you… does it sound like i’m getting screwed? i just dont understand this stuff!!! we’re not cutting her any checks so how does she get her money?

admin answers:

Her compensation is coming from the bank. The bank is paying her because she is setting you up with a slightly above-market interest rate. Remember, nothing is for free. There are costs associated doing a mortgage loan, and your broker is working to make money. She obviously gets paid for what she does. I do think that it is important that a broker takes the time to make you feel comfortable and explain the numbers. Real Estate/Mortgage transactions are complicated and are typically the largest that most people deal with in their lives.

As to whether she is “ripping you off”, it is hard to say without more facts (loan size, etc). 3.875% on a 30 year fixed sounds like a great rate. Please also make sure that you have considered that property taxes are coming due and that most lenders are requiring that the upcoming installment be paid prior to close.

Donna asks…

My credit score=excellent, hubbys=fair..how credit worthy?

We recently checked our credit score and report we want to buy our first property and need to put through a mortgage application. My score is excellent however his one is ‘fair’ as he had a terribly credit past…he has worked hard to get it back to a reasonable standard but he is still only ‘fair’.

How will that affect our mortgage application?
this is a uk-based question only

admin answers:

Do you have any credit card balances?
Pay them off in full to give your credit rating a quick boost.
Never allow your credit card usage to go above 30% of your available credit limits.
This is when the score starts reducing.
That’s why it is so much simpler just to use your card for things you need each month and pay in full.
This way you never pay interest – and keep a good score.

Do not open any new credit cards 6 months before applying for your mortgage.
Do not make any installment loans 18 months before.
Do not close old credit cards after you pay them off – deleting history reduces credit.
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Robert asks…

Predatory mortgage lending or outright fraud?

I purchased my first property in 2007 just after graduating college. Looking back, I’d say I was definitely naive and possibly stupid. When I “interviewed” and filled out my loan application with Bank of America, I was told that I needed to put down my anticipated future income that they estimated to be $50,000, even though I was only working a summer internship.

They put down that I had been with the company for almost 4 years, when in reality it was 2 months. They said I was the manager, I was a front desk assistant. They put down that I had 50,000 in my Bank of America savings account, I had less than 500. They also checked a box, without my knowledge, that this wasn’t my first home and I already had a primary residence! I was only subletting an apartment.

I didn’t know that this false information was in my loan application. I did initial one page, but I swear I had no idea and never saw this information until going back through today. What do I do now?

admin answers:

In the real world here’s what happens. Going to a government agency to file a complaint will fall on deaf ears. Contacting B of A to file a complaint will get you some lip service and some preliminary investigation but after 3 years the trail is pretty cold.

Are you sure you worked directly with B of A and not a broker that sold it to B of A? Just wondering……you may want to dig a bit deeper into the initial paperwork just to be sure who the players are.

Anyway, in the end these will be the facts. You signed the initial application when you originally applied. You also signed the final application when you closed on your house. Everything you are siting now to be fraudulent was in black and white 3 years ago when you took out the loan. Kind of hard to explain how you missed that.

Helen asks…

Question about Credit Card application?

Short and sweet of it:
When I was 16, I applied for a Capital One Visa card and was approved. I lied about my age saying I was 19 at the time. I got into a little debt on it but always paid on time, finally paid in full and now am a responsible user of it. No problems with the card ever. Now, I am 22 and in the future want to apply for a mortgage or auto loan or something if i need it. I was wondering if lying about my age will hurt me, even though if i were to apply for something now, i would use my real age?
i understand what i did was wrong. no need to debate that. my question is, will it catch up to me?

i checked all my credit reports and everything is correct on it except my age. no debt no public records, always on time, ect. ect.

will this catch up to me?

admin answers:

Contact the credit bureaus and correct the information. Since you are now 22 Capital One won’t do anything about it. Thank God you didn’t default or anything like that and have kept the account up to date.

Can you get in trouble over it… I don’t think so. Nothing bad happened and Capital One might not even notice that a certain detail changed on your credit report information.

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