Your Questions About Check My Mortgage Application

Sandy asks…

Foreclosure but I’m current on payments. Bank of America harassment?

I don’t get it. Wanted to know what you think I should do, and if anyone else is having problems with them.

Was behind a payment last year. I was sent a notice to accelerate the mortgage when I was exactly 28 days late (So I was late making July’s payment, because my house flooded which I called and told them, and they sent me the notice to accelerate on July 28th). Caught up and paid a month in advance. Started getting collection calls (up to 11 in a single day) right after X-mas when I was paid up to February. I called them and they said they were calling me because I was late in the past, even though I wasn’t late then, and I was paid in advance. I have received approximately 60 calls so far. Then a week later I get a “transitioning out of your home guide”. I called them and said I don’t want to move, and why are they sending me this. They said they had no record of sending it. I asked them if they wanted a picture of it. Less then a week later I get ANOTHER “transitioning out of your home guide” and options on short sales, deed in lieu, etc. Yesterday I got a letter stating that they wouldn’t approve my APPLICATION to participate in a short sale or deed in lieu of foreclosure. I NEVER applied for either of those. I am paid until February 1st. It is January 25th. Am I missing something here?? Why the h*ll do they keep sending me this crap? Then same letter also said that they are continuing to proceed with the foreclosure that was stopped 3 yrs ago when the loan was modified (had a job loss. Got another job, but it only earns 43% of previous employer with no benefits.) How can they foreclose on a house when I am current on the note?? They also won’t release any of the insurance check for the damages, until I’ve been on time for 6 months (And they call a payment made on the 2nd of the month late. I realize it is due on the first, but even the late payment fee kicks in on day 16). So unless it is paid before the the 1st for 6 months, they won’t release the funds. So here I am making repairs without any money from the insurance check. I am 80% done with repairs, and they won’t release a dime until it is at 100%. They won’t even pay a contractor directly.

Does it sound to you like they are trying to force me out of the house?? Every time I call them, they assure me that the payments have been applied, and no payment is due. Don’t know what to do about all this foreclosure paperwork I’ve been getting. I really don’t have the money for a lawyer, especially since I’ve been making repairs without the insurance money. It makes me think they are up to no good. The pamphlets that the man received in the clip below are the exact ones I’ve been getting. His house was being foreclosed on for 80 cents.

http://video.foxbusiness.com/v/1367526745001/bank-of-america-forecloses-on-home-over-80-cents/?playlist_id=87185&intcmp=obnetwork

admin answers:

When you get a harassing phone call…get the name and address of the offenders.

They are not allowed to handle any case that is in dispute. Keep all your phone records… Make sure you have copies of ever single call.. Keep a complete log.

If BofA continues… File a suit against them in small claims $5,000. For harassment and defamation of character.

You can file for about $25..and no lawyer.
Each day they do this to you…you can file for another $5,000.
It will end up costing them so much in legal fees to be in court with you all the time..they will quit this. Plus..you are very likely to win!!

Steven asks…

How do I get a credit card now a days?

I’m in my early 20’s and I’ve had a credit card since I was 17. And I’ve always kept my accounts in good standing except for two minor hiccups. (One for a $30 balance I forgot about and the second with Amex).

After a mishap with AMEX they closed my account, which is really sad because I used that card for everything and paid my balance in full every month for 2 years. Except for a couple months last summer when I couldnt pay it in full but still made significant payments towards it.

Now I’ve been stuck with 1 Capital One card I’ve had since I was 18. It only has a $750 limit on it (and has had that limit for YEARS!). I dont use it that often. And I’ve been in good standing with them.

I applied for a Chase card a couple months back and they declined my application. I thought they would give me a card because I have my car loan and home mortgage through them, which I’ve never missed a payment on.

I applied for another Amex and got declined just this week.

I called Capital One to see if they’d increase my limit, and got declined. They said it wasnt because of me, it was because they arent really giving out credit increases right now and to check back in a month.

I dont understand! I have good credit, whats it take to get a credit card now a days! I’m not asking for the world, a $2000 limit would be nice.

admin answers:

I feel your pain. I’m 19 now and have had my chase credit card for a year now. They put a 300 dollar limit on the card. They assume that since I am young that I am not worthy of a resanable limit. I live by myself and trying to mantain house, car…expenses. I normally can only squeeze one payment on the card a month. That is ridiculus. Other than that I am using my debit card. So i’m trying to increase my credit, and they won’t even give me a chance. I don’t feel very safe that most of my payments come from my debit card. I applied for a limit increase and I have never missed a payment and they said that I am not ledgible for an increase. Is it me or is this total BS and age discrimination.

I blame the goverment for putting those restrictions on the banks and the dumb people that never payed back their credit. Amazing the main crisis took place before I was even a legal adult and now I have to accept the consequences.

Daniel asks…

Reference checks. I don’t know how else I can move?

I’ve been living with my dad for a while now and recently my dad’s got married so I wanted to give them the space as they seem unhappy about her son who’s my age just pottering around, I’m 21 and recently got a permanent contract for full time work instead of my 18hrs I had before, so I’ll be able to afford moving out, I’ve spent the last couple of weeks packing my stuff away and my boyfriend has agreed to let me stay at his till I can find a place as he knows I feel a bit uneasy at my dad’s now. I can’t buy as I don’t have enough money saved to try consider going for a mortgage but I have enough saved for a couple of months rent/bond etc. But the more I look into renting, it feels just like applying for credit cards etc. I have no financial history what so ever, I’ve paid my dad board every month since I started working at 18 and contributed to utility bills but nothing is in my name, my phone but that’s pay as you go. I have never lived on my own so no house or tenancy has been in my name. How am I going to manage and get through credit checks and references? I’ve no landlord reference to give. I don’t like imposing on my friends, family although I know that nobody has pushed me out into moving and my boyfriend isn’t fussed how long I stay but it’s too cramped here for both of us, I just would like a place that I have as mine but it feels like a nightmare as I’ve nothing to prove that I can be a good tenant and pay my bills on time.

Is there anything I can do? I’ve never tried for credit i.e credit cards, contract phones as I didn’t work enough hours to know I could pay it off every month and didn’t want to get into debt. Now I do have that money spare I feel like I’m at a loss as people with no credit history seem to get nothing.

Also I can’t move with the local council, my dad works for them so they pretty much have to cancel my application soon as I hand it in unless I’m willing to wait like 6years as the council round here are shocking.

admin answers:

Credit checks for renting is not like aplying for a credit card – if you have never had credit then this will not go against you, so don’t panic. All they need from you is proof that you’re not a bad tenant who is going to run off with lots of rent arrears, so while a credit check helps this, it is by no means the only thing they use.

They will ask to see your payslips (or contract of employment if you’ve only been there short time) to prove that you earn enough to cover the rent, and then without a previous landlord you can give them your employer as a character reference, then they may ask for proof of a previous address, so just use a bank statement, or a letter from the council confirming your name is on the electoral role – so it doesn’t have to be a utilty bill, just anything official. You can also give them your previous employer or education details, so they can see you are an honest person who has been working for years. Just be honest with them and say you’ve never rented before and they’ll tell you what they need. Also drop into the conversation that your dad works for the council – it won’t make a difference officially, but it does show you are a decent, normal person and not one likely to break the law or set up a drug den in the house or something!

The only other thing they may ask for as you’ve never rented before, is a guarantor, so as long as your dad is in full-time employment and owns a house you can just use him. It sounds scary to say that the guarantor is liable for the rent, but in reality they would never chase him for it unless you had not paid rent for months, left the country and they couldn’t track you down.

Paul asks…

Will my refinance be canceled?

In April my husband and I applied to refinance our home loan. We locked in our rate and sent in our application right away. Then we had to hound the mortgage company with multiple emails and at least 4 phone calls (all unanswered until I demanded to talk to someone). They finally sent the documents for an at home closing (have all the paperwork signed and notarized my us) the day before our closing. This was really annoying since we only had a day and a half to review, sign, and notarize these document. Then we brought the paperwork to the notary and signed it all in front of her. When we reviewed the paperwork we noticed that she missed two stamps and a signature (this is our fault for not checking, I know!). We could not get ahold of her to stamp the paperwork and we sent it in anyway. Now I am really stressing about this. Will this void our loan application?

admin answers:

It usually just delays closing until the paperwork is complete. You should have been given 3 days to reconsider after signing anyway.

Laura asks…

Calculation Problem Visual Basic?

I have a project to do on Visual Basic doing Mortgage Calculations. To calculate the max mortgage possible that can be taken out, the customer can borrow up to three times their salary if it is a single application, and they may also borrow against any savings and investments they may have. If it is a joint app then they can borrow 3 times larger salary and 2 time the smallest, alos borrowing against any savings and investments.The applicant(s) are not allowed to borrow in excess of 90% of the purchase value of the property (including stamp duty and legal fees).

I have declared everything and done out the code, yet everytime I calculate the max amount they can borrow, it comes up as 0. My code is below if anyone can spot problems.

Private Sub Button2_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles btnMaxPossible.Click
If rbtnSingleApp.Checked Then
txtMaxPossible.Text = Val((intSalary1 * 3) + intInvestments + intSavings)
txtMaxPossible.Text = intMaxPossible
ElseIf rbtnJointApp.Checked Then
txtMaxPossible.Text = Val(intSalary1 * 3 + intSalary2 * 2) + intInvestments + intSavings

End If

txtMaxPossible.Text = (intProperty + intLegalFees + intStampDuty) * 0.9

End Sub
I’ve taken away the last line for the moment, and its still just returning 0 as the answer to the calculation…Any ideas what else could be causing this?

admin answers:

One problem I see is the need to correct the 2 lines below as shown

Private Sub Button2_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles btnMaxPossible.Click
If rbtnSingleApp.Checked Then

”’the next 2 lines,

intMaxPossible= Val((intSalary1 * 3) + intInvestments + intSavings)
txtMaxPossible.Text = intMaxPossible

ElseIf rbtnJointApp.Checked Then
txtMaxPossible.Text = Val(intSalary1 * 3 + intSalary2 * 2) + intInvestments + intSavings

I assume all your variables have been dimensioned correctly.

TexMav

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