Got preapproved for loan wonder if I’ll get final approval with my finances.?
My father gave me a cash gift of $10,000 the end of November. Lucky, I know! I used $5,000 to take care of things I had been putting off (major car repairs, etc), christmas gifts for my large family, a party for my parent’s 50th wedding anniversary and an unexpected emergency vet bill. I have left the other $5,000 in my checking account, to move into some sort of investment later on. Okay, so what is the problem? When I least expected it, a condo that I love is for sale and it within my price range. I just got preapproved for the home loan (largely based on my credit, which is excellent). My worry is- the bank statements that I have to submit with my final loan application are going to show that I had $10K in the bank and spent $5,000 of it in two months! I’m afraid the mortgage company will reject my final loan because of the large amount in my account and that $5K of it was spent so quickly . What should I do? This is not how I normally spend money. Should I just submit everything and not worry about it? Talk to my mortgage broker about what I did (I worry about trusting them….I’ve heard stories). Do I submit two previous banking statements to show what my average spending is and that I’m not a wild spender? Had I thought this condo would have been for sale, I would have put off some of these things until after I had gotten it. Hindsight is a beautiful thing, I know. I really need some suggestions on what to do.
Why didn’t you tell this to your lender before he ran your credit report. He may or may not have advised you differently. It will come up and you will have to answer for the $10K. Call your lender tell him the situation and then you will know what steps you will need to take.
Has anybody ever heard of Fresh Start L.L.C.?is it a pyramid scheme?
My neighbor recommended that me and my boyfriend go check out the place that she works at because they are opening new offices close to where i live. We accepted and we went today expecting some sort of interview or something. When we got there it was more like a seminar and nobody (Except for the guys working there) was in professional dress as we where. They basically claim to be a business that helps people adjust their mortgages and this and that. Im kind of iffy on the whole mortgage thing because ive heard a lot of stories where people get ripped off and stuff by companies like these. And basically at the end they said they where going accept applications for 15 telemarketers next tuesday. They said that they would pay hourly plus commission so that doesnt sound to bad and that on the documentation for people looking to adjust their loans they would have a money back guaranteed policy in which you get your money back if they cant help you. and well they also said that in a couple of years they hope to turn into a real estate company. So im not sure some parts sound good but others im not to sure, what do you guys think? This is in southern Cali btw
They held “seminars” just for people to become telemarketers? If they try to charge homeowners fees upfront to arrange mortgage modifications- that’s illegal. Money back don’t work! Call the District Attorney in your area, and explain what you think these people may be doing. Only Licensed RE brokers/RE Attorneys can arrange loan Mods.
What is the best way to setup a payment arrangment with the collections agency?
I had a part-time home based business and owe $1,200 on an office supply store credit card. The company actually closed my account even though I was not late on my payment. I hadn’t been doing business in quite some time and the bill ended up in an outside collections agency.
I received a letter from them in August and received phone calls from them on a daily basis. There was an agent assigned to my account, but now it’s been passed along to just anyone who answers the phone. I contacted them last week to discuss setting up a payment arrangment. They claim $50 is the minimum amount they can take, and they want it setup by using a checking account.
I told them I could not afford $50 per month at this time, but would be willing to pay something. After arguing with the agent for 20 minutes or so, I told him I’d call back early this week to see what I could do. He kept mentioning that the credit reviews the accounts twice a month and will pull the account if they see they’re not getting paid.
So I figured I could afford $30 to $35 per month at this point. I called and the agent I’d previously spoken to was not available. I spoke to someone else. I explained, again, that I am not working so they wanted to “update” my information. They wanted to know my husband’s name and his employer. My husband was not involved with the business at all and I don’t want him to be tied up in it. They claim tha since I’m not working they need to know how I will pay.
She also said just sending in payments won’t secure anything unless it’s with a checking account. She put me on hold and said neither her or her supervisor had the authorization to let me pay $30 to $35 per month. She suggested I leave a message for the agent I initially spoke to last week. I need to know the best approach to get an arrangment without giving them my bank account information.
By the way, I used my tax id number to open this account. I never put my social security number down anywhere on the application as I didn’t want to personally guarantee the line of credit. They have somehow pulled my personal credit and can see that most of my primary accounts (mortgage, car, personal credit cards) are being paid.
Is this legal? I live in Texas.
NEVER give out your checking account/bank routing numbers to debt collectors for making electronic debit payments. This is like giving the keys to your front door to a burglar. Once they have this info they can attempt to withdraw any amount from your checking account at any time. For collection agents who are desperately trying to make a quota and/or sales commission, it’s simply too tempting to take more money out of your account. This always leads to an avalanche of bounced check fees. Pay only via USPS money orders.
– Debt collectors do have the right to refuse a payment plan that is too small
– If they keep making an issue of wanting your checking account numbers, tell them that you are officially documenting that they are refusing payment by a legal method (USPS money orders) and that you will be sending a certified letter to them as documentation.
What kind of loans are available to buy a house for someone with not so good credit?
My husband died early this year. He had, so he said, and insurance policy for $88,000.00. He got papers every year from Prudential which he opened and put away. When he died, however, and I called the company, I found out that he had lied, (not the first time), and the only insurance he left was a 2000.00 policy in his parent’s name, he had let the other policy lapse last year.
The house I am living in now was in foreclosure…my late mother in law bought the house back in 1996 and we paid her rent money every month towards the mortgage payments. After she died, my husband took the advice of a friend of his at work who told him, “You don’t have to make any house payments until the probate is settled”, which of course was not true. So my husband, while assuring me he was making the house payments from a checking account he had in his own name was in fact not making them, and lying to me about it. (YES, I KNOW he was an idiot, but it gets worse.)
Without telling me a word about it, he allowed the house to go into foreclosure, it was a default case, and he didn’t even OPEN any of the papers he got from the court. The papers all went down to his late mother’s house, since the loan was in her name, and I didn’t see them, or I would have taken steps to stop it. (He also let her house go into foreclosure and lost it at auction last year. Yes, an idiot.)
The first I heard of it was when he told me that the house was due to be sold at sheriff’s auction. Frantically, I looked on line and he declared emergency bankruptcy with less than 24 hours to go before the sale. He then went through Loss and Mitigation. Right now, they want to refinance the loan but the loan is STILL in my late mother in laws name, even though I have sent them 4 copies of her death certificate, and called them 7 times to explain the situation.
I don’t even WANT this house any more because I can’t stand it, it needs major repairs, and our next door neighbor is crazy and keeps gossiping about us all over town and is showing an unnatural interest in my pretty 19 year old daughter.
We saw a house in town that we love and can get for $65,000.00. Unfortunately, I don’t have much money at all, since I had to pay off a few creditors after my husband died unexpectedly in February.
Right now I am not working; I lost my job early in 2008 after the company I worked for went out of business. I have been applying for jobs ever since without success, and believe me I’m not picky. I don’t have a very good credit history right now, since my late husband and mother in law took out credit cards in my name after we moved and the applications came to my mother in laws house (where we had lived) and they filed them out, maxed them out, and never paid on them. (My husband told me at first it was my mother in law who took them out herself, telling me this after she died, then late in January he confessed that he had taken them out with her too, (Believe me when I say if there hadn’t been a death there would have been a divorce)). So I don’t know if that’s why I can’t get a job or if it’s my age. (I’m in my mid 50’s and a lot of companies are hiring younger people now.)
My 22 year old son, who is out of school and working, and my 19 year old daughter who goes to school and works part time live with me, and I get a Social Security check for me and my 12 year old daughter every month. We want this house very badly, I can’t sell mine right now because it needs too many repair jobs, which my husband never did, and I don’t have the money to have them done.
We really want the other house. Is there anyplace we can get a loan in our situation? Anyone who can give me some good advice, (and not smart mouth me about my situation, or my horrid late husband and his equally horrid mother), I would so appreciate it. This house is driving me to despair and I so want to start out in a new place, fresh away from any reminders of my late husband and away from the hideous neighbor. (This reads like a bad movie, I know, but it’s all true.) Thank you!
You need to rent for a while. You are in no condition to assume a loan even if a lender were to grant you one. How would you ever keep up the payments and maintain the house without a job?
I don’t want to be cruel but the most sensible option you have is to forget about home ownership until you are able to clear up this mess and find work. You realize that if the mother-in-law applied for credit cards in your name that this is fraud? Have you reported this to the police in spite of her being deceased? Have you disputed the credit card charges on those cards?
You have a lot of unpleasant work to do. Sorry.
Update to previous questions?
I have a felony charge which i disclosed in my application and was tod that as long as it is not related to the industry of the job that i shouldnt have any problems. The charge is in no way related to this job and i have even been licensed by the state of tx to originate mortgages( this was the job i left to go to this one). I passed the interview process and they were ready to hire once my background check came back, could an open warrant for a failure to appear cause this? I know that they loved me from the interviews and i had already filled out all of my employment paperwork but was waiting on the background check to come back.
An open warrant will prevent you from getting any job that requires a background check. I would see what you can do to settle the warrant as it will follow you forever. Good Luck!
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