Your Questions About Check My Mortgage Balance

Mary asks…

Need a letter for “File Closed” on credit report for mortgage…?

My mother’s credit report has been ruined about 7 years ago. We lived on the first floor of a three family house and this person, who shares the same first and last name with my mother, lived in the basement. We do not know that person, but since everyone’s mail (all four families who lives in the same building) were put into the same mailbox, that’s how we knew that her name is the same with a different middle initial.

About one or two years after we moved away from that house, we start receiving calls from collecting agency. They call our home number which remains the same. We try to find out what happen from the collecting agency, but those collecting agency just keep insisting that you owe us money, and you must pay or else you are ruin. We NEVER EVER owe anybody $$, my mother only have two credit cards, she never make big purchases, and most importantly, she ALWAYS pay full balance every period.

We eventually got her credit report, and there were about TEN accounts that do not belong to her on her credit report. We found out that these accounts were on THAT other person’s name, with our old address, and with a DIFFERENT social security number! How could they be so reckless and just put it on my mom’s credit reports. When we told them that it’s not us who owe you money, another person with that name owe you money, they will just insist and tell us to stop lying!!

We tried to contact the credit report company and dispute the claims, they told us that we need a police report that my mom’s identity was stolen. We went to the police station, but the police said you didn’t receive any written letter from the collecting agency, you only receive calls, therefore they can not file the identity theft report for us!!

It was so long ago, I forgot what we did and eventually some accounts were taken off on her credit report. I remembered that there were still one or two accounts remain on her report. We tried calling the credit report company and the credit card company. But they refuse to take it off! But those two accounts is not under my mom’s social! It’s not hers!!

Anyway, we were unable to do anything, or we just don’t know what else to do. So we just leave it alone, since she don’t plan to buy any property in the future. This was about 5-6 years ago. Now, my mother and I plan to buy a co-op apartment together, we went to HSBC for pre-approval. The person from the bank checked our credit score and credit report, my mom still has a 750 score and I have 805. They said no problem getting the mortgage we need, HOWEVER, there is a notation of “File Closed” on my mom’s credit report. The person in the bank said this will not affect us getting the mortgage, we will still loan you the money even with this “file closed” account with about $7500 balance on it. He told us to call the credit card company and get a letter from them saying the file is closed, just in case the bank will need it during the process of getting our mortgage.

Before I call the credit card company, I want to check my mom’s credit report again (she haven’t been checking for a long time). She NEVER owes credit card company $, ALWAYS pay all balance full every month. I know that if after checking the report, the account does not belong to her, we will dispute it. However, do I still call the credit card company for the letter? Do I ask them for a different letter that this account does not belong to her? Or should I stop thinking too much and just get the letter even though the account does not belong to her?

Thanks for any advices in advance, this is a very long story! Thanks~~

admin answers:

You did not take the credit reports to the police station – you went empty handed
Get all 3 of your reports at Annual Credit
(well get the other 2 since you already got one)
Dispute the items on your credit reports – they will have to validate
If you need any letters – you have to request things in writing

Betty asks…

Is my wife an over spender or is it me?

I own a business that does well and I make a very nice living. However my wife continues to over spend and tries to justify it so I am putting out there for you to decide since you don’t know either of us:
We live in the NJ – U.S
We have 5 kids ages 7 to 17
We live in a 6 bdrm home at the beach
I pay all the household bills on line so she can see everything
I used to deposit between $1000 to $2000 a week into our jt account so she could write checks for groceries, kids needs, misc. etc.
She would always write to many checks regardless of how much was in the bank.
I changed this and started giving her $1000 per week in cash and asked her NOT to use checks due to her lack on balancing a check book.
I take $50.00 per week for myself for coffee, misc. etc.
Now I find she is writing checks and using the $1000.
She stays at home with the kids so I am the only 1 supporting 7 of us – I make $500,000+ however we have college, mortgage and our home bills.
Am I missing something?

admin answers:

Your wife is spending over $1000/wk on groceries and misc items? Um.. Yeah.. She has a spending problem.

I spend about $500/month on groceries for a family of 5. And maybe another couple hundred a month on misc. Stuff.

But you make lots of money and she’s probably used to buying whatever she wants. IF you’re serious about limiting her spending, remove her access to the bank account. Nobody “needs” more than $4000 a month for groceries and incidentals.

William asks…

Big Mortgage Dilemma I need advice ASAP?

Well….My husband and I were going to walk away from a house that we own and then Hurricaine IKE happened and we were issued $50,000 to pay off the home. We received our first check April 2. Then when my husband and I began to investigate we found out that that check had been voided due to someone from our Mortgage company calling and stating that they had not received the check. So approximately the 11th of April we received another check for $50,000. Oh boy…. we thought that the second check was more money then we found out like I said that check was just to make up for the first 50 thousand that they said they lost!
When my husband and I sent the check back we sent a letter that was noterized that stated that we wanted the funds from the 50 thousand to be first put toward the past due balance and second to the principle.
Mind you we were told that if we sent the letter with the money stating what we would like to do with the money then the home would be pulled out of foreclosure. (we were told this 3 TIMES)
When I called today to find out if the home was out of foreclosure they told me that no it was not and that yes the 50 thousand was applied to the principle balance owed but, we still owe for the past due amount.
My question is this legal? The money came from Insurance.? Is there anything that we can stop the sale?
We do have a buyer. It just takes a couple of days for the funds to be given to us.
What should I do? Call the Mortgage company and say what?
I did talk to one of the reps in the pay off department and he really is helping me! He called me back just to tell me at the end of the day that he would have to call me tommorrow due to him waiting to hear from one of the general managers.

admin answers:

Contact your local state attorney general and local banking commission.

Chris asks…

Can a bank control your funds that have been paid to you for an insurance claim?

Bank in question is the mortgage holder. They are telling me that the insurance check to get my house repaired from a storm is on hold. They will not release the funds. When you prove to them the work has been done, they will pay the contractor. The claim check was for a lot of things, roof, doors, siding, ceilings, etc. What if we take our sweet time and do the repairs. What if we do some of the repairs ourself? What if we shop around and get the repairs done for less than the insurance check. Will they just keep the balance? This just does not seem right to me. We had a fire claim about 7 years ago (same bank, same mortgage) and that check was for over $20,000 and they did not control that money at all. This is in MN. Can someone offer me some advice. Like I said, this just does not seem right.

admin answers:

I’m a licensed MN claim adjuster. The normal procedure is for the mortgage company to release enough of the $ so the home can either hire a contractor or buy the materials themselves. The mortgage company may require you to hire a licensed and insured contractor to do a professional job of the repairs.

(I’m not sure what happened on the other claim you mentioned). The whole procedure will become much more tighter now as mortgage companies make a better effort to keep their properties in top shape by having professional contractors do the repair work and not the homeowner.

Talk to the mortgage company about getting some money up front or hire a contractor. Most of the time they can help you with getting the documentation that the mortgage company will want to release some of the money.

Jenny asks…

Can my parents make me pay rent?

My parents are forcing me to pay rent now that i have had a job for about 6 months…i am currently seventeen and have about nine months until i turn 18 …financially my income is not necessary to the home for parents are rather well off and tell me that they expect me to pay rent for all of the trouble i have caused over the years….(no criminal record or anything close to that) I need help finding a legal precedent …if one exist …to show my parents that since i am still a minor and a high school student that they do not have a right to force rent out of me. Please help.

I find it necessary to add more details…so as to not get bashed on anymore….My dad makes $150k a year and we have a $2000 rent every month…utilities as well as phone bill and cable come out to about another $1200 ….with barely paying health insurance due to my moms job at a hospital…and car insurance a cuple of hundred with no new cars to pay for..and no mortgage to pay for that leave a good $8000 each month in excess give or take a couple of hundred of dollar…..i know my parents financial situation very well due to the fact that my father left for the army in october of last year for a six month training….in which i realized that the limited financial help from the army wouldnt be i got a job to help out my mother with bills…i am only high school educated but am very bright and plan to major in business and law when i go to college…but while my father was away i gave roughly $5000 to my mom to help out in the six month period…i know its not alot but it was the best that i could do for a fulltime high school student working at partime minimum wage….during this time i stepped up and did balance check books and deal with the household finances due to my mothers lack of mathematical abilities to do these things right…i understand the responsiilities that come with money and esp. with living by yyourself….so i need a legal reason to tell my parents that i do not/ will not put forth money when it is not imperative to our survival…i am currently trying to save for college which i know will be expensive. so please if anyone can help me out with what i ask and not bash on me with the bullshit that i deserve to learn a lesson(which i did six months ago) i would greatly appreciate it

admin answers:

First, yes they can make you pay rent. Second, if they do you could technically complain to the police that they are stealing your money. Third, it’s really kind of slimy for your parents to ask you for rent money. Fourth, it’s kind of lazy for you to not want to help out your family.

Your picture of your folks finances is a bit jaundiced. You missed income taxes entirely. You don’t state what your mom makes, so is the $150k both parents or just your dad? If it is both parents, the budget looks like this:

Income $12,500
Health Insurance $400
Retirement Savings $1,250
FICA Tax $1,000
Federal Tax $1,500
State Tax $1,000
Take Home Pay = $7,350 (not $12,500)

Rent $2,000
Utilities $1,200
Food (3ppl) $800
Clothing $450
Gasoline $250

Remainder: $2,650
That’s about $2,000 more per month than the typical US family has to spend. But if you are going to college soon and your parents are planning to help you, your folks would need to be saving this much for your tuition.

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