Your Questions About Check My Mortgage Balance

George asks…

how can i pay off my mortgage fast without changing any of my current spending habits?

I have been looking into this HELOC (Home Equity Line Of Credit)plan. Which is: You open a HELOC, which is a revolving account that comes with a debit card and a book of checks. Say your home is worth 80,000 and your current balance is 75,000. Well, you can get a HELOC of 5,000. You dont spend this money. You just leave it where it is. This is where it gets interesting. When you get paid you start using this HELOC account as your checking account. Say you get paid 2500 every 2 wks. When you make your deposit of 2500. Your daily periodic balance that you will be charged interest on is going to be 72,500. As you pay your bills and living expences for that 2 wk period you may only have 500 dollars of the 2500 you put in. This will leave you principle at 74,500 for the remainder of the 14 days of intrst . You get paid again. Put another 2500 in this account. You again leave 500 in, and you make a house payment of 700. Which has been in the account the entire time anyway. Will this work?

admin answers:

The HELOC usually has a much higher interest rate than your mortgage- around 8% or so…

Instead try taking any extra money that you have and putting it into a mutual fund… Over time it should grow at a faster % rate than your mortgage interest rate, so you should be able to pay it off earlier than if you’d just sent those extra monies in on the mortgage right away.

Laura asks…

Can collectors such as “Countrywide/Bank of America” continue to harass you after bankruptcy?

I logged into my bank account yesterday and noticed that Bank of America had some type of mortgage account open. Okay…Bank of America brought Countrywide out a while back and I could understand that. But, I filed for bankruptcy in 2008 and was discharged by the courts in Jan 2009 for all of my debts “Fresh Start”. They actually have the amount of my old mortgage balance posted in my account lineup. I had only one checking account before noticing this yesterday. I am going to contact the lawyers tomorrow to see if this is a form of harassment. I am tired of Bank of America. I talk to a representative on the phone and he said I still have an existing mortgage account with them so that’s why its up there. I told him I am not going to sit on the phone and argue with him I will just call my lawyer and get things straight. Any advice would be nice. Thanks

admin answers:

If this item was listed in your bankruptcy petition they can not call you

Sandy asks…

Reporting Tax in Restaurant Business?

I used to work in a restaurant for 2 months, but my boss have not report ANY to the IRS. So the income was totally in cash (my tips) and a personal check from him ( for hours ).

Now, i can’t balance my account, as i make payment for my mortgage. Is any ways to get this done without make my boss in trouble???

admin answers:

IRS does not care how you paid your mortgage
you want to balance just say it was a gift of cash from your mother. Boyfriend or who ever. Or you could have went to Vegas and won the cash. You could have taken the money out of your bed matress where you stored it over the years
f it is under 10,000 there is no problem or taxes if it was a gift

Charles asks…

Is a Good Faith estimate a legal contract?

I am about to sign a good faith estimate . I have had some concerns about my broker. They seem to be trying to screw me the more and more I deal with them. Would I get any penalties against me for signing and handing in paperwork , then switching mortgage companies? Will I get charged regardless? As of right now they have my check stubs and bank account balance, but as far as I know I haven’t signed anything that says they can charge me.

I am going with countrywide, are they relatively fair with everything?
The house is a foreclosure and we are dealing with a VA loan. I was told that the VA loan usually don’t approve foreclosures. So now we are going to go ahead and get a back up 100% conventional back up loan.

admin answers:

Dont worry, you can go ahead and sign it. To sign a GFE means the lender already present it to you and you sign to verified you receive and aknowlegde the receipt of a copy of GFE.

When you go with any lender, you should not be charged anything up front if you are going with a mortgage broker.

Feel free to contact me with any questions.
Www.raymondtsai.com

Ruth asks…

Credit life insurance?

My mom passed away in sept. of cancer. She had a $100,000 balance on her mortgage loan. Now I just recieved a letter stating that her credit insurance had gone through and a check had been sent to her mortgage account number. I have never even heard of credit insurance, does this mean the remainder of her loan is gonna be paid off??? If so I am in shock.
Well we just got a lawyer and my brothers and I will be in trust of her estate. My mom died kind-a suddenly and she never kept good records..we actually have a meeting w/her bank/mortgage company tommorow.

admin answers:

Check with the mortgage life insurance or credit life insurance company. Also the mortgage holder (bank) should answer that question. Simply ask if the balance is paid off with the credit insurance.

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