Your Questions About Check My Mortgage Balance

Mark asks…

va home loan gift from parents?

a little backstory:

we are scheduled to close escrow on the 10th. we’re approved for the loan, with conditions. my parents gave us a gift of $5000 to pay off some debt back in august, no problem. the mortgage broker then requested a gift letter, their statement, and a copy of the cancelled check. all provided. now she wants a written letter from the bank (even tho they have the statements with the balance) stating what my parent’s account balance was on the day that the check cashed… seems random. she’s also been VERY rude and actually yelled at my mom on the phone when she told her that she was uncomfortable with providing her bank statements.

my question is: how random is this situation? is this common practice (not the yelling, that was just mean)… but to ask for information even that far back (3 months)?

admin answers:

3 months ago… Usually a gift letter is enough, with all the other stuff, the letter from the bank seems unreasonable. I would ask why they need the letter, if they have the statement right there and can read what the balance is.

… It smells like the mortgage broker is going to pull the rug from under you…. Watch out.

William asks…

How to tell if a bank has filed a deficiency judgment?

Or any other ways of finding out if they have filed for a dj. I had a mortgage loan, and home equity loan. I ran into troubles, and it eventually turned to a non judicial foreclosure of the home. They sold the house at an auction(deed of trustee’s sale…i think it was called). I dont know how much they made off of the house, and wouldn’t know where to look to find that out. I did check my credit report and seen that the first loan(my main mortgage loan) has a zero balance, and it says Foreclosure Collateral Sold…it also has a closing date… My Equity loan also has a zero balance, shows the date it was paid off, and also says Transferred to Another Lender… I live in missouri and I am very new to this foreclosure process…and I dont know if I need to file for bankruptcy…or if i even can due to this being the main thing i would need it for, but it showing a zero balance. I know people need to have a certain amount of debt to file for bankruptcy, and i wouldn’t reach that amount if these two items have a zero balance. How long will these 2 accounts stay in the adverse section of my credit report? I hear 7 years… So, by what i said…have they filed a judgement, or have they wrote it off as a loss ? Please help! Any extra info would be greatly appreciated, over and above how many points you will get for best answer… Thank you…and if you need any extra info, just let me know… I just cant get too specific.

And, if I am in the clear now…in the future could they change their minds and decide to collect?

admin answers:

A deficiency judgment first requires a lawsuit. The lender will file a lawsuit against you, and you will be served with a complaint and summons.

My guess is that your deficiency debt has been sold to a debt collector. If that’s the case, expect several letters and phone calls.

George asks…

Should I divorce my husband who keeps getting us in debt and won’t say why?

My husband and I have been married 12 years. We have 3 kids (10,9 and 5). I make more money than him and I pay almost all of the expenses, including child activities. I pay him some spending money also although it leaves me really tight for groceries. He keeps racking up debt ($20 000 three times) and then I pay it off to save our credit. We jointly own the house (it has a mortgage) so all debt is really mine too even if his debt is only in his name, as they can put a lien on the house). A year ago I freaked out when he racked up the debt, told him I would leave if he didn’t pay it off, and made him show me balances and do a credit check on himself twice a year. In spite of this he now owes $6000 more than then. I have no idea what he spends it on. He locks the room in the basement and shreds all his financial statements as soon as he gets them. When he shows me balances he never has transactions attached.
I am really worried. I have an appointment with a lawyer in a couple of weeks. I worry that if I stay he will continue to dig us into more debt, and if I leave, I will have to pay him tons of money forever as I am the higher earner. I don’t know which is worse. I am very unhappy in my marriage, I don’t trust him. We fight a lot, at times in front of the kids and I feel really bad about it. I worry that it will be worse being alone at 41. My friend says lawyers and divorce are really expensive and the higher earner always loses. THe lawyer I spoke with suggested a relationship coach to see if the marriage could be saved. All I want is to one day not be in debt, I don’t want anything fancy.
What should I do?
What should I do?

admin answers:

Anything that has his name on it should be removed.
I.e. Bank accounts credit cards, titles and deeds etc.
It sounds to me like hes liquidating your funds and assets into
places where only he or someone he trusts has access to.
It sounds like he’s getting ready to step off with someone else and as much as he can milk from you as possible.
I suggest you do the same.
You better pull the purse strings tight as fast as you can.
Stevie Wonder could see what time it is.
And at age 41 you wont have any trouble finding someone
who will truly love you for who you are.
“Good things come to those who wait…bull$hit!
In the real world, it’s more like this:
He who hesitates…is Lost!”
I know you knew that!
So don’t wat too long!.

Susan asks…

Home was flooded by Hurr. Ike. I have a home equity loan /force-placement Ins. How can I get a policy to read?

My home was flooded by Hurricane Ike in Texas. I have a home equity loan with a credit union. My homeowners, flood and wind insurance lapsed. The credit union took out force placement of insurance. I did not have any policy information or description of what type of coverage and for what $ amount the home was insured prior to Hurricane Ike. Intially, following Hurricane Ike I contacted the credit union to seek information on what I should do following a storm. I was told that I did not have any insurance, the credit union was the insured and I hung up without any answers or guidance. After the city began allowing homeowners to return to their homes. I arrived to a home that had been flooded with about 3 1/2ft. of water. I called the credit union and spoke with a supervisor in the mortgage dept. I explained the damage to the home, again, I was told the same statement, you are not insured, the credit union is. I asked her to put that in writing so that I could contact other agencies for help. This supervisor said she would send the letter to my email. I have never received such a letter.
I hung up the phone, understanding that my property had no Ins. coverage. Demolition and clean up began on my property that day.
Later in the month I called the mortgage dept to ask how I could be released from force placement insurance. During the conversation with a secretary I was then informed that I could file a claim on my property from Hurricane Ike. I then found out their was a flood and wind policy.
I was given the number to call to place a claim with this Insurance Co. I asked for a description of coverage and a policy. I was able to get the $ amount on the coverage. But to this date, I still can not get the credit union or Ins. company to forward a policy to me. I don’t know if I have actual cash value or replacement cost value.
My question is since I am paying on the policy should I be able to have a policy to read.
I have not been late on my mortgage payments and my forceplacement ins. is escrowed.
To complicate matters I was told that I have one of two options on my property. The credit union may allow me to make repairs or based on the amount of damage the insurance adjuster determines on his report. The credit union may make the decision to apply the amount of the check from the insurance company to the loan balance. This would leave me a home that is damaged and a monthly mortgage payment.
What do you think?

admin answers:

You can’t get this policy, it’s not yours. And it doesn’t matter, because this policy doesn’t cover YOU, or YOUR STUFF. It only will pay the MORTAGE company. And THEY won’t fix your house with it.

Although you pay for forced placement coverage, it’s not your policy, and you are not covered. You are not entitled to a copy of it. You cannot put a claim in on it, and you will not get paid. It’s neither replacement value or actual cash value, as it only covers up to the loan balance. If you read the documents on it, you’ll most likely see that they all say, “this does not protect you, or your interests”. That’s why it’s NOT a good idea to rely on forced placement coverage.

Yes, you very well could be left with a damaged home, and a monthly mortgage payment. Yes, it’s entirely up to the credit union, if their policy is going to reimburse you for repairs, AFTER THEY ARE MADE, or not.

This is how forced placement coverage works. It is NOT a substitute for insurance, for YOU.

Charles asks…

I need someone to tell me EXACTLY what to do with these financial figures?

I have a pretty good idea on how Im going to do it but I want to see if there is another way to go about getting out of debt. Below Ill give you the complete list of my finances and some goals…. please use your brain on this one people

1st PayCheck – 2100.00

Monthly Bills for the 1st…
Mortgage – 990.00
-Auto Ins. – 100.00

Total Bills for 1st – 1090.00
Remaining – 1010.00

15th Paycheck – 2100.00

Monthly Bills for the 15th…
-Truck Loan – 450.00
-Electric – 200.00
-Water – 30.00
-Amenities Bundle – 100.00
-Cell Phone – 200.00

Total Bills for 15th – 980.00
Remaining – 1120.00

Remaining For the Month – 2130.00
– Less Gas – 100.00
– Less Groceries – 150.00
– Less Misc – 200.00

TOTAL Remaining for the Month – 1680.00

Current Savings Account Balance – 1500.00

With the remaining finances – Here are some goals I need to meet. I need you tell me the best ways to meet my goals!

Some Things You Should Know…

*Not Listed I have a credit card loan with a balance of roughly 2900.00 at 6% interest (I typically put 500.00 each check on this)
*My Truck note has a balance of roughly 8600.00 at 6.7% interest

Goals –
*Pay off Credit Card and Have 2500.00 in Savings by August 1st.
*Pay off Truck Note by March 2011

I am fine with moving funds from savings if need by as long as I have a balance of 2500.00 by August 1st. **The balance in my Savings is very important because my husband will be on leave from Iraq for 2 weeks in August**

Please Note these 3 things….
***I have low balled my husbands paycheck by more than 100.00
***I have high balled our monthly rotating bills by roughly 100.00
***Also I have another small income coming in for play money so I will not need to incorporate any extras other than what is already listed.

My husband has worked very hard serving our country for the last 7 years for what little pay he gets.. it is very important to me that he comes home debt free and to every extra penny possible. Thank you for all your help!

admin answers:

Your plan sounds good. Your interest rates are not bad, and it is good you are chunking away at the credit card debt. {Your self-proof of your plan would be that the numbers add up / balance / match / equal what has really been happening the last few months.} Forget Dave Ramsey unless you want to become a fanatical person going crazy “eating rice and beans, beans and rice.”

Only obvious thing would be trying to significantly shrink the cell phone bill. I know you need to communicate with your husband, so landline? Email? Snail mail (then he can read your words over and over – I was stationed overseas once upon a time, but not in a war zone), limit your calls? Buy a plan that gives you more minutes for less money (than going over your limit every month), etc.

A “dangerous” thought is to get another credit card – one that has Zero % for months or a year, and then you can use it when your husband is home and pay it off over (the free) time while using a good portion (without making yourself too low on cash) of your savings and planned saving to get rid of the 6% debt – especially if it is a rewards card you like. [You are not making 6% on your money in the bank!] {Maybe your plan is totally realistic and you meet both goals: of cc payoff and $2500 savings.} You know your husband won’t be laid off; and we hope for his safety, too. Once you get your cc paid off, pay it off in full every month to avoid future interest charges.

{No need to accelerate the truck payment because that would only short you of cash for a year or more until the bill is totally paid off.} Keep being financially sensible, and you will do well.

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