need financial advise quick!!!?
My hubby works out of town and I pay bills, He gets paid every Thursday…Well last thursday I made out the mortgage payment and other bills…only left us with about 200.00…well after I deducted his daily gas reciepts and grocery money we are negative 106.00..I havent sent out the mortgage yet..going to today…but that should buy me some time till payday before that check gets to the bank in the mail and clears right? So the checks we have written at stores shouldnt bounce because mortgage payment hasnt cleared the bank yet? so when he does get paid this thursday I should be able to bring the balance up out of the negative?
Thanks in advance I havent been doing this long and appreciate any help I can get.
Banks are using electronic checking. You write a check and it clears the same day or day after they receive it. So it’s kind of hard to time it like that. Your mortgage shouldn’t be any different than most. You have up to 16 days after the due date to pay. Look on the statement it should tell you an after date and how much you would pay after that date. Get the payment there before that date. The bank won’t tell the credit agencies until after that date. My bank explained this to me when my bank w/ check acct wouldn’t clear my paycheck.
I have a question about loan Modifcation and your credit?
March of last year I lost my job through no fault of my own company went out of biz. I have a mortgage where my APR is 9%. In July I called Bank of America where I bank and ask about a refinance she said they cannot do one because one we owe 155k home is worth 120k and I am on unemployment. She did offer the making homes affordable program and switched me over to the loan modification dept. I talked to them and they took all of my income and expenses over the phone then they asked me to fax pay stubs, hardship letter, unemployment proff. they told me it will take 30-45 days to review the info. Did not hear anything from them and then I called on day 45 they said they are still reviewing it. I thought this was a wash, we have also made our payment on time every month. Then this last week Fed-ex showed up with an envelope with a one page letter from BoA letting us know what a trial payment will be our Original payment was 1600 trial payment is 1090 it also said in a few days you will get more details. Yesterday Nov 2 another package showed up from Fed ex this time a thicker package with a check list of more pay stubs, tax documents ect. This also had three cupons with a trial payment of 1077 one due Dec 1, Jan 1, Feb 1. I still have not paid anything for Nov yet. So i went online to make a Nov payment and it was blocked and said call #1866 as this account has a special curmenstance. I called them up talked to a rep they said you are now in a trial payment asked it they can set up an automatic payment for that I said sure they set it up to be drafted Dec 1st. I asked him about the Nov payment I have not made one yet he told me dont worry about it. I also asked about if this was going to hurt my credit score he told me there is no way shape or form it will hurt me credit score. Only way it will hurt your score if you dont pay your trial payment. I have been reading some people have been taking a hit on there credit even as they where told by there lender it will not. I recently got an offer from a credit card that gave me a 4.99% until balance is paid in full, they gave me a check to write out on my line of credit to my checking account this was 7k. I would hate for my loan company to put a late then my credit card would come back with the universal defuate clase and jack my APR up. Do you think they can disclose this in writting or record a conversation with them.
Any thoughts would be great.
It’s not really the loan modification itself that would cause a negative report on your credit, a negative rating would be triggered by late or missed payments and not adhering to the terms of your original loan agreement.
Some loan modifications include a reduction in principle whereby the lender actually “forgives” part of the money you owe them. In those cases, the bank may report the account as “paid for less than owed”, which is not a good rating.
If you did not have any missed or late payments, then your credit should not be affected, unless the principle balance was reduced.
If it were me personally I would call the number back again and maybe record the conversation that you have with the banks representative. I would make sure that by you not paying Nov, that you will not be reported as late.
US Bank Overdraft Fees?
Does anyone know of a website that list US Bank can take off overdraft fees?
My Story, I didn’t not over spend or anything like that. I deposited cash and a couple of checks from relatives for birthday money. I put the money in my US Bank checking account, this isn’t my main checking account I just use this to pay my mortgage. I went online later and saw all the money was posted. I then sent the money to US Bank Mortgage to pay my house note. Then I happen to check the account online (paid on 1st-2nd of Dec) about Dec 20th. I then see it is negative by a lot. I have no idea why, so when I called them apparently one of my checks that I deposited that they posted on my account bounced and was returned. I had no idea. they said they sent me a letter in the mail, I never received and said they tried to call me, which I had already moved to another house and updated my phone number through my account online. So they called the other number. Even though they have my work and email address they didn’t do anything to let me know that I was under. I called them and told them it wasn’t my fault could they take off the daily overdraft fees, and that I would like to close the account asap. They said they can’t close it until it is $0 balance. I understand overdraft fees, but not when it’s not my fault. A gift is turning into the worse gift ever because of their fees. I know they are capable of taking the fees off, they wont say they can or they might not but someone else higher up can. I am going to go into the bank and demand them to take the fees off. I just need physical proof that other US Bank Branches have taken off the fees or canceled/suspended the account to keep it from getting anymore fees. then I can force them to take the fees off.
Any actually help would be great. Please don’t reply to this question if you don’t have a link or stating a opinion of yours. I need helpful facts.
You can pretty much google “USbank overdraft fees” and get millions of other stories just like yours the FACT is they screw their customers over. They made a record high of 38.5 billion in overdraft fees in 2009. Their overdraft fees raised despite the recession. The only way to get your money back is to bring them to court. Even with proof they don’t refund if they already have before to your account. Best advice is to bring it to court. Or you can join with other people who have class lawsuits against US Bank like this group http://www.hagens-berman.com/usbank I have. You might want to find a different bank also, one that doesn’t have overdraft fees, they are out there.
Received 1099A with box 5 checked, MN is non recourse, is this box checked in error?
House foreclosed last year. Received 1099A from first mortgage, nothing from second mortgage. No 1099Cs. Box 5 was checked on the 1099A, but I know my loans were non-recourse, both loans were purchase money and I live in MN. So is this box 5 supposed to be unchecked? Do I need to have it corrected before I file taxes?
Original purchase amount: 205, 000
Box 2 balance of principal: 160,795
Box 4 FMV: 61,750
Box 5 is checked “debtor was personally liable”
Trying to figure out how to file the schedule D. I was told not to worry about the 1099C’s until I receive them. I do qualify for Mortgage relief act” and I would be able to prove insolvency too.
No documents from second mortgage at all
In response to the two answers, wouldn’t this gain be below an allowable 250K? I don’t think I will be required to pay anything on it. Or am I missing or misinterpreting something?
Is the following true:
A non-recourse loan, by contrast, is a loan where the borrower is not personally liable for repayment of the loan; in other words, once the lender repossess the property used to secure the loan, the loan is satisfied and the lender cannot pursue the borrower for further repayment. For non-recourse loans, the figure used as the selling price is the outstanding loan balance immediately before the foreclosure. You are considered as selling the house to the lender for full consideration of the outstanding debt.
Note that with non-recourse loans, the borrower will not have any canceled debt income, because the lender is prohibited by law from pursuing the borrower for repayment.
Box 5 does not deal with recourse, but rather is an attestation that you were a signer of the promissory note and were liable to repay the debt under the terms of the mortage and note. You can go ahead and file with this box checked because it is correct.
The non-recourse means that the lender can not pursue you for any deficiency, but that does not mean that you are not liable for taxes on the “benefit” you received by the debt being erased.
Bank requires a letter showing someone will act as a “General Contractor”?
I had a pipe freeze in January. It was the sunday of Martin Luther King weekend. Due to the hazard conditions of it raining in my kitchen, and the wall & ceiling coming down around me, I had to act fast and call a plumber. He came in and repaired the pipes that had frozen, added a new water line to my furnace. After his repairs I paid for the sheet rock guy to come in and repair wall and ceiling, I paid him in full.
I had my home owners insurance open up a claim for this, and they sent down an adjuster to do the estimates of damage and costs to repair. I had a total of 4 invoices I needed to pay. 3 out of 4 have been paid by me out of my checking account.
I paid the Carpet company: $900
I paid the sheet rock guy: $400
I paid for a dumpster: $350
And the balance is still owned to plumber $1000.
The check came to me today from the insurance company minus the deductible, made payable to me, the other home owner, and the MORTGAGE COMPANY. I just called the mortgage company and asked how I get it endorsed by them so I can get refunded my already out of expense money? They said one person (preferrably the plumber) needs to act as the “General Contractor” and write a letter stating he’s going to a appropriate the money to all the other vendors??? WHY??
I have already paid the other vendors?? Also, why do they need a W-9? I really just want to get my money back in my bank account for the damages that I occurred to my property.
How exactly do I word this letter that I am going to write and have the plumber sign? And is he responsible now for all the taxes? The next check they say will be sent to us, w/ three names on it again, MINE, The other HOMEOWNER, and the PLUMBER!!
What a headache!!
If you go ahead and pay the plumber in full and have all the receipts faxed to them, along with pictures showing that all the work has been completed that should be sufficient to have that check made payable only to you and the co-owner of the property. On the cover sheet you can reference that you acted in the capacity of your own general contractor since you coordinated, managed and paid for all the subcontract work to be completed.
The main issue with this is that the bank wants to make sure that all the work has been satisfactorily completed and that the home is in good condition since the home is the loan collateral. In addition if a contractor is not paid for completed work, he or she can also file a mechanic’s lien against the title of the property which can also cause issues. Unfortunately in this market the banks are even more strict on these types of issues then before since some people are turning in claims, not completing the work and trying to pocket the money.
Also as long as the payment is issued to you & your co-owner for the completed work, there should not be any requirement for a 1099 to be issued. This money is not income to you–it is reimbursement of damages due to a property loss.
I hope this helps. Good Luck!
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