Your Questions About Check My Mortgage Balance

Mary asks…

Forced into double homeowners insurance?

As everyone with a mortgage knows the loan can be sold again and again. I’ve had my condo for 5 yrs and my current loan is 3 years old. 6 months ago a new mortgage company purchased my loan and has forced their homeowners insurance on me. I obtained the proper documentation from my condo association showing I have in fact been insured for the past 5 years. I sent it to my mortgage co., but they are still adding an extra $300/month for their insurance. They’ve hung up on me, are rude and I can’t exactly drive to them and settle this in person.
There is no question that this is not legal…I cannot be forced to have 2 policies. When we spoke they said even if it was resolved they would not give me a refund, they’d put it into the principle balance. Because I shouldn’t have been billed this in the first place I want a check sent to ME. I believe I need to get a lawyer involved to help me get my money. What type of lawyer could help with this? (ps- I live in VA)
YES it is coming out of my pocket. Every month.

admin answers:

You need a lawyer in real estate, plus that mortgage company might be violating state law.

Thomas asks…

Advice appreciated regarding Credit Card policy for Banks?

I would GREATLY appreciate some help/advice from any Attorneys or Financial Gurus out there..

About 15 years ago, I took out a Visa CC issued thru MBNA.(I took it out in my name only) After my hubby took a BIG pay cut, I have used it 2 make ends meet for the last 4 yrs.

I have run up a very LARGE balance.

About 3 yrs ago, the acct was taken over by Bank Of America.

We have pretty much been using BOA for all our banking. We have our checking acct., my hubby’s business acct., our home mortgage (still in excellent standing, with only a few years left to go), as well as a rental home Mortgage with them.

We even have our children’s savings accounts there.

I have been considering working with a debt settlement service on the CC balance, but am concerned with our bank affiliation. Can this action hurt our current mortgages and accts or is this considered a separate matter. (especially since it was taken over from MBNA)

Any insight is valued….
Toodeemoo:

Thank U so much for your response filled w/ great info. You are a “rare gem” 4 sure! You are an honest & repittuble person, who is providing a much needed service. in a business full of “lumps of coal”.

Shamefully, many CC businesses only want to exploit others. They prey on those down on their luck, and will advise clients to make bad, life altering decisions using their calculated lies and mis-information.

If possible, I would GREATLY appreciate the name & contact info on your CC business. (Just in case!)

Also, I would be happy to refer your business to others in need of representation as well. (That is if you still accepting new clients)

Please contact me by the email address listed on my profile to advise me of your office contact info. (Just in case!) If you are not accepting new clients, perhaps you may have a recommendation that would work well for my needs. They next best thing as to you in my corner…
Thanks once again!

admin answers:

If you continue to pay your other accounts, it will not have an effect on them. It will lower your credit score, which will mean it will be difficult to get credit at a good rate in the future. Usually two or three years.

Before you go to a CC agency, contact the bank and try to work it out with them. Often, they will let you make some arrangement for repayment. If your credit is better, you may even be able to take out a second mortage or personal loan to pay off the credit card and reduce your payment/interest rate. It’s ALWAYS better to try to work this out with the bank before you start hiring Credit Services. I know. I OWN one, and I tell my clients to do this before I sign them up. I have also been an attorney for 25 years.

If you have a good long term rating with BofA, there is a very good possibility that you can work this out without destroying your credit.

Mark asks…

Are you ready to stop bank abuse?

We all hope that some bank CEO will find the bravery to reverse their abusive policies.

I call on all celebrities, anyone who can, to join in a boycott and withdraw your money from American banks. The speculation of banks folding compared with wanton, unethical treatment of good, moral people is a no-brainer. Withdrawing from banks is the lesser of the two evils. Use Swiss banks, any banks that you can other than American banks. As one reporter said, the mattress is looking good right now. I do realize that many of you have already had to resort to that.

History has shown that the social injustices that have been partially corrected were begrudgingly done so only because of societal pressure. Denying female citizens the right to vote, denying human dignity to black citizens, actually making it illegal to teach a slave, refusing to pay reparations to victims of factory toxins. Cops who beat their wives getting the protection of the police force because of their code of silence. So many victims of fraud.

In our thirties and with two babies in tow, my husband I built onto our first home. We pick-axed the trench, poured concrete, hammered thousands of nails, lifted 2 by 4’s; nailed window headers, installed a full bath, lifted tar rolls and shingles to the new roof, spackled, painted. That two-year process was back-breaking work, but my children got rooms and we began to grow financially. I remember my children saving their Christmas and birthday money in Bank of America, $15 dollars at a time. I was teaching them the value of saving money. Each child got their accounts up to $85.00. Bank of America never told me that the accounts had to be at least $100. So, my children’s gift money from relatives was taken by Bank of America. So began my lessons with Bank of Amevil. Years of viciously tremendous MBNA interest fees never allowed us to decrease our debt with them. While MBNA made 100% profit for years on all of our payments, our balance just kept increasing.

When we bought our final house, National City Mortgage held the loan. You can do all of the research you’d like in order to make an informed decision, but in the end, you will probably go with the advice of the “experts.”

In 2007, my husband and I lost our home, all of our retirement, had to sell a car, moved three times within a year, sporadically go grocery shopping and usually have 10 or 2 items in the fridge, have ceased purchasing clothes even at the thrift shop, have canceled home phone, internet, my cell. Two bankruptcy attorneys told me that we could have easily qualified for full bankruptcy. My husband has been laid off. But for moral reasons, rather than make creditors eat all of the loans, we entered debt settlement.

Now in our fifties, we have started new. No longer with Bank of Amevil, our new credit life with this bank has been honorable. When we opened the account, they offered overdraft protection, which we have used. We make heroic efforts to pay it back. We’d like for our banking history with this bank to based on our clean, timely payments. We constantly sweat the threat of overdrafts, just making it by pennies. This is a long, slow, painful, extremely stressful process, but we are trying and doing moral best.

However, this new bank found out about our settlements with past creditors, which have nothing to do with the new history we have established, like paying large amounts at a time back for the use of the overdraft protection. With no warning, this bank lowered our overdraft protection and set into motion the likelihood of bounced checks, this time with the creditors with whom we have agreed to settle. Aside from the unethical dilemma in which this bank created for us, the new life of showing prompt payments and good faith, and now future creditors and those who check credit, potential employers, housing, it has been sorely damaged, again.

This unethical treatment of banks preying on those of us who are trying to rebound from losing everything and reestablish our lives must stop immediately.

When I got my undergraduate degree, I read of one theory as to why the ancient Roman Empire fell: their greed.

Corporate greed has long been out of control. Corrupt CEO’s and lobbyists are not only not penalized, they are somehow tremendously rewarded. But morality is not. Morality does not enter into their business practice with customers, though many customers, such as ourselves, use morality to guide our dealings with others, even businesses.

It is a shameful comment on our society that the business world has sentenced us to a legacy of immoral, abusive people.

The greedy have made it clear that money is the only language to which they will respond. Withdrawing it is the only pressure that may force them to stop these perpetrators. Good heavens, Chase charges monthly fees to just check your balance.

To those of you who, like us, have already lost everything, I wish you luck in your struggle to s

admin answers:

Lmfao! Oh get over yourself.. When were you born? Just yesterday?

Give it a break.. This goes back way past the days of our big depression of the late 20’s… Eh.

Now, get a job! Bring money into our economy, willya?

Sharon asks…

Closing soon will they have issues because they charged something on CC?

My brother and his wife are closing on a refi soon (clear to close). The wife made a purchase of $1,400 on an existing credit card. She got worried since she thinks they may do a 2nd credit check prior to close.

But the thing is, I know each of them has a FICO score 800+ (saw the report) and their combined salary is $140,000 a year (I do their taxes). They have no kids and their expenses are minimal (yeah i am jealous) I told her if a $1,400 purchase is going to break the deal then 1 – They have no business owning that home. 2 – You must have racked up more than $1,400 in new purchases/new credit since the first credit check 3 – Stop worrying as its out of your hands.

First off I doubt the new balance will even reflect on the credit report if they pull it this month. Even if it does I can’t see how $1,400 could change their situation considering their scores, combined salary levels, and expenses (minimal). I mean their mortgage is only $1,200 a month. They don’t live beyond their means nor do they live in a huge house.

I know a couple that has scores of 700 and below making $80,000 COMBINED that had issues with closing on a NEW home this year. Why? They went out and applied for 5 new credit cards and racked up $15,000 worth of stuff for their new house right before close. That’s a true problem. Am I right?

What do you think?

admin answers:

You are absolutely right. In a worst case scenario a $1400 credit card purchase won’t even increase your brother’s 8% debt to income ratio a single point, and may not even appear on a credit report yet.

As for the other couple there is not enough information to say for sure, but they could be putting their terms or even their approval at risk since that could be considered a significant change in their financial condition. Five new credit cards could reduce that 700 score and either increase their interest rate, or cause them to be denied for Private Mortgage Insurance if they are applying for a conventional loan with less than 20% down.

Charles asks…

Can you get an equity line on a home you are going to buy to use as part of the financing for that same home?

My wife bought a home that was appraised at $285,000. The mortgage company had her put down $15,000 in cash and then financed the home by giving her a fixed rate first mortgage for $170,000 and then at the same time gave her a variable rate Home Equity Line Of Credit against that same house she was buying for $100,000 to use to finance the balance. This just seems really odd to me.

First, in essence it appears that they let her borrow $100,000 against the equity of a home she didn’t’t even own until after all the money had changed hands.

Second, since she only put $15,000 cash down and the combined loan balances add up to almost 100% of the house’s appraised value then how was there even any actual equity in the house to borrow against in the first place?

Can anyone can say if this was a proper way for an OCC regulated nation bank to make a home loan? What kind of state of federal office can I check with to see if this was in any way predatory or improper?

Thank you.
In responce to double checking facts.

The appraisal was for $285,000 and the sale price of the home was $284,900.

The second loan came with a checkbook, all papers say that the second loan is a variable rate home equity line of credit and the approval letter states, “You have been approved by (bank name) for a home equity line of $100,000. This transaction will occur simultaneously as the first mortgage loan. The first mortgage loan request was based upon a home equity maximum disbursement of $100,000 at closing”

admin answers:

This is illegal, but I don’t think you have all the facts straight. For one, the appraised value and the purchase price are occasionally very different. In addition I question whether or not the second loan was a HELOC or simply a second mortgage, often done to avoid paying private mortgage insurance which is legal. Break out the closing documents on the purchase and double check.

It isn’t illegal if it is done simultaneously but the logic behind borrowing with a maxed out heloc doesn’t make any sense unless the heloc interest rate was lower than a conventional second ARM. Banks are highly regulated, even before market crash. Often the best place to start is with your state’s attorney general. I agree it does sound predatory due to the lack of logic.

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