What can I do besides wait?
So I just moved in to a new place at the end of last month and gave out 12 advanced cheques to my new landlord. November 1st comes along and I assumed an automatic transaction occurred to pay my rent. Until I receive a call from the land lord on the 9th of November telling me that my cheque had bounced due to insufficient funds. I almost got a heart ache I mean there was no reason for that to happen. So I check my balance online and noticed two transactions happened on the 1st one for the place I am renting out and the other for my PREVIOUS PLACE I just moved out from! I call the real estate agency I used to deal with for the old place and explain what and admitted it was their mistake and returned the money on the same day apparently. I give a new to cheque to my landlord and apologize. Then on the 14th of November I decide to double check my balance online and realize the cheque was returned again this time it said “funds not cleared”. I was focking confused but I call the bank and find out they have the money on hold for 7 focking business days! I mean why would they do that?! Now I had to transfer money from my other account which takes 2-3 business days to arrive. Thing is I am so embarrassed from the landlord as he has has been very understanding and kind with me but he called me yesterday saying that I try my hardest to pay him today as he got mortgages to pay or whatever.
This is all the real estate agency’s fault, they messed up everything. Can I do anything to speed things up? Like talk to my bank or something!
god this is gut wrenching!
Not much you can do… Lots of banks put several days holds on checks… Here in MI its 1 day for instate checks, 3-5 days for out of state checks.
However since it is the previous rental agency that made the mistake I suggest you try to charge all the costs you and your landlord will incur to that agency – after all they made the mistake and they should be responsible for all your costs! (if they refuse you might want to take them to small claims court)
I want somebody to review my Bank of America Mortgage. Who should I hire?
BOA is messing with my mortgage lately. They accuse me of not paying my mortgage so I have to call in and they finally find the check and apply it to the balance, they send me a monthly bill of $874.80 but if I call and ask how much do I have to pay this month, they say it’s $858.00 or another month is $980. I have a Bank of America Mortgage and I want to hire somebody to review my mortgage see what’s going on.
The mortgage went into foreclosing at one point, and they asked for $11.000. I paid in full the next day…but the money just disappeared, and has never been applied to my payoff balance. It’s just a big mess and everybody is giving me a different story on the phone. I heard BOA mishandled a lot of mortgages, and I feel my file has been part of it.
Who should I hire to review my whole mortgage, payments, money owed, interest rates…and so on?
Is there a class action for BOA mishandling?
The other poster was rude IMHO! If you are not going to answer the question in a respect-full manner don’t post.
I think your question is concerning that BoA is not applying that 11k to your mortgage Principle, Interest and Escrow. Its common for them to do this when folks cure “bring current” the loan. I suggest a visit to this non profit site loansafe.org go under the forum Context and get some advise or email the vp of mortgages that is barbra.j.desoer@bank someone will call you from that office.
If they fail to resolve this matter contact your states Attny Generals office
Tax Refunds and Direct Deposit… Legality Issues.?
My family has 3 different bank accounts: a joint account, which has existed for many years which bears both my husband’s name and my name. Recently we both opened our own personal accounts. He does not use mine and I do not use his. His account is only in his name and visa versa. Utilities, food, mortgage, etc… are paid from the joint account. All previous tax returns involving direct deposit have gone into the joint account (it was the only account we had).
Today I discovered that our tax returns from both the state and the Feds had been deposited by direct deposit into my husband’s personal account. There are 2 things that are particularly confusing. First… this personal bank account belonging to my husband, into whom the direct deposits were made, did not exist when we saw our accountant for the preparation of our taxes. Granted she was going to file electronically but arranging for our returns to be directly deposited into the account which belongs to my husband personally would not have been possible. This account was not set up until April 9th and we saw our accountant on March 9th. Did he somehow contact the accountant and make special arrangement to have these direct deposits go to his personal account instead of the joint? How do the Feds and state know where to deposit returns? That’s a good question. Could this have been some kind of a mistake on their part? I don’t see how since the account did not exist when we met with account to arrange everything, however… the account DID exist just before the taxes were filed by the accountant. My husband could have talked to her. If the issuer of the returns is made aware somehow, through a form included with the return or on the return somewhere, of where the funds should be deposited, my husband would have had time to let her know to change the account destination…. BUT…
Can he do that? If my husband did arrange for this to happen, which brings me to my 2nd confusing point, isn’t that illegal? The returns are in my name as well as his. How could he make arrangements for them to be deposited into an account which does not bear my name? If we had received a paper check we both would have had to endorse it.
What are your thoughts on this? I’m interested in constructive and thoughtful answers please.
One more thing- If he was able to accomplish this is something wrong somewhere? Not enough checks and balances or something? How could he manage to do something so illegal, right under the Fed’s noses?
An update- With an intention of not pointing any fingers, and certainly not faulting the preparer of the taxes who would have simply followed directions, I wanted to find out exactly what happened and why a joint deposit was placed in an account not bearing my name. THE FOLLOWING IS A WARNING- From contacting my bank it appears that the issuers of the deposits, in this case the state and the IRS, do not pay attention to the names on the account but only the routing numbers used. For all intensive purposes a tax refund could be directed to the neighbor down the street or anyone anywhere, as long as their bank account number (routing number) was known and used on the form submitted. In this case my husband was contacted (not me, just him) on April 8th by the accountant asking to confirm the account number that had been provided for the direct deposit (a month had passed since it had been provided). The very next day, April 9th, my husband opened his own personal account (I was unaware of
Thank you for the replies. I was disappointed to have not received any thoughtful answers regarding issuers’ checks and balances, or the lack of, concerning the account destinations of joint direct deposits. I am curious as to whether there are others who feel that the transition from paper checks to direct deposit, at least in the case of tax returns, has left the process of security a bit sloppy. “A Hunch” did answer my overall question very accuratetly however, which was my main concern, and the link provided was quite helpful… so Thank you!
Your husband told the tax preparer to use that account.
Per the IRS Guidelines = it’s determined by the finacial institution if joint checks can be deposited into an individual account. Your bank obviously, allows this.
Purchasing an investment home for rental?
I am 25 years old and just purchased my first condominium in Portland, OR. I paid $89,000 and my mortgage payments including HOA, insurance etc. are a hair under $900 per month. I did an 80/20 and financed the whole balance for 30 years. After taxes I take home about $1800 per month. In two years I would like to purchase a second home to use as a rental (costing let’s say $100,000). I am at 685 credit score and should be conforming in two years. Assuming I recieve no upgrade in pay between now and then, will it even be possible to finance a second property? If I am planning on paying the mortgage on it by renting it out will the lender look at that as valid income or do I have to make enough to cover the mortgage out of my check each month? Also any advice to a young working joe on getting into their first investment property(2nd propery) would be appreciated. Thanks
It sounds to me like you are looking to start your own business, so to speak, with rental properties. If this is the case, I might be able to help you. My company offers unsecured financial lines of credit to small business that run from $50K to $150K. This means you do not have to put your home or any other belongings up for collateral. With this line of credit, there are no monthly maintenance fees and you only pay for what you use and when you use it. In addition to, your credit rating only needs to be 630 and above. If you are interested and this looks like something you could used, please send me an email to firstname.lastname@example.org.
If I allow my home to foreclose, will I get sued for the amount the bank does not recover when they sell?
I am married (although the house is only in my name), and I have a second mortgage. I am just going to foreclose on my home because we got into a risky mortgage that we totally cannot afford and payments are skyrocketing.
As a result, we are living check to check, barely getting by and the principal balance is growing exponentially. Luckily, the house is only in my name and I have a second mortgage as well. I am considering the following steps:
1. Find a more affordable home (to rent) and sign a lease
2. Skip my mortagage payments for a couple months to save money (which we are currently unable to do).
3. Leave the home I am in and allow it foreclose
4. Rebuild and improve my credit and build cash reserves over the next 3 years.
Depending on which state and which lender you have, Yes the likelihood that they will put a lien on a new dwelling you purchase in the future is reasonable to assume.
You are riding a boat that you are not alone in and in many cities across this country you are going to be in competition for these rentals out there and rents are going up faster due to the recent supply and demand issues….
You need to save all the money that you can right now, you will need more money as security based on your poor credit and you may be at the bottom of the totum pole for anyone wanting to rent to you and you will be forced into renting(leasing) a dwelling with higher rent.
I heard and I don’t know if it is true some lenders will 1099 you at the end of the year all of the money that they did not recoup so you will have to pay taxes to the IRS on that lost money.
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