Your Questions About Check My Mortgage Balance

Sandra asks…

U.S. Bank returning all my checks when I have money in the account. Is this legal?

I have a checking account at US Bank. I was reduced to part time at my job and have for the first time in my life gotten behind on all my bills. Am currently 3-4 months behind on a small credit card balance I owe U.S. Bank of $1500. My monthly income is not even enough to cover my full house payment so my mom has been helping me pay for my house each month while I hunt for full time work. It’s embarrassing. My lights are about the be turned off, bill collectors are calling me at work. Really sucks! I bank at two different banks and I wrote out a check to the other bank from US Bank because the other account is the one I use for bills. The check I wrote from US Bank was enough to go grocery shopping, make my house payment, to the gas station, to petco for pet food. Over 2 weeks, I wrote 14 checks for mostly bills from the other bank. Today at the grocery store my check was declined. I was so confused because I had over $1000 in that account. I called them up and they are rejecting all my checks because I am behind on the credit card payment! These checks aren’t showing up as returns, they don’t even list them when I look online! My mortgage check was returned- all the checks I wrote to pay bills bounced because US bank returned the check I wrote to my other bank (which caused the other bank to have over $400 in bad check fees! Someone in the US Bank collections department set it up to return my checks because I am behind on their credit card payment- is this legal? Such a mess and so many bad check fees everywhere. Now I probably have every check collector adding collection fees on all these checks. It’s a nightmare. Can they legally stop my checks because I owe them a debt for a different account? It seems very crappy!

admin answers:

My guess is you agreed to this somewhere in the small print of your agreement with them. Call customer service and ask them to point you to the exact clause in your agreement that allows this.

Lizzie asks…

Will this disqualify me from the TSA credit check?

I like many people fell in the housing fiasco that hit this country. On my house i had a second mortgage with a balance of about 12,000. After the house foreclosed the second was sold to collection agency. Please if someone can refer to the TSA faq found here

https://tsa.vitapowered.com/TSOFAQs/BackgroundRequirements.pdf

and help me answer the question. Does first
A) the fact i had a foreclosure immediately disqualify me?
B) does the fact that the second mortgage on my house went to a collection agency potentially disqualify me?
C) is the entire 12,000 considered “bad” or is only the 1200ish showing as “delinquent” on my credit check count as bad?
please an accurate answer i would appreciate. not a “sounds like” anyone who actually knows would be most helpful, its the only thing weighing very heavily on my mind.

admin answers:

You are disqualified.

A. The foreclosure disqualifies you under item 1.(5)
b. Your collection agency action disqualifies you under 1.(1) and 1.(2) as the debts have been charged off as a loss and sent to a collection agency for action. When a debt is sent to a collection agency, the creditor has most of that debt is charged off as a loss.
C. A delinquent debt is a bad debt. So, by the link you provided, you are also disqualified.

Richard asks…

Bounced check, now what?

I sent a check payment to World Savings to pay the mortgage. Four days later, I made a large deposit to my bank account. Toay, which is a couple days after that, I recieved a notice from Washington mutual (my bank) that the check to World Savings had bounced on 9/19/07 (2 days after I mailed it) and that I needed to make a deposit to cover the negative balance, and that’s all it said.

So I looked at my statement today and I saw that there were no check withdrawls for world savings. What do I do now? Do I need to send another check payment to World Savings, or will they or my bank try to run the check 1 or 2 times more?

admin answers:

Checks clear very fast . The check might have been paid after your statement was cut. Check with Wamu to see if the check was paid, if not, call World Savings to see what to do. The check can only be presented for payment twice.

Sharon asks…

Do I have to put anything on my taxes about a mortgage we paid off early in 2010?

At the beginning of 2010, we received a letter from our mortgage company offering for us to pay off our loan (it was a second mortgage – we had an 80/20 loan) for a percentage of what was owed. Our loan balance was $38,000 and the offer was that if we sent them a check for $13,000, they would consider our loan paid in full. We sent the check, received a letter from our mortgage company stating that our loan was paid. Do we have put anything on our taxes about this? We didn’t receive any documents and when I look at the loan online, our 80% loan has our year end documents available to view but when I click into our 20% loan (the one we paid off), it says there are no documents available for that loan.
So we wouldn’t have to pay taxes on the difference between what we owed and what we paid off?

admin answers:

You’ll get a Form 1098 for any mortgage interest you paid in 2010. That’s all. There is nothing else to “put on your taxes.”

Lisa asks…

Economic crisis – root of the problem…..Congress? ?

In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That’s made banks willing to lend to lower-income families they once might have rejected.

http://articles.latimes.com/1999/may/31/news/mn-42807

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My question is, why isn’t there a REAL checks and balances????

Why aren’t the American people ready to fire and replace each and every person in Congress today?

I’m fed up with nepotism! Aren’t you?????!!!

admin answers:

The root of the problem was that Clinton Administration who passed this ridiculous legislation. Now we have morons like Pelosi and Reid at the forefront of congressional decision making. THAT it what is wrong with this country!!

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