Your Questions About Check My Mortgage Interest

Michael asks…

Best place to get a mortgage in Bergen County, NJ?

Long story short, I’m moving from Los Angeles back to my home state of New Jersey in August due to a work transfer and have found a few places I’m highly interested in checking out. I’m looking for something in the $600k range since I’ve managed to save up $200k for a down payment which should be enough. To my understanding I will need to be pre-approved and have no idea who to contact in the area to do such. Do I just walk into a bank? This will be my first home purchase so it’s all completely new to me.

admin answers:

Welcome home! I live in Bergen as well and have a GREAT mortgage guy for you! His names Paul and has helped me and my family members get mortgages…give him a call and tell him Emily sent you: Paul Marzolla 551-486-0243

Steven asks…

Want to sell our Townhouse, how do we do it in this market?

We bought a brand new Condo/Townhome in Rhode Island in 2005.
Its in a decent area, 10 min from Providence. 40 min from Newport. 50 minutes from Boston. We both lost our jobs last November and are both living on one Unemployment check. With student loans, cars, insurance, utilities, mortgage, credit cards etc… Its all getting to be way too much and we are throwing away everything we’ve saved into this black hole of debt & mortgage interest.

So, we’ve read all about both types of Short Sales, (release of lien) etc.
Foreclosure, Bankruptcy etc…..

I know there is an alternative to rent our Condo/Townhouse out but the market isn’t looking that good for renting (to cover what we’d need for bills & to move) BUT, we want OUT OF HERE! We want to either move back home to upstate NY where our families are from or way down south to FLORIDA where its warm. I don’t even care if we RENT again. I’m SICK OF IT around here. One of the highest unemployment rates and we are depressed and miserable.

So, what is there for us to do?
we had so much student loan bills on credit cards we consolidated into a second mortgage while the market was still good. So, now we have the first home mortgage and a second mortgage. These total $200K the main problem is that we are 1 of 5 condo units. The one on the end went into Foreclosure when its owner skipped the country. NICE! So, with that unit selling for $129K we are screwed!

So we’d short sale and have to get forgiveness for $70K
AAaaaaahhhhhhh……………………………
If its a release of lien, I can’t afford 70K plus all my 50K in student loans and still be left with no house.

What the heck are we supposed to do?
Just want to move…..

Any help would be great!

ps- I’ve tried talking to our Mortgage Co. (First Franklin based out of CA) they are NO HELP. and have straight out told us they won’t do anything unless we are 3 to 4 months behind on payments. Of which we aren’t. We have never missed a payment.
WHY WON’T THESE COMPANIES WORK WITH US THAT NEED HELP? I DON’T GET IT…

admin answers:

My best advice and as frustrated as you are and I will probably get thumbs down. TRY TO SAVE YOUR HOUSE AND CREDIT!!!! A short sale won’t fly with that much money being lost and besides that it will take months before the bank even approves a short sale.

Could you take low paying jobs in maybe the mall or walmart or something and try to work out and save your house? I know you probably didn’t go to school to work getting minimum wage but you will have some money and in the mean time maybe you will meet people who are hiring in your area of studies vs. Living on one unemployment check.

George asks…

What do I do with this 3-party check from my insurance company?

The roof of my home was damaged in a storm. I paid a repair man to fix it. I filed a claim with my insurance company, and they sent me a check. The check was made out to me, my mortgage company, and a bank that holds my home equity loan. That seems weird to me. I understand that the mortgage companies have an interest in ensuring I take care of the house, but they don’t have any right to the money, which is meant to reimburse me, right?
Isn’t the money mine? I’m the one who paid for the repair out of my pocket. I can’t deposit the check without an authorized signature from each of the mortgage companies, right? I got an inspection from a home inspector/architect, who certified that the roof was repaired in a workmanlike manner, was properly shingled, etc. Isn’t that enough to demand the insurance company make a check out to just me?

admin answers:

If your name is on it you should just be able to deposit it since you don’t all have the same bank account – it has all your names on it in case you needed to endorse it.

Sandra asks…

Getting ‘First Time Buyer’ mortgage to rent out the flat? Is this bad?

I’m thinking to get a ‘First Time Buyer’ mortgage but want to rent out the flat and stay in my parents vacant property. Will I be in trouble if I do this? The interest rates for Buy-to-let Mortgages are too high and difficult to obtain.

Will the bank ever check and how serious will the consequences be if they find out I was renting the flat and NOT actually staying in it? or do they not care at all?

admin answers:

In general, an mortgage borrower who lives in the property will put much more effort into paying the mortgage because it is their home. This makes the loan less risky that to a borrower who is letting the property only. Which is why rates are higher for buy to let mortgages (because in all loans the rates are higher for higher risk borrowers) and lenders care a lot about this sort of thing.

Technically, if you take out a “normal” mortgage when your actual intention is to let the property, you are guilty of fraud. Although it is unlikely that a criminal prosecution would result. But in any case, if you have a residential mortgage and are not living in the property you are breaching the mortgage agreement.

The mortgage lender might be happy to move you onto a buy-to-let mortgage, if you meet all the requirements. But they would also be entitled to ask you to repay the loan in full, which would mean you having to sell the property or get another mortgage. Eitther way there would be siginficant additional cost. And you might find getting another mortgage difficult if you have done this sort of thing in the past.

Lenders don’t necessarily actively check up on this sort of thing, but there are many routes that could cause them to find out. One is via insurance. It will be a requirement of your mortgage that you insure the building, and that you inform the lender of the details of the policy if its not with them. Your insurance policy will specify if you are a landlord. So if you insure honestly the lender will find out. If you insure fraudulently you are risking losing the entire property if there is a fire, flood, or other disaster. Also, many lenders are linked to insurance companies, so if you tenants pick the “wrong” insurance company they may inadvertently tip off the lender.

Jenny asks…

To many credits? No stimulus check? This doesn’t make sense to me.. please explain.?

We found out today my fi is not getting a stimulus check.. the lady at the IRS told him he had to many credits and his tax liability is 0. He made around $30,000 and he claimed our daughter and our interest on the mortgage.. and we did get back a refund..but how can it be that now we get nothing? I would think there are going to be a lot of other people in this boat also. Can someone explain to me what I am not understanding(why we don’t get the stimulus check).

admin answers:

PLEASE CALL THAT # BACK AND SPEAK TO SOMEONE ELSE IF YOU THINK THAT’S NOT CORRECT B/C LOTS OF PEOPLE AT THE IRS IS AS CLUELESS AS ME AND YOU BOTH,I FOUND OUT THAT IF ONE PERSON SAYS ONE THING AND YOU DO NOT THINK IT’S CORRECT CALL RIGHT BACK AND MAYBE THE NEXT PERSON MAY HAVE A BETTER ANSWER THAT MAKES MORE SENSE,OR MAYBE WILL HAVE THE SAME ANSWER.

DID YOU CALL THE REBATE LINE OR THE IRS?CALL THE REBATE LINE IF YOU HAVEN’T 1-866-234-2942.

PRESS 1

THEN JUST WAIT TO BE TRANSFERRED TO A PERSON DON’T PRESS 1 OR 2 WHEN ASKED TO OR YOU WILL GET THE AUTOMATIC MACHINE.

I FORGOT THEY HAVE A RECORDING ON AND WILL NOT ANSWER CALLS RIGHT NOW.TRY AND SEE THOUGH.GOOD LUCK!

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