Your Questions About Check My Mortgage Interest

John asks…

Home loan modification denied…?

Mortgage Co stated I did not make enough money, can you believe this? My 1200.00 month ( just interest) Mortgage was approved, but making it more affordable for me is not possible…I just do not understand this hope and change from the government. Does anyone know what the next step should be? My Mortgage Co. is CHASE, there is no second on the property and the value now is less then what the first is. Any suggestions out there? The 1200.00 is half of my monthly income…I feel lost! To make it more complicated friends told me not to make the payments and now I am 7 months behind! Living pay check to pay check suck. Is there an answer?

admin answers:

Josh;
I have to say it your friend advised you correctly as with your income that eventually you will not be able to make your house payment in the future. You can always appeal this is discsion and I would advise not to pay them a dime in the mean time. I was able to get a loan modification but with lots of Research and follow up the process took a year.
There is a non-profit site called loansafe.org I used and swear by it and dig around there is a section for Chase in the Forum that has contact number for Chase upper management.

Laura asks…

Looking to buy a house in 1 year, what should I do with the money I am socking away?

I currently have my money in my checking account. Obviously, the return on interest is minimal. I am looking to save up 40K, I have about 10K now. I’m 27M, Single, No Kids, No Wife, No current mortgage. No car payment, no credit card debt. 780+ Credit score. I work as a 1099 contracted employee doing general construction / IT work for medical field.

admin answers:

I would put it in the highest interest FDIC insured account you can find. When we were saving for a house we used a savings account with ING direct. There account gave a higher rate than a CD at the time and we could access it whenever we needed it. Eg If you saw the house you had to have tomorrow.

Betty asks…

Should I report my mortgage broker to better business bureau?

I dont understand why my broker didnt lock my rate when I recieve the contract my rate was 9.87 I told him I agree, and lock it. He didnt want to at the time because he said he was still shopping for a better rate. A month went by and the rate went up a little so i ask him to lock so it wont go up again he never did it. now just a few days away from closing he called me, and said that I need to come up with $ 4500 to bring down my interest rate or I wont be qualified for the loan because the rates went really high, and also if my credit score goes one point down I wont be qualified, the only reason my credit went down from the time he check it because he had submitted my info to more then one bank. Right know I feel that my back is against the wall, I have no choice but to come up with the money, I believe he scam me, he knew exactly what he was doing. Will my complaint to BBB will help me get this guy out of business

admin answers:

In some states you have to have a license to be a mortgage broker. If you are in one of those states you should report him to the state and to the BBB.

Susan asks…

How many hard credit checks count as one?

Is is true that any hard credit checks done within a 15 day period count as only one? If so, can you provide any references?

I ask because I’m preparing myself to buy a home and am researching which mortgage lender will provide the lowest interest rate. And I was thinking, I’d try and get several pre-approval letters from different lenders/banks. But if it’s going to hurt my credit score, then probably not a good idea!

admin answers:

Actually it’s 30-days and they all count as 1.

FICO knows when people are trying to get approved for either a vehicle or home loan so they will all show on your credit but your score only takes 1 hit.

Sharon asks…

How is this a conflict of interest?

My husband and I recently purchased our first home. We are currently going through the loan process (haven’t closed yet). My father is our Realtor. Instead of taking the commission he would make he is going to give it to us to go towards our down payment. He has to fill out a Gift Letter (to make sure he isn’t actually loaning us the money). Now the processor at our Mortgage Company just called and said it is a conflict of interest for him to give us the gift check. I’m curious. I understand why they are looking at it this way but I’m just wondering what a Realtor could do that would somehow manipulate the system in a situation like this. Obviously we are not doing anything underhanded, I’m just wondering how there could actually be a conflict of interest.

admin answers:

FHA prohibits any interested parties to the transaction from giving the gift.
“Interested parties” are anyone who stand to profit from the transaction. That includes the lender, seller, appraiser, and realtors — even if they are related to you!
There are a thousand ways the system could have been manipulated for them to come up with this rule. Seller could have increased the purchase price by 3% and given the difference to the seller. If they only limited sellers, seller could have increased the purchase price by 3% and given 9% commission to the realtor for the realtor to give to the seller. Etc.
All of this leads to overinflated home prices and buyers with homes that they weren’t qualified to buy.
Sorry your lender didn’t tell you all this ahead of time. Your loan officer shouldn’t have even given that to the processor.

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