Your Questions About Check My Mortgage Loan

Mandy asks…

Various alternatives to losing my home vs. Air Force Background Security Check?

I lost my full time job as a civilian pilot and am default on my home mortgage. I have been accepted as a pilot into the USAF Reserves. How will various outcomes of losing my home affect my ability to pass the Air Force Background Security Check? Such as a loan modification, short sale, deed in lieu of, or foreclosure? Possibly filing bankrupcy as well?

admin answers:

Anything that affects your credit rating can cause problems. I would talk to a credit councilor and see what the best course of action is. Good Luck

Vet-USAF

Michael asks…

Am I entitled to the whole check that I received from a settlement with my old mortgage company?

I received a settlement check from my old mortgage company that had my loan when I lost my house through foreclosure. At the time, I was married, but was going through a divorce. My ex-wife had paid me maybe 2 payments on the mortgage after she moved out in April of 2006. Our divorce was final in November of that year. Now, I just received the check in the mail today. Here’s the issue I have; the check is made out solely to me, and the 1099 misc. tax form is in my name only. So that means, I am going to have to pay the taxes on the amount of this check, not my ex-wife. I was not aware of this until I got the check. I need to know if since I’m paying the taxes in full, and the check was made out just to me, if I’m legally entitled to keep the full amount and not have to split with my ex-wife. I need input on this ASAP please!!!

admin answers:

How the check is written has NO impact on if your ex is entitled to any of the funds. The amounts of any payments are also not an issue. This SHOULD have been covered by the property settlement in your divorce.

Note: If your ex is entitled to part of the money, consult a tax professional. I don’t know the process, but I am fairly sure YOU can issue your ex a 1099 for the amount they receives and NOT be taxed on that amount. My father was in a similar position tax-wise a few years ago.

Susan asks…

Will a bank check for judgements on court records when applying for a mortgage?

Its for an FHA loan and I meet all criteria but have a past repo about 8 years ago. Nothing is on my credit report just in court records. I due still owe a significant amount like 30k.
Its not on my credit. I have a 760 score with credit monitoring. The credit companies can only list public records for 7 years. Its gone. I have heard that title companies will find the judgement and stop the closing until paid in full. Looks like I will either have to pay it off or save up and buy a house in cash.

admin answers:

The bank will not lend to someone that has an open judgment. Even if it is not showing up on your credit report, it will show up on the title search. Part of the title search is pulling anything associated with your social security number and name. At that time you will either have the opportunity to pay it or the loan will be denied.

Joseph asks…

Is it legal for a company to forward your check to another company without your permission?

My husband wrote a check to a mortgage company for our first payment, and they “inadvertently” forwarded it to the new company they sold our loan to. Now they are are reporting us to the credit agencies for non-payment. I am just wondering if it was legal for them to forward the personal check we wrote to them to the new company.
They are also threatening foreclosure, can they foreclose on our home if the loan is no longer with them?

Our payments are current and up to date with our new loan holder.

admin answers:

If they sold your mortgage to a new company they no longer have the right to claim payments so I am confused as to the non payment claim. The wrongful act is not the forwarding of the check…it is claiming a nonpayment that is not owed.

Sharon asks…

Questions about a house mortgage FHA 203K Loan?

My wife & I are trying to buy a foreclosure and want to fix it up. We both have bad credit, so we coudln’t get a house on our own even though I make enough money to get the mortgage. I am fixing my credit, but it won’t be fixed in time in the next 2 months to get a house. We found a co-signer, but the mortgage broker said we can’t have that because our credit isn’t high enough. So, my dad is taking out the mortgage and we are told we should get an FHA 203K loan and then he is going to do a quick deed right after, so I become the owner of the house. The mortgage broker said it is hard to get this type of loan these days and the real estate guy said it’s not. I had some questions if anyone has personal knowledge or experience with this stuff.
1. Will I qualify for the tax credit because I am doing a quick deed after or not?
2. Someone said there is a limit of $35,000 for repairs on a home with an FHA 203K loan, so if I buy the house for $40,000 and my mortgage was for $70,000 do I have to spend every penny on repairs? If there is extra, can I keep it until something goes wrong like a basement leak or the furnace breaks?
3. I was also told that you have to get in writing from a licensed contractor for the repairs etc., but they have to be willing to be delayed in payment? How is this so because I thought after you get the mortgage, you get a check and you pay the contractor?
4. The taxes on this house are very high, and people said to appeal to the city, but I heard this usually doesn’t mean they will lower the taxes. Why don’t they make the property tax off the price you pay and what are the chances they will lower my taxes? Thank you to anyone who can help on this subject matter.
Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can’t happen? My real estate agent must be confused.

admin answers:

“Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can’t happen? My real estate agent must be confused.”

Your agent is a scumbag, he just wants the sale. You can not sign the title over to anyone without all lien holders agreeing to it. Your father has to pay off the mortgage, by check or another mortgage in your name, before he can transfer the title to you.

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