Your Questions About Check My Mortgage Loan

Thomas asks…

Calculating my loan to shorten term?

I have a 30 year FIXED mortgage. How can I calculate how much extra I need to pay off per month, (monthly mort plus extra cash) to lower the loan term to 20 years? This is possible in my state, I checked. 240k loan, 30 years. 5.2% – 3 years in house

admin answers:

Assuming you have made 36 monthly payments, an extra $376.77/month will pay it off at the end of 20 years rather than 30 years. Doing this will reduce the total interest paid on the life of the loan by $81,282

Sandy asks…

What happens if i stop paying my mortgage, or if I go into foreclosure, will they take money out of my check?

I live in texas and have a FHA loan.

admin answers:

READ YOUR MORTGAGE. If you live in Texas you need to know that Texas is the easiest, quickest, cheapest state by far in which to foreclose. If you fail to pay your mortgage they can file to foreclose very quickly (maybe 10 days late for the first demand letter). With the first demand letter they can (depending on the terms of the mortgage) accelerate the mortgage, which means they can ask for the ENTIRE amount due under the mortgage. That means that if you get a job in 2 weeks and can then pay the mortgage again, you can still lose your house because you can’t pay the entire amount due. They MAY agree to let you just pay the amount you owe and late fees and move on, but they don’t have to.

As a lender, I LOVE Texas. I have gotten a house back in as little as 60 days there, whereas in Ohio it can easily take 9 months. If you are the kind of person that wants to live in a house and not pay the mortgage, move to Ohio!

They probably can’t garnish your wages to pay what you owe, because with a mortgage the collateral is the house. You agree to pay them a certain amount, and if you don’t, they get the house. They don’t get the house and your car and your boat unless those were pledged under the terms of the mortgage. Again, READ YOUR MORTGAGE. This lays out your rights and responsibilities under the terms of the contract and governs what the lender can do if you fail to live up to your end of the bargain.

If you can’t pay your mortgage, try to sell the house! TODAY! Call three real estate agents and get them to come out and tell you what they can sell it for and what they recommend you do to maximize your sale price. Do all the things that you can do quickly and cheaply and try to sell it. If you get an offer for an amount that is less that what you owe, contact your lender as see if they will accept a short sale. It’s stupid to get a foreclosure on your record when you can just sell the house!!!

Chris asks…

Our mortgage Loan Officer?

Ok, our mortgage loan is at the same bank we bank with. Our loan officer has decided that she has to be called every time we come to the bank to take money out.
We have never missed a payment because my husbands check is directly deposited, however, she deemed it fit to have the drivethru or the counter call her, to get approval for us to get a check cashed when we come in. Can she do that? And we’re tired of it. And this is not all she has done. My mother has an account there, I am over my mothers account because my mother is now in a nursing home and has alzheimers. Well I have to pay my mothers rent, phone bill, insurance, and buy otherstuff to her. I forgot to put extra money in the account 1 month and so she deemed it upon herself to keep on eye on my mothers account. So now its like she’s this I dont know Loan officer from hell, taking our business into her hands that she has no business to. And I want to know If I can do anything about it, such as request, she be removed from our mortgage and denied access to our account and my mothers account.

admin answers:

I would talk with the bank manager, it sounds like she’s overstepping her bounds. She can’t refuse to let you talk money out of your account. If you get no where with the bank manager switch banks.

Steven asks…

My mortgage bank is offering me to pay my second loan at a reduced amount. Should I take it?

2 days ago I got a letter from Aurora Loan Services, they are offering me to pay about half of my second mortgage loan and saying that, if I do it, “my loan will be considered payed in full”. I have to do it within 30 days and the payment has to be done in the form of a cashier check or money order. They also say they will give me an IRS 1099-C form for the amount forgiven.

I have never been late in a payment but I have a terrible loan, I don’t trust my bank (just google Aurora Loan Services and you will see why) and I was considering refinancing soon (it might not be possible as my loan is higher than what my house is appraised for).

Some details about the offer and the loan:

First Loan:
$189,000 30 years (5 years interest only)
6.5% APR for the first 5 year, then it will go up

Second Loan:
$45,000 30 years fixed
13% APR
***offered to pay only $20,000 to pay it off***

My loans total: $234,000
My house is now worth: $210,000 to $220,000

I called them today and they said there was no more information I could get, just the letter, in which there isn’t a lot of fine print, pretty much all it says is what I state here. They were kind but not helpful.

Should I take the offer? Will this inflate my income and kill me at taxes time? What questions should I be asking? Is it as good as it seems?

Professional advice is very welcome.

admin answers:

I’d jump on that immediately. That’s an unbelievable offer. Go talk to a CPA and see what the tax consequences might be. Then go and refi the 1st TD on a 15 year loan at about 4.5% full amortized.

Jenny asks…

Mortgage loan question. Advice needed!

$70,000 loan at 6percent w/ 0 down = mortgage of 631/mo, any way to get a lower monthly payment?

Question:I live in Muskingum County (Zanesville, Ohio) and I recently fell in love w/ a home that I would love to purchase, although the monthly payments are a bit more than I can afford. The house is bank owned and when I check recent sales on the address it says it sold recently for about 66k, I’m assuming that is what the bank that owns it now (in California,) paid for it, but I don’t know how all of that works. I have no idea what to propose as a first offer and I have not yet completely been pre-approved (my pre-approval is pending some refernces of pay history from my utility companies). Once I provide these to my POTENTIAL lender, the lady I have talked to thinks I can get an FHA loan with 0.00 down at 6 percent interest rate (6.25 then .25 percent off for the heroes program making it 6 percent). The taxes are annualy about 1300 and w/ that being said, she estimates my monthly payments on this house to be about 631/mo. I can’t afford this much so I asked her if there was any way to lower that payment and she said either buy a cheaper house or come up with ATLEAST 5 percent down, which is also not an option because by the time I do that, the house I want will be gone….maybe. She said even with 5percent down, the payments may only go down to roughly 560/mo. I’m looking at a 500/mo range. ANy suggestions as to how to get a lower monthly payment. In my mind, I am thinking if I could just get this house for 60k instead of 70k that might help alot, but I also have to try to get closing costs paid for by the bank that owns the home. Does this sound hopeless??? ANY ADVICE would be appreciated!! Thanks alot!

In response to the first poster: What I can afford ONLY has to do with the price of this house, not weather or not I can afford a house. If you noticed that I get a 6% rate, that helps in itself. What is your basis for determining I can not afford to buy ANY house? Thanks for posting but I’ll be watching for advice that is a bit more on topic.

admin answers:

Paying bi-weekly will save a little because you’ll have less interest.

But truth be told, it really doesn’t sound like you can afford a house right now.

I know that’s not what you want to hear, I’m in the same boat. I can afford $600 month but there is nothing in my price range. I have to wait. Plain and simple. Once my car is paid off next spring, I’ll be able to afford $900/month so we should be able to get a house then…but we’re working hard on saving up a good down payment.

A lot of banks will not even approve a mortgage with 0 down anymore. They’re being very careful because of all of the foreclosures.

Add: You can’t afford a house right now because a) you don’t have a down payment and you won’t get a 0 down loan (your potential lender has ALREADY told you that). And b) you don’t even have closing costs (around $3000). You’re not going to get the bank to knock $10,000 off the asking price PLUS get them to pay the closing costs. Closing costs are almost always the buyers responsibility. That alone, makes you unable to afford a house right now.

You asked for any advice. Save for the closing costs, a down payment and find a cheaper house. If you won’t accept that as an answer, then you should have asked for “what you want to hear”.

Don’t shoot the messenger, m’kay?

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