Your Questions About Check My Mortgage Loan

David asks…

Is it true that if you have more than one credit check in 3 months your credit rating goes down?

I’m thinking of buying a house and getting a mortgage, so my idea is to go to speak to a few banks and see what they’re offering. However, I have been told by a friend who has been through this that each time I get a credit check it gets recorded and if I have more than one in three months the amount I will get offered will reduce because they will assume my other credit checks were for loans, etc. Is this true?

Thanks in advance for your help.

admin answers:

You can get a copy of your own credit report without it affecting your score, and see if there’s any reason why you might be refused, and address it before you apply anywhere.
Most online banking sites will have mortgage calculator tools, advising you about what you could expect to borrow, given your earnings, and how much your repayments will be.
It’s a good idea to have a look at these, because it unfortunately does you no good to have refused applications on record.
Good luck.

Thomas asks…

Will I be denied a home mortgage loan?

I currently work for a temporary staffing company that hires me out as a consultant for temporary work assignments (my current one is anywhere from 3-8 months long). I have already been pre-approved for a mortgage loan.

My question is, now that I am closing on a home, will the lenders reject my loan application because I am a consultant with a “temporary” job? When they check my employment, do they even look into whether it is a temporary/consulting job or not? Please let me know if anyone has any insight..I am nervous everything is going to fall through on the last day of closing.

Thanks.
Thanks for the quick answers everyone. I assumed that if i was preapproved I would be okay, but then I read everywhere that they re-check your employment and everything like the day before actual closing and they are very thorough..so I got nervous that maybe they just did a quick check for pre-approval and would look further at my ”consulting” status upon closing. I feel a little better..wish me luck!

admin answers:

Pre-approvals are done without checking anything at all. Did you tell them you were a temp? I seriously doubt you will get a loan.

James asks…

Second Mortgage Loan Foreclosed??

I have 2 mortgages in my name for a house I was duped into signing onto. I never lived in this house, I did a favor for someone who was supposed to fix and sell the house which never happened. I signed over the deed in 2006 to a guy who was a friend of the lawyer I was using, and who was interested in doing a shortpay with the bank. I was told signing over the deed would help me. I had no knowledge of mortgages, houses, etc., at the time. The guy still hasn’t done anything regarding the property. I received a notice of sale stating the property would be auctioned off in July 2007. I have not received anymore info on the property since. I checked my credit report and 1 of the loans (80K) says foreclosed. Yet there is another company on my report which I believe is a collection agency and the outstanding bal. is 80K. Since I signed over the deed stating I ‘sold’ it to for 400K, in 2006, what happens with the mortgage loans in my name? What does it mean for 1 loan to be foreclosed?
The lawyer I used from the very beginnig of this nightmare was a friend of my friend at the time. She suggested I do a deed transfer. She said nothing about asking the bank if I could do it, she made it seem as though I was allowed. She has been NO help to me either. I was the only one listed on both mortgages. I just don’t understand what happens now. If 1 loan is foreclosed, does that mean the property was foreclosed too? Does it mean someone other that the person I did the deed transfer with is the new owner? Why isn’t the other loan foreclosed? What happens when I file my 2007 taxes??? Am I going to go to jail or have to pay the $400K back??
I do not want the property. This whole problem started because a friend who I trusted told me his friend wanted to do a deal where we’d make money by using my name to buy this house, then he does the fixing up then sell it for profit. I never lived in this house, nothing. None of what was supposed to happen happened. So now everyone who I had ‘helping’ me has disappeared. I have nobody to contact to find out what happened to the property, what happens to me, if I will be sued, if I will get into trouble with the IRS or go to jail. I don’t have money to hire a real estate lawyer, so I dont know what to do. I know how important credit is and I was promised my credit would not be effected. I was used and lied to and trusted someone I should not have. I just want to know what to do to get this house, mortgage and all out of my name and end the nightmare.
I guess I shouldn’t have used the word duped, because I wasn’t. I was very un-informed, used, misled and jerked. Do you think I will get sued or go to jail? How much do you think hiring a lawyer will cost?
Thank you all for your input and help. I only did the deed transfer because the lawyer I had ‘helping me’ at the time suggested I do it because it would help me. She said this person would negotiate with the bank to purchase the house for an agreed upon lesser amount. Like I said, I had no knowlege of mortgages, houses, etc. All the people I had ‘helping’ me obviously weren’t. Seems they got me into more trouble.

admin answers:

As stated in a previous answer, a deed to a property simply signified who owns that item. It’s the same as a title to a car, simply proof of ownership.

You have taken out a loan to purchase the said item. This loan is completely separate from the deed. The agreement is simply between you and the lender. The simple process of a mortgage to purchase a property is you going to a lender and saying please loan me money, I want to buy something. I promise that I will pay the loan back, but if I don’t, you can have what I bought and try to sell it for what I owe you. As a note, technically if they sell for less you still owe the difference between the two amounts. Many times banks will forgive this amount, but is not required.

I am afraid that signing the title over to someone left them with the property and you with the loan. The person you signed the property over to has no relationship with the lender. You were the middleman between the lender and the guarantee for the loan. If you got rid of the loan guarantee then you need to get ahold of the lender asap to try and straighten it out.

Go back to the cat title example. A car loan is very similar. You get a loan with a lender to purchase an item. In the loan agreement you basically say that you will pay and if you don’t they can take the car to use to try and pay off what you owe. If they sell the car for less than what you owe, they will come after you for the rest of the loan, as you agreed to borrow and pay back a certain amount. If you were to turn around and sell the car (as in this case, you gave someone else the deed to your property), the bank still has a loan agreement with you and wants their money.

Good luck in this whole situation.

Carol asks…

Why is it so difficult to pay off our mortgage loan with Chase Bank?

My husband and I sold a piece of land that we owned for $60000.00, almost the exact amount we still owe on our house mortgage. I thought that we would just take the check, bring it to Chase Bank, and that they would be happy to have their money and pay off our home. However, I was shocked to learn that I first had to have an actual “Faxed payoff quote” (even though I knew the exact amount owed), and that I had to pay $30.00 to have this paper faxed to me. Then, we have to go to our bank and bring this faxed form and the check and have them wire it to Chase (our bank has to hold the check for three days though, for their assurance that the funds are there, which they are). Now, you would think that if money is wired that it would get to the Chase account that same day. HOWEVER, we still have to send in extra interest money b/c it doesn’t go directly to the mortgage department, so it may take days for it to get to the right department. THEN, Chase said that after they process the mortgage payoff, we are charged another $30.00 to have them send it to our parish courthouse. THEN, the courthouse is supposed to cancel the lien and send that form back to Chase, and FINALLY, Chase is supposed to send the form back to us so that we can show our homeowners insurance company that we paid off our mortgage. The process of receiving the final proof of the payoff, according to Chase cust. service could take between 4 weeks to six months. My question is, WHY IS CHASE MORTGAGE/CHASE HOME FINANCE MAKING IT SO DIFFICULT FOR US TO GIVE THEM THEIR MONEY? During the ongoing recession you would think that these mortgage companies would be glad to have their loans paid in full. I’m actually dumbfounded about this whole situation. Has anyone else ever been in this situation? Chase also gave us problems after Hurricane Gustav (our homeowners insurance company was wonderful), but sometimes I feel like I’m beating my head against (Chase’s) brick wall!
Thomas B. – WOW! That was a wonderful way to put it. Instead of feeling sorry for myself I should just be happy that we’re able to pay our house note off much earlier than most people are. Thank you so much for making the glass seem “half-full” rather than “half-empty!” 🙂

admin answers:

Bayouchic;
First you must understand the process. With any and all banks there is a holding and clearance period typically up to 72 hours before releasing funds on a check over the 10k amount. It’s simply their company policy, especially when the check is written to a recipient in that amount, and the recipient isn’t normally handling that amount of funds on a regular basis. Secondly, you must be patient with the banking procedures, I know it’s frustrating, but they aren’t in any hurry to complete a process that’s going to reduce any funds coming into their doors in the future. By you paying off the property in full, their monthly cash flow has been reduced by the amount of your monthly payments. And some of the fees they charge, well to put it bluntly, I think some of their fees are unjustly charged, but that’s another topic. Simply, recognize it as a process you must follow, then celebrate the fact that you truly own a piece of the American Dream.

Jenny asks…

Behaind the mortgage and money from insurance?

I am behind my mortgage (trying to modify loan). PNC Bank. Received check for insurance for flood for $17,000.00 for bank and my name. Bank told me to send the check to them and then I have 2 options: hire contractor or do it by myself. My question is if I will do remodeling by myself …is the bank will release the money to me ? They said over the phone that they will but I just want to be sure.thanx

admin answers:

After the repairs are completed to their satisfaction, they will release the money to you.

You will need to keep a log of what you did and how long it took you, keep all receipts for materials purchased, and photograph each step of the way to be able to prove that the repairs WERE done, by you, and up to code.

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