Your Questions About Check My Mortgage Loan

Mary asks…

Parent Plus Loan: Both parents for credit check?

Here’s the situation: My mom wants to apply for a Parent Plus Loan. I don’t know how good/bad her credit is. Since my dad didn’t put her name on any of the house stuff (mortgage, electricity, phone, etc.), since he’s had a ton of late payments on it, would the credit check on my MOM reflect that?

admin answers:

Debts in your father’s name only will not show on your mother’s credit report. You mother can pull copies of her credit report (AnnualCreditReport.com) to see what shows. If she doesn’t have a history of loans and credit cards, she may not have the credit to qualify.

Nancy asks…

please help xwife stop paying mortgage payment and propertie tax will it hurt my soc.security check?

my name is only on the loan and not on the real estate as owner. will it effect my soc.security check or will i just get bad credit? after the bank repos the house
Thank you for taking the time on my ? been very worried aside from a bad divorce.

admin answers:

This is a very common question to Bills.com and the Social Security Administration.If your name appears on the mortgage loan in question then you will see you credit rating will be negatively impacted as a result of the default. You will not have to wait for the home to be foreclosed to see the impact. I encourage you to take the time read my response carefully regarding social security garnishment. This response provides a clear answer to your question.

According to the Social Security Administration Web page Garnishing Social Security benefits due to a debt, “If a creditor other than the federal government tries to garnish your Social Security benefits, inform them that such an action violates Section 207 of the Social Security Act (42 U.S.C. 407). Section 207 bars garnishment of your benefits. It can also be used as a defense if your benefits are incorrectly garnished. Our responsibility for protecting benefits against garnishment, assignments and other legal processes usually ends when the beneficiary is paid. However, once paid, benefits continue to be protected under section 207 of Act as long as they are identifiable as Social Security benefits.”

Therefore, a creditor with a credit card, mortgage, or auto loan debt may not garnish your wages. However, there are a number of instances where the federal government can garnish Social Security benefits, including:

• Garnish benefits to enforce child support and /or alimony obligations — Section 459 of the Act;
• The Internal Revenue Service can levy against benefits to collect unpaid Federal taxes — Section 6334(c) of the Internal Revenue Code;
• The Internal Revenue Service can collect taxes due by levying up to 15 percent of a monthly benefit until the debt is paid;
• The Internal Revenue Service allows beneficiaries to have a portion of their check withheld to satisfy a current year Federal income tax liability — Section 3402 (P) of the Internal Revenue Code; and
• Other Federal agencies can collect money from benefits to pay a non-tax debt owed to that Agency — Debt Collection Act of 1996 (Public Law 104-134).

The Social Security Administration Web page Garnishing Social Security benefits contains the exceptions I just mentioned.

Social Security Garnishment
Accordingly, your income is protected if your primary sources of income are Social Security and retirement. Most people who are in the type of situation you are concerned with choose to keep separate bank accounts for their “exempt” funds and any other money they may receive which is not exempt from garnishment; commingling exempt fund with non-exempt funds can lead to all of the funds becoming non-exempt, resulting in a bank levy on what the consumer thought was exempt money.

I strongly encourage you to consult with an attorney licensed in your state about your vulnerability to creditor execution in case of any judgment entered against you. An attorney should be able to better explain the risks of having outstanding debts and help formulate an asset protection plan suited to your individual circumstances.

I hope this information helps you Find. Learn & Save.

Best,

Bill
www.bills.com/blog/

George asks…

If someone else pays a bill for me with their check, will it affect my credit?

When things got bumpy in school, sometimes my mom could cover a utility bill or payment for me. Will they be able to see this in any reports if I apply for a mortgage loan or do they just care that it got paid and not specifically by who? Thanks very much.
Thank you My Take, what about a loan or credit card payment?

admin answers:

They don’t care where the money comes from, just that it got paid. If the loan is in your name, it will go on your credit history.

Donna asks…

Hi all, I am currently a loan officer with a mortgage bank in NYC.?

However, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate short sales N buy these properties in distress. They offer a 2% finder’s fee of the settlement price reached through negotiations with the bank on deals up to $500,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such:
I am cold calling my mortgage leads, N I come across a client in NY who’s 4 months behind on her mortgage N facing foreclosure. So I get all the client’s information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the short sale. Upon reaching a settlement price of lets say $500,000 I receive a check for $10,000.
Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?

admin answers:

Not legal, since you are receiving commission from real estate and you are not a licensed realtor. Check your RESPA guidelines

You can get into some legal issues if a borrower feels they were taken advantage of and they come back on you.

Paul asks…

Can a previous mortgage loan company foreclose on a home?

My husband and I acquired a loan through a mortgage company; I’ll call this loan company ‘A’. We sent our first mortgage payment to this company in March, and then we received a letter stating that our loan had been sold, and that all further payments would be due to loan company ‘B’, starting as of April 1st.

We received our payment coupon from loan company ‘B’ the next week, stating that our first payment was due May 1st. We made this payment to company ‘B’.

We then received a letter from loan company ‘A’ stating that they were going to foreclose on our loan.

Company ‘A’ had forwarded our first check we sent to them to company ‘B’ without notifying us.

There is no way we can afford to pay a double payment one to both companies, for the payment they didn’t accept and forwarded to company ‘B’ back in March.

Can they do this?

Our loan is now with loan company ‘B’.

admin answers:

No, they can’t. I suggest you contact the first mortgagee (the loan company) and speak with them about the problem you are having. You are probably not the only person having this problem. If they are not amenable to speaking with you about it and straightening it out, go see an attorney. This is a frequent problem with ALL loans.

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