Your Questions About Check My Mortgage Loan

Chris asks…

Job Offer for Mortgage Loan officer… Scam or Real?

I got an email from a guy sayign he’s looking for 2 more employees for his loan office.

The job I was offered goes like this: I’ll be a w-2 employee, and not need a license since I’ll be working under the license of the firm (E**** Lending).

My job is basically to go out and get leads, any way I can, like talk to bankers, Realtors, etc and get them to send me their below 620 fico people. I will train about a month, then go out. Non-paid training. I get 50% first loan, 60% second & third, and then 70% split for the remainder of while I am there. Basically, I don’t ever have to be in the office, I just go out, seek leads, and take them to the processor, and if it funds, I get my check.

Here’s where this confuses me:

What’s to stop a person off the street from bringing in a bunch of leads and getting paid like I will be?

Will I get in trouble for working like this? (i.e. No License)

Should I stay here, or risk a 100% commission job?

admin answers:

Do not do that job. I was involved with the same thing. ITS A SCAM. They never close your loans, you can never get ahold of them, and they never tell you which ones close. ITS A SCAM!!!!! TRUST ME ON THIS ONE. Any questions email me vitobusano@yahoo.com

Mary asks…

How hard is it to get a mortgage loan these days?

My bf is trying to purchase this house from his grandpa for $60,000. He just bought a car which I co-signed (they made me the main buyer cuz my credit was better so I’m not sure if that auto loan affects him too). His credit score is around maybe 650, makes about $1800 a month, and has about $2600 in credit card debt. How likely is he to get approved? Does the auto loan affect his credit too? Would he need me to get approved ffor this mortgage? My credit the last time I checked was 727, I make about $2200 a month, and have $600 credit card debt plus the car we bought was $23,000.

admin answers:

If you co-signed on the auto loan, then he will be on it also. This is good and bad for him. If the loan is being paid on time it shows the mortgage company that he is paying in a timely manner. The bad is that it affects his debt to income ratio. It really depends how many other bills he is paying each month, but with his income and the car and credit card debt, it sounds like he may need you to cosign on the mortgage.

Lizzie asks…

What are the chances of getting a 2nd mortgage for a trailer near the ocean in a camping ground?

I’ve asked this question before about campers, trailers, permanent sites at a camping ground in South Carolina.

I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.

I also am getting negative feedbacks on the resale value on these structures.

Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.

So, here I am asking you.

Any help will be greatly appreciated.

admin answers:

Yes, most of your feedbacks will be negative about banks and financial institutions considering a loan for a trailer, because of the huge risk factor.

You might be able to take out a second mortgage on your current home for the purchase of the trailer. That is a possibility depending on the equity in your current home.

As far as looking for a reputable lending in SC, I would contact the campground where this trailer is and ask them in the office who the lenders are for the majority of trailer owners. Chances are that you will find they have a particular lender or lenders that owners of trailer in that campground use.

Sandra asks…

Wells Fargo Home Mortgage/Loan Mod?

Iam being reviewed for a home loan modifcation and i am 6 months behind on my home loan, whats going to happen? My job has fully recovered and we are back to normal hours, Has anyone been in this situation where they get a lower payment and for how long? My payment was 995.00 each month and that included taxes and insurance and PMI. I keep calling Wells Fargo to check in but they say to be patient. I got a letter from an attorney saying they were going to start foeclose on me, the lady at WFB told me that was normal and no sale date was set. Has anyone gone threw this from WFB? Please help thank you

admin answers:

Lenders are inundated with requests for loan mods, so you are going to have to try to be patient while you are going through this. What I have heard of happening is the lender will temporarily reduce the interest rate or otherwise change the terms of the loan to make your payments more affordable.

Do not ignore the notices about the foreclosure, but do not panic either. They are a formality, and auction dates are routinely withdrawn or postponed while you are going through the modification process.

Thomas asks…

I plan on applying for a mortgage loan and had a foreclosure and bankruptcy 3 years ago…help me here.?

Ok I went through a bad divorce, bankruptcy, forclosure on the home we lived in. Three years later, I got a few some personal loans, a new car loan and 2 credit cards(they only have very small usage). I have made all my payments on time, with rent and utilities. I do owe some back federal taxes but are having payments taken out of my check each month. My fiance and I are renting a house we’re playing on buying from our landlord, I’ve been at my job for 11 years and she has been at her job for 1 year but has a good credit score but not much activity. Will we able able to get a loan pretty easy….I’m a little worried!!!!

admin answers:

You should be ok…. Bankruptcies matter the most within the first 2 years and Foreclosures matter the most for the first 3 years…. The further they get off the radar, the better but you will see a lot more doors open to you now than you would have a year ago.

The other factor is that the cause of all the negative stuff can be documented (divorce decree) and it seems that you have reestablished yourself nicely. This will show that the bad credit was uncharacteristic and not a habit, which the lenders should like.

I handle this type of situation all the time, if you are in the US and you haven’t yet chosen a Mortgage Planner, I would love to throw my hat in the ring and show you what I can do for you. My website and e-mail address are listed below…. Please feel free to reach out to me at any time.

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