Your Questions About Check My Mortgage Loan

James asks…

I got preapproved for a mortgage but how do I acutally know if I got the loan?

I talked to the person and they have all my info..and ran a credit check…all the stuff how do I actually know if I got the loan or not??

admin answers:

These days of uncertainty in the mortgage industry, a preapproval does not carry much weight as far as I’m concerned. Lenders are changing their guidelines every minute because of what’s happening in the secondary market. You will not have a full loan approval until you can provide ALL the conditions that are asked for by the underwriter. Depending on who the lender is funding the loan, there is no guaranty that the lender will be able to fullfill the funding. Read up on American Home Mortgage who just closed their doors on Friday, August 3rd of this year. There were thousands of approved loans that they were not able to fund, so therefore, the potential borrowers had to scramble and find someone else to do their loans. Yesterday, Countrywide (the number one lender in the country) had to borrow 11.5 million dollars so they can still fund loans. If you are going for an “exotic loan” which is anything other that an Conforming Loan with a Fixed Rate, don’t be surprized if it does not go through or that the conditions required by you are rigorous and tough to come by.

My advice, if you can’t qualify for a Conforming 30 year Fixed Full Documentation Loan….don’t buy a house until you can qualify. If you have at least 20 percent down of your own money seasoned in your bank account for two months or more, chances are there will be no problems in getting a full loan approval. Underwriters favor 20 percent down or more. If you can’t come up with that much, FHA will consider as little as 3 percent with gift funds allowed. I am afraid that 100 percent financing is going out and will eventually become non-existant (that’s my opinion, I could be wrong).

Ken asks…

How to get your mortgage company to remove delinquencies?

My husband and I were late on our mortgage payment last year and requested a loan modification. We had tried to resume making payments while they were supposedly processing our loan modification. They always return them. We call them every day, attempting to contact the person that is supposed to be working on our loan. Our mortgage company (Countrywide) has not contacted us in any way and always says that the person working on our loan is not available. Because of their now six months of not working on the loan modification they assured us was going through last year, we are showing seriously delinquent on our loan and getting more behind our mortgage all the time. Can we make a lump sum payment to bring everything current and write on the check that if they cash the check they are agreeing also to remove the delinquencies? Is that legal and binding? Thank you!

admin answers:

In essense writing that on a check would make for a binding contract, but I suggest you call a lawyer to answr this question.

Nancy asks…

deliquent on my mortgage loan which was modified and 2nd mortgage was forgiven?

just checked my credit score at myfico and it shows a deliquent red flag on mortgage loan that was modified. I have a 2 previous mortgage from Citimortgage and Wilshire as my second mortgage. I was unable to afford paying both of it and got a loan modification. Citimortgage had it modified and Wilshire had forgiven my loan on them. The credit on equifax shows that I am currenty deliquent on Wilshire. I need help on how to proceed to help me increase my very low credit score.

admin answers:

This has been happening a lot. Many 2nd’s or equity lines are getting forgiven but normally they’ll 1099 you & you’ll end up having to pay taxes on the forgiven amount depending on what state you live in.

I’m assuming the rest of your credit is flawless correct? And the mortgage modification & Wilshire showing delinquent is whats driving your score down? If so those are large accounts which is weighted much heavier than any unsecured credit card or car loan. There’s no quick easy fix here. You could check with some “credit repair” companies but so many of them are just scams & I would proceed with caution when dealing with them. But this is just how it’s going to go for you. You can’t go & mod your 1st get your 2nd forgiven & then think in a few months you’ll be “A” paper again. It’s called paying you’re dues for messing up whether it’s your fault or not.

Linda asks…

Is the current refinanced mortgage loan valid if previous one was forged?

I just want to know if my husband has a valid case and what he should do next. The story is that after buying a house(1998) with his first wife she took out a second mortgage (1999) and forged his name. He had no idea this was happening and kept it hidden from him. She then ran up all the bills, didn’t pay even though they had the money, and took out many personal loans behind his back through out their entire marriage. She convinced him to refinance the 1st mortgage (valid) in 2001. Then a few years later in 2004 she refinanced combining the the 1st mortgage (valid) and the 2nd mortgage(forged) into one loan behind his back, she also added many of her own bills to this loan. This loan done in early 2004 was forged. Then in late 2004 she convinced him again to refinance, he thought that they were refinancing the loan taken out in 2001. During this time in late 2004 he was under several heavy narcotic drugs due to having major neck surgery and didn’t want to sign the loan but she threaten that they would loose the house. In this loan he was also listed as a “homemaker” with no income even though he was employed but on workers compensation because of his injury. He did not want to sign but the person doing the loan said “that’s how we process it.” Then in 2006 she got him to refinance again (valid) adding ALL of her bills to the loan then asked for a divorce. Just to give some dollar figures the original loan (1998) was for only $85,000 and the current loan (2006) is $246,000.

To explain a little, each time they refinanced (legally) he didn’t want to but she has stopped paying the mortgage for several months already, took out more credit card loans, and gave out personal loans. So if he didn’t they would be foreclosed on. During this time she kept him in debt to the point he was working almost every day with 12 hour shifts. Also she would hide bills from him and refused to let him pay the bills.

The reason he hasn’t filled suit already is because during that time she worked for a county consumer affairs department in the real estate fraud department! She knows all the ins and outs of fraud and how to do it. Plus she is a world class bull sh## artist has actually screwed over many other people including her own sister and cousin (I have no proof and they would not rat her out due to family pressure) Also she has also threatened him during arguments saying that “I know a lot of cops.” Her department worked with the local police. At this time we are having trouble paying the mortgage and I want to know that if we do something about it that we could save the house? We are in California and just recently found all this information out a few months ago when we checked our credit ratings. His ex was also a pack rat and I was able to find some of the documents and old bank statements showing that it was her. I also found fax confirmations and paperwork showing she was doing it during work.

Do we have a case that would help him with the current loan or should we forget it? We are more worried about the house than getting back at his ex wife.

*The house was awarded 100% to him during the divorce, she also wouldn’t sign the quit claim deed on time (she didn’t want to and he was willing to pay a notary to go to her house or work) which cause him to be denied a modification that we were in a trail period for.

admin answers:

You need to see an attorney about this situation. Most attorneys don’t charge for initial consultations, but ask about the attorney’s policy when you call for an appointment.

Helen asks…

My mortgage company sent me a letter saying that I could send them $13,000 and my loan would be paid in full?

My husband and I have an 80/20 loan. We’ve had this mortgage for 3 years now. Today we got a letter saying that if we sent them a cashier’s check for $13,000 by January 29, our second mortgage (the 20% loan) would be considered paid in full. There is $27,000 and 12 years left on the loan. We called the mortgage company to make sure it was legit (we called the number on their website, not the number on the letter just in case) and they said it was a legit letter that they had mailed, it is a one-time offer they are doing for some of their customers. It still just sounds too good to be true, should I take any precautions or has this been done before?

admin answers:

If you are concerned about the credit implications of it ask an accountant. Other than that, if the mortgage carrier is willing to settle for less than the total amount and prompts you to do so (as opposed to you asking them to reduce it), then they probably have a reason for it. They may be cash strapped. They may have decided that they could reinvest that $13,000 now and turn it into more than $27,000 in the next 12 years.

I say, take the deal, if you can afford to and don’t have any other debts. If you have other debts, you’ll have to calculate how much you’d lose by waiting to pay them so that you can pay this now. Once again and accountant could help.

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