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?
I would be careful as you are. But call them back in a day, and then again another time. Find out the persons name, and why are they offering this. Also ask to talk to a supervisor, and ask them other questions they would know if they are really your mortgage company. For example, how much did I pay in interest last year, when did I get this loan, and what are my monthly payments. Also where do I send this one time payment? Is it the same address as normal payments?
Tell them you are interested, but you have security problems with this. If they pressure you any, I would be more leary. I think it would be a great program, but my skeptical alarm is going off, because like you, why would they settle for only half of the principal, and loss of the interest too? Bankers are not known for doing anything like this, they are in the money business to make money.
I did a streamline refi so the new mortgage company paid off old loan at $215,000 but I owed $217000?
they said they are going to send the $215000 check back to new mortgage company unless I send them the additional $2000.00 for complete payoff amount, I dont have $2000.00 at this time. Can I ask new mortgage company to pay these extra 2000.00 for me out of my escrow, can that be done?
Something very wrong here! The title company who closed your loan should have required a written payoff letter from your mortgage company! Your new loan is not valid unless your old loan is paid in full. Call the title company right away!
Can I still get approved for a mortgage loan if im on chexsystems?
I know that I owe a bank from a couple of years back and have been working on my credit but this bank is no where on my credit report but I know they reported me to chexsystems because I was denied to open a checking acct at a local credit union. Now Im in the process of getting a mortgage ( pre-approved already) with another bank which I dont have a checking account with, but can it be ultimately denied if Im in chexsystems? I do have a bank account which I have maintained ever since with another bank.
Umm why don’t you pay off the bank and get it out of the way?
Is it possible to pay off student loan/carloan/mortgage with a credit card?
I just got a UPromise credit card and one percent of all my purchases goes to my student loans. Since I have to pay my mortgage, student loans payments, and car loan every month anyway- would it be possible to put them on my card to get the points every month in lieu of writing a check?
We pay our credit cards off every month- interest rates are not a factor.
Plus, if I could enroll in something automatic it would save me a few minutes every month (i.e. instead of logging to five different websites to pay our bills I would only need to log into our credit card account and pay one large bill.
You will be charged a fee from the companies for putting your payment on a credit card.
Ex: Your car loan company may charge you 2 or 3% of the bill.
That kind of makes putting it on a card pretty useless.
If they don’t do that also be careful – it could easily be treated like a cash advance.
Feest can be as much as 5%, plus, you pay a higher interest rate.
And.. You start paying interest it right away. No grace period.
Please remember this for life.
Carrying balance can ruin credit and sometimes devastate your life.
Employers check – so do landlords and car insurance companies – so always be careful.
That’s why it’s best to pay in full each month.
Which I’m sure you are planning to do.
Also, note that any time that you use more than 30% of your available credit limit you are creating havoc to your rating. Again, that’s why its best to make small charges like food or gas, and pay in full.
Points, will never, ever be worth all the fees you will incurr.
Call them all up and ask them if there are fees to put yoru payment on credit. Also ask if it will be treated as a cash advance. If not, you are in luck.
help! fake mortgage loan!?
The other day I tried to open a free checking account with suntrust bank on their online website. After I entered all my info it said it needed to verify my identity and that I had taken out a mortgage loan and that to confirm I am who I am, I needed to tell them where I had gotten the loan.. but I’ve never done any such thing! I live in an apartment!
I looked around on the internet and found on a government website that I’m permitted to see my credit file once a year for free, so when I requested it, they asked me for the same info about the loan! What should I do? Am I in serious trouble?
Edit: to the people replying: I DID select none of the above, and I am rejected when I do, for the bank application and for the credit file. This is what led me to believe someone really DID take a mortgage loan out in my name! So please help! How to I contact whoever I need to?
The website for your free credit report is simply trying to verify your identity, they will ask “trick” questions, so if you have never taken out a mortgage, simply click the box that says none of the above.
You can also call the 800 number for the credit bureaus and get a free copy mailed to you, they will confirm your information over the phone by SS number.
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