Your Questions About Check My Mortgage Loan

Chris asks…

bank of america isussed a cachier’s check to pay mortgage to a bank of america home loan.?

the chashier’s was lost between too braches of the same bank (bank of america). The check was sent out through internal bank mail. It’s not my falt, bank employees lost my cashier’s check.
How can i get a refund??
thanks

admin answers:

You are going to have to talk to Bank of America. They are the only ones that can help you.

Sandra asks…

Why does loan mitigation keep me from paying a mortgage?

My mother has been in the hospital for a month so I went to the bank to pay her mortgage. They told me I couldn’t because her mortgage is in loan mitigation. They would tell me nothing else. I looked on the internet and I see nothing that would tell me why having a mortgage in loan mitigation would prevent me from writing out a check to pay a flipping mortgage. Can anyone tell me, since the bank was so unhelpful?

admin answers:

She is behind, you can not pay part of it, you need to pay in full. The bank is in process (and pretty far along) of foreclosing on the house.

They can not tell you anything, it is illegal. You have no more rights to her information then I do. She needs to provide them with written permission for them to discuss her matters with you.

Ruth asks…

What would prevent a bank releasing a mortgage loan?

My loan has been approved the valuation has been carried out. I have recently got (since been approved) a £3500 unsecured loan for a car. I exchanged contracts a week ago, completion is in 2 weeks. Could this jeopardise getting the mortgage loan, my friend says the may do a credit check before releasing the money. Feeling both stupid and worried. I am based in England.

admin answers:

Your solicitor will not have let you exchange contracts without a binding mortgage offer, which you will have formally accepted at the same time as exchanging contracts. So your mortgage is absolutely certain. The lender will have already done all the credit checks they need and nothing of that sort can affect the loan now.

Mortgages last for 25 years, so its obvious that you are going to have other loans and debts during that period, and the mortgage lender is fully aware of this. Its just that in your case you have taken out another loan very quickly.

Having said that, if the the mortgage lender thinks you lied to them about your circumstances you might have a problem – but I assume that you can easily prove that you didn’t start thinking about the new loan until after the mortgage was agreed?

And if you did not mention the mortgage (if asked) when applying for the new loan you may be in breach of those terms.

Lisa asks…

Can I get approved for an USDA Mortgage loan?

Hi. I wanted to know my chances of getting approved for an USDA Loan. I checked my FICO scores at myfico.com and they are 694 TransUnion and 653 Equifax (I know…not so great). I was an immature college student and I had a couple of charge offs that were paid off 4-5 years ago. I also have about $34,000 in student loans (Obviously college screwed me up! =) ). I have rented an apartment for 2 years and have since opened 2 store accounts and I have NEVER been late with either. Another good thing is that I have about $4,000 that I am able to use toward a home, I have been at my job for 4 years, and I am technically a full-time grad student this fall (10 credit hours). My job is letting work and complete my internship there. Will this hurt me?

Do I have a chance of getting approved for an USDA loan for about 75K-85K? Or, do I need to wait until those charge offs disappear and try to get a conventional loan? Looking for accurate advice only! No online scams please! Thanks! =)

*** The housing development I like qualifies for the USDA mortgage.
Sorry so long….just want an accurate response…. thanks!
My income is pretty low because I work in the non-profit field. Only 32K per year =( ……I live in the south, so it’s pretty cheap. My rent is currently $615 per month plus bills.

admin answers:

Your credit scores are too low, your income is too low, and you have nowhere near enough cash for the down payment & closing costs. And your debt load is way too high. You owe over a year’s gross income just on your student loans! Regardless of minimums stipulated in the guidelines, this is a very tough financial market in tough economic times. Also consider that prices have resumed their plummet after a brief slowing or plateauing in the plunge.

The timing is all wrong for you! Finish school, pay down debt, save up more down payment (at least 20%) or you are about to make a bigger mistake than any of your previous ones. How fast do you want to wind up underwater in your mortgage? A year? Your income needs to go toward school, not doubling your rent as “mortgage” plus doubling your utility costs. At your income, you are already spending the equivalent of one week’s income per month’s rent. You’re maxed out and can nowhere near afford $1100-1200/month!

Mandy 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:

I had a similar situation, but my loan was sold 3 times in 3 months. B and C had no record of the payment to company A.

I finally ended up getting the supervisors from all three companies on a conference call and had them notate the file and start working together to track the money down.

It took 3 months to resolve! BUT, company C removed the late payment report on my credit within 24 hours of it appearing and it all worked out in the end.

You need to get both of them on the phone NOW with your payment information.

An no, if they sold the loan, they transferred their foreclosure rights…

It does sound like you missed a loan payment though. If you paid company A in March and company B in May, who did you pay in April?

Stay on them all!

Good luck!

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