Your Questions About Check My Mortgage Loan

Thomas asks…

Loan Modification – 2nd Mortgage?

Unfortunately, like many others I am struggling to pay my mortgage after being laid off over a year ago. My first mortgage has been modified same terms, just a lower interest rate reducing the payment by about $200. Not much, I hear most people get a significant reduction, but I guess every bit helps.

I am really looking to modify my 2nd mortgage. My 1st is thru IndyMac & the 2nd I am told by IndyMac is by a PRIVATE LENDER and they will not modify my 2nd. I asked who the lender is & I was told that they couldn’t give that info out over the phone that I had to write to them and then they will mail me who the lender is. I am only looking to reduce my interest which is at almost 9 % to a lower rate, reducing my monthly payment. Unfortunately I was told that I can not refinance since my home does not have enough equity & because I was late once in 12 months. Both seem unfair & was just wondering if I am able to negotiate with the private lender? As far as I knew I thought both were IndyMac since that’s who I went through from day one & that’s who I made the checks to?

Any advice on how to modify the 2nd? I am really struggling & the 2nd mortgage being reduced to say 5% would be such a big help.

I also heard that Obama might be doing something with 2nd mortgages? Not sure if that is true or if that would even help me since I have a private lender?


admin answers:

I’ve received a newsletter sometime ago about “Complete Loan Modification Kit “. They give good tips what to do, you may want to check at this

Robert asks…

What is the difference between a Mortgage Consultant and Broker?

I am in the midst of doing research for purchasing a first home. My financial planner recommended a Mortgage Consultant to me. How is his job different/same as a Broker?

Also, (ok so this is 2 questions) how many different Brokers or banks should I be checking with when I am ready to get a loan? The Mortgage Consultant I referenced earlier has already done 2 Pre-Approval reports for me (one 6 months ago in August and another one this week). Do I owe him anything? Have I committed myself to his services?

I want to know how many brokers I should check out, as well as a loan officer from my own bank. Thanks for your time! This is a scary but exciting time for me!

admin answers:

Just what the company calls them some call them brokers some consultants and those who lend their own funds call them bankers

Linda asks…

I want to shop for mortgage rates and all of them wants to run my credit. Will it affect my credit score?

I am trying to refinance my home equity loan. Each time I try to call a lender, they all want to run my credit report which I understand because that is the only way to check my FICO, debt ratio and etc. But, won’t it affect my credit score? I had 4 lenders checked my credit report already. Pls help.

admin answers:

Biggest myth of all!

You get hit one time and that is on the intial pull. You have 30 days to have your credit pull for a MORTGAGE LOAN/HOME LOAN without it effecting your credit score. My advise is stay under 10. If you had it pulled by four people call them up and ask each person one of the following: what the highest score was, what the middle score was , and what the lowest score was. Here you can determine your middle score in which lenders use. Than ask are there any derogatory accounts on my credit report and if so from where. If there is than get the phone number and account number so you can call them. If there are lates than ask for a copy. In some states you have to provide a credit report to the consumer if they had there credit pulled its a law by that individual state.

If you want a Heloc than run down to a Credit Union or Bank they have best rates with low fees.

Need additional help please email me.

Mark asks…

I receive a small VA disability check every month?

and to paraphrase “i need cash now” to get out of a tight spot with my mortgage. are there any companies that will do a loan in lieu of me signing over this check for a specified amount of time?

admin answers:

Vets like yourself should not have to put up with financial woes, since, after all, you put your life on the line for the whole country. Having said that, you need to hang in there, buddy. Knowledge is power. Here’s an informative article on tips to avoid mortgage defaults, and one of them includes what you are doing–realizing and not ignoring that you have a financial crunch, which you seek the fix:

Hope you find this helpful, particularly on how to utilize resources available to get your mortgage modified or at least fixed to avoid any potential foreclosure, and that you get through your financial troubles.

Good luck!

The Internet. Just whatever is available online and what I have on my mind, including the inclusion of relevant sites, like the one cited above that came into existence from my efforts, which is intended to be useful. Helping people get the relevant info they want is great.

James asks…

Would you take out a personal loan to pay high mortgage closing costs?

My wife and I are trying to buy a house.

Cost is $110,000, and we have the 20 percent down payment ($22,000), leaving us with a loan value of $88,000.

Problem is this: Since I’ve stayed debt-free most of my life and thus have no credit score, it looks like we’re going to be penalized by Fannie Mae during the closing process. They’ll tack nearly $3,000 extra onto our loan closing fees, to bring our grand total closing cost to $7,000 and some change.

$7,000 would deplete our checking account severely, leaving us with very little cushion (around $4000, if we’re lucky). Plus we have to buy appliances (~$1,100) and transfer our utilities before we move.

Would you take out a personal loan for all or part of the closing costs? This has been posed as an option to us by the bank.

We obviously don’t like the idea of taking out a personal loan on top of our mortgage, but it would be cheaper in the long-run than reducing our down payment (and getting stuck with PMI) in order to pay the massive closing costs. I’m considering taking a loan for half the closing costs and seeing if the seller will pay the other half (unlikely, but worth a shot.)

What would you do?

The $3000 is a fee charged by FNMA because I have no credit. It was shown on our GFE.

For the record, I’ve asked about manually underwriting our loan because I can show my utility bill payments, cell phone payments, and truck payments within the past year, but banks are telling me that they only deal in FNMA for fixed-rate mortgages, and the manual underwriting process won’t do away with the no-credit/low-credit penalty.

Oddly enough, they wouldn’t charge the penalty to my wife, if she were applying alone, despite the fact that she’d have half the income. This, to me, is a case of not being able to see the forest for the trees. They’re more worried about my lack of a credit score than our overall D/I ratio and my proven income and payment history.

admin answers:

Most lenders will not allow a person applying for an getting a mortgage loan to borrower any of the closing cost or the down payment. In some instances you might have a family member or a non-profit organization give you a gift of the money for the down payment.

So lenders even require that you pay a minimum of 3% of the closing cost.

It appears as if you guys are good savers therefore you might consider using your savings for this cost. It would take you very little time to recover this amount.

When you applied for you mortgage loan you should have been given a Good Faith Estimate (GFE) of closing cost within three days of you signing your mortgage loan application. These fees should not have come as a surprise to you. If the mortgage terms, interest rate or closing cost change changed during the course of the mortgage loan application once again you should have been given another GFE that you would be required to sign.

You should inquire as to how this cost of $3000 was now added to your closing cost.

I hope this has been of some benefit to you, good luck.


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