Your Questions About Check My Mortgage Loan

Daniel asks…

Old Mortgage company reporting me years after selling house?

I owned a house, financed through GMAC mortgage from 2001 to 2005, when I sold it. Years go by, nothing wrong. As of January this year, they reported me for being delinquent on a single mortgage payment… 3 yrs later.

I started the process of a home loan app today with another company and they tell me I currently have a mortgage loan, for the exact amount of my old mortgage. I keep tabs on my credit using equifax.com and I had never seen antyhing. Today I check back, and now it shows I have a $130,000 mortgage (amount of my old house) to some comapny I’ve never heard of. In fact, there seems to be a few names involved – my credit report shows “NetBank” and the person processing my app shows RBMG, and I also saw a Resource Mortgage somewhere too. The only phone number I found is busy all of the time. I googled the address and it leads to south carolina consumer protection agency.

All of this is really weird. Anyone seen this before or have any idea what is going on?

admin answers:

We pull a “tri-merge” report so just because it didn’t show up on Transunion does not mean it will not show up on the other two reports.
All creditors have a right to show your history for 10 years…

Thomas asks…

I try to do short sale on my house?

I bought my house for $400,000 , now it wort 245,000. I am six month behind on my mortgage, I did try to do refinance with wells fargo. they did charge me over $4500, and now gave me a plane to pay 7800 for 3 month and then if every thing goes fine they will check my loan.(they stop foreclosure )
I am tired of this game, and i am going to do short sale.my question is it late for short sale or still I have time?
Thanks.
mailboxreza@yahoo.com

admin answers:

Short sales can technically work, but i haven’t ever heard of one actually going through

i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price

Donna asks…

FHA Mortgage fell through, can I sign a new contract on house for conventional loan?

I have been watching a certain house since May 08. House finally went on the market in January 2009. Called about it immediately after seeing the sign in the yard and someone else had a contract on it. The previous owner had let the home go into foreclosure so it was bank owned.

The people with the contract on the house found out while doing a title search that the title was not clear due to some IRS tax issues. I zoomed in for the kill. I didn’t care how long the wait was, I would wait it out for this house…signed contract in February for 15000 more than they were selling the house for. I was getting an FHA loan and was assured it would pass. Got news it did not pass due to a waterleak in the basement, realtor went in and fixed the problem but because the house had been vacant for over a year, the water problem had caused a mold issue in the downstairs closet.
I had a health inspector go out at my expense and check the house. Only mold was the mold in the corner of the closet downstairs. could be fixed really easily.
Was informed it would not go FHA cause of my appraiser saw the mold in his prelim appraisal and he would have to note it in the report.
Now that the contract fell through, they have relisted the house for 17000 less than I offered the first time.

My question is, can I sign a second contract on the house and go conventional this time?
the house is only selling for 67000 it is in a nice location and itis 5br 3 ba 2700 sq. ft. no mold anywhere else but in that corner of the closet downstairs
One thing i wanted to add is that the appraiser didn’t do a full appraisal. he just went in and looked very quick…I was told by inspector the only thing that needed to be done is to get a spray can of Kilz and spray paint the closet since the mold is nowhere else in the house.

admin answers:

You know you can’t do FHA, but you can do a conventional loan with out an inspection but you can’t go back on the sellers because you are opting out to do the inspection. BUT… Your lender (mortgage company) might request a home inspection. There are ways around all of this but first thing is first, if you want this house then you need to get into contract with the Realtor. Then shop around for a mortgage broker. In the end it will depend on the appraisal value, even with the mold. If the lender wants it fixed before the closing then they will ask for the modification (talk to ur lender). Also depends on how much you ae putting down. The more the merrier and you will see more can happen if you are putting your cash on the line. There are so many ways around all of this in conventional loans. Not FHA. If in the end you can’t get the loan passed then you can get out of contract. No fault to you. If you really want this house then a good broker will get you in. Also sounds like a good Realtor.

John asks…

what can i do if im a victim of mortgage fraud?

same agents and brokers sold my home & with proceeds convinced me of buying four home asssuring me it would be a great investment properties would pay off themself. if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for infomation for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forgedmy signature,bal on my bank stmt.made up false check stub stated i made alot more,then at closing the numbers were not acceptable i wouldnt sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and didfor 2 mos. now in forecloser and insurance says i committed mortgage fraud! what can i do?

admin answers:

Get an attorney.

Sandy asks…

will my loan go through?

I got approve for a mortgage loan, but with conditions. I didnt like they way things was going because they our rate was this and later we found out our rate is higher all the way at the end of the process. I decided I should shop around for a better rate, but later I changed my mind. I felt like I couldnt go through the same process all over due the fact my closing date is near. I feel that my score went down maybe two points from a 680 to 678 I not sure. My broker before was telling me if I go let anyone check my credit I will not be qualified for the loan if score goes down pass 680. I felt like he was putting in a tight position. I really never got a chance to shop around because he pulled my credit alot, because was he shopping around to different bank is that fair. Now I want to do some shopping on my own and my score goes down, and I might not qualified for the loan.

admin answers:

Your score will not change much due to shopping around. It sounds like your broker is trying to use scare tactics to keep you from shopping around. At 680 and 678 there are numerous programs for which you can qualify. Check with local lenders to see the best rate that you can get. What is the rate that the broker is quoting you and on what terms?

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