Your Questions About Check My Mortgage Loan

Sharon asks…

How can I qualify for a mortgage?

Okay, I started a new job in mid June of last year. In four months I made $11,000, so that would put me at about $33G a year. Then I was in a severe accident. I was out of work from November-Mid January because I was in the hospital. I started back with the same company mid January, but of course have not made quite as much because they started me back slowly, I hadn’t worked Dec, so got no Jan commission check, and only half of Jan so only half a February Commission Check. I have a baby coming in May, and my fiance and I would like to buy a house. We are looking at houses that are 92,000 to 99,000… I have pretty great credit. He has no credit history really. And he just lost his job thanks to the economy… So I guess, what I am asking is, how much would he need to make for us to get approved for a mortgage to buy one of these? OR is there such a thing as a cosigner on a mortgage loan that his parents could maybe help out with?

admin answers:

You make enuf income to qualify because the interest rates are so low. The lender will be skeptical about his credit but that will force you to get an FHA loan. FHA doesn’t loan you any money but they “insure” that the bank won’t lose any money. Their loans are the most lenient. Your injury and “break in employment” will be worrisome but probably acceptable. Get the house. No need for a co-signer..

Joseph asks…

Is my second loan a recourse loan?

Hello,

Is an ARM that has already adjusted that is/was a purchase-money second mortgage a recourse loan in the state of California? The loan was never refinanced.

On top of that, if I decide to walk away, could I write myself a check for the available equity and keep walking w/o legal action being taken?

Thanks!
The combined LTV of the 1st/2nd is somewhere around 200%, there is equity available on the second one. It would just happen to push the equity further negative.

admin answers:

1) If the second was for purchasing the house (say an 80/20) then you should be okay.

2) Writing yourself a check would probably be recourse and also fraud (I am amazed your bank hasn’t lowered your limit by now to bring it closer to 80 LTV) and may be considered a refinance making the entire second recourse. Without a doubt, the bank would take legal action the minute you wrote the check and stopped payment.

James asks…

Sold our house, title company paid off our investment property by mistake. What now?

Seems like the mortgage company sent the wrong data and the title company did not check. The loan values were pretty close, so we didn’t notice until we got an email notification that the home loan was late. So I paid that (late fee removed), have another payment coming up. New owners paid cash, know nothing of the lien. Investment property is sold on contract – we couldn’t liquidate it if we wanted to, so would need that loan replaced, and my credit is not good enough today for that. Maybe they can do a collateral swap. Or maybe we can walk – would title company insurance kick in? Would we get sued?

admin answers:

The title insurance is on the hook for the mess it made. I would advise you to seek legal council. See a real estate attorney right away.

Laura asks…

Is this a loan scam or not?

I am going through Parkington Solutions in California for a loan. They called me and told me that I was pre approved for a $7,968 loan. I had to give them a collateral payment of $980 which is deducted from the loan amount. I did this through Western Union. Obviously I am in desperate need for a loan and this sounded very appealing. They faxed over documents and discussed the loan and the payments I will have to make every month. The President, Chief Executive and Financial Accounts Manager signed the documents. This is a place where they help people with bad credit with giving them a loan and trying to build up their credit through the loan payments. Parkington Solutions has their own website that looks legit and reviews from past clients. They also help with mortgage. The woman I talked to also said to “enjoy my loan.” I checked Parkington Solutions out at the better business bureau and they came up fine. When I got my car awhile ago I also had to put down a down payment and the place was out of state, that turned out fine. Parkington Solutions said that I would get my loan within 2-4 hours last night. I got nothing, but I called my bank and customer service said that the bank was closed all day. I’m thinking that is why the money was not deposited onto my card. Parkington Solutions number still goes through but says they are closed, it is Sunday. Tomorrow is Presidents Day, so I have to wait until Tuesday to see what happens. This place checks out at the better business bureau. Is this a possible scam or not? Sorry for the length.
I just checked the phone numbers. The exact number for the real Parkington Solutions was the one who called me.

admin answers:

100% scam.

There is no loan. While the company might exist, you have NOT been emailing anyone that actually works for that company. You have been emailing a scammer who stole your money.

The next email was from one of the scammer’s fake names and free email addresses and has demanded you pay for made-up fees, in cash, and only by Western Union or moneygram.

Western Union and moneygram do not verify anything on the form the sender fills out, not the name, not the street address, not the country, not even the gender of the receiver, it all means absolutely nothing. The clerk will not bother to check ID and will simply hand off your cash to whomever walks in the door with the MTCN# and question/answer. Neither company will tell the sender who picked up the cash, at what store location or even in what country your money walked out the door. Neither company has any kind of refund policy, money sent is money gone forever.

Now that you have responded to a scammer, you are on his ‘potential sucker’ list, he will try again to separate you from your cash. He will send you more emails from his other free email addresses using another of his fake names with all kinds of stories of great jobs, lottery winnings, millions in the bank and desperate, lonely, sexy singles. He will sell your email address to all his scamming buddies who will also send you dozens of fake emails all with the exact same goal, you sending them your cash via Western Union or moneygram.

You could post up the email address and the emails themselves that the scammer is using, it will help make your post more googlable for other suspicious potential victims to find when looking for information.

Do you know how to check the header of a received email? If not, you could google for information. Being able to read the header to determine the geographic location an email originated from will help you weed out the most obvious scams and scammers. Then delete and block that scammer. Don’t bother to tell him that you know he is a scammer, it isn’t worth your effort. He has one job in life, convincing victims to send him their hard-earned cash.

Whenever suspicious or just plain curious, google everything, website addresses, names used, companies mentioned, phone numbers given, all email addresses, even sentences from the emails as you might be unpleasantly surprised at what you find already posted online. You can also post/ask here and every scam-warner-anti-fraud-busting site you can find before taking a chance and losing money to a scammer.

If you google “fake loan Western Union”, “fraud Western Union loan company scam”, “advanced fee fraud” or something similar you will find hundreds of posts from victims and near-victims of this type of scam.

Lisa asks…

Should I use my own money to pay the contractors, or wait and make a down payment on the mortage loan?

Say I have $25,000 saved up for our new house. Instead of taking a draw from the bank loan, should I use my own money to pay the contractors until the money runs out, or should I keep saving and make a large down payment on the mortgage loan when the house is finished and use our mortgage loan money to pay the contractors and begin paying interest earlier? Our credit is great according to the credit check.
I had to change my details because I worded the other wrong. My wife and I are contracting out the building of our house to sub-contractors. We have money saved up and are continuing to save as we build. We are wondering if we should pay the sub-contractors from our own money until it runs out versus using the bank’s money via the construction loan. Or, should we wait until the house is finished and make a large downpayment on the mortgage loan when we are ready to convert it from a construction loan?
To answer Brenda’s question, the interest rate is 6.75%. Also, I don’t know how to contact you.

admin answers:

Hi Andy D.,

What is the rate of your construction loan? This is very important. I have seen rates from prime + 1 and up to 14% for construction loans. Yes, it’s nice to have cash on the sideline but not if you are paying a 10 point spread on the money (the difference of what interest you can get for loaning your money to the bank and what rate you are borrowing the money.

A previous answer mentioned that cash is king. Sure, it can be if you are flipping houses, have less coming in than going out etc. But it sounds like you are fixing up this house to live in and plan to stay there. I did not recall reading anything about investing.

ALWAYS **** be in control of the money that gets paid to the contractors. Make sure that you get a “Conditional lien waiver” each time they are paid AND make sure you receive an “Unconditional lien waiver” when you make final payment. In addition, only pay them 2 draws per month. Setup invoicing received by the 15th paid by the 25th and invoicing received by the 1st paid by the 10th of the next month. This will save you when they try to collect a check on the spot, for the typical reasons….

1. Have to pay my guys
2. Have to pay my rent
3. Have to pay my mortgage
4. Have to pay for my materials
5. And 101+ others blah, blah blah

You just tell them to invoice you: ) Contractors are like investors. They use their money to make more money. All of their supplies are invoiced at the end of the month and usually due 30 days later. So they “float” this money that is due to work on more jobs.

If you have any other questions just contact me, I would be more than happy to help.

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