Your Questions About Check My Mortgage Loan

Mandy asks…

Could Someone Explain the Mortgage Process to Me?

I am mostly curious about the payout of the loan itself. I think I understand the rest. After you are approved, etc for the mortgage, where does that money go? What type of account is it wired to, my checking/savings? Do I have access to it? Can I withdraw it? How do I send the money to the seller I’m buying the homes from?

admin answers:

You never see it. The bank gives it to the seller at the ‘closing’ where all the papers are signed and you become the owner.

Sandra asks…

Our mortgage was just sold to Bank of America. Can anyone help me?

We are (or were) a customer of Taylor, Bean, and Whitaker Mortgage. I went to make our mortgage payment today and found out that TB&W has suddenly gone out of business this past week and our loan has been sold to Bank of America. I realize that mortgages are bought and sold all the time, but I am kind of concerned after speaking with two different people from BOA this afternoon. The first person I spoke with told me that customers from TB&W are not yet in their system and that they won’t be for about 2 weeks, but that we could mail our payment to them and he gave me the address to mail our payment to. He told me to just write our TB&W loan number of the check and it would be all set. I then called back to ask them another question and I was told by this other person to NOT mail our payment yet and to wait until we receive our welcome packet in the mail within the next couple of weeks. This person told me that if we were to mail a payment, even if it had our TB&W loan number of it, that they would have no idea where to apply our payment since we’re not in the system yet. I also asked if there would be a grace period so that we don’t have to make 2 payments so close together and this person couldn’t give me a definite answer. This is very disturbing to me. Two people from BOA have told us completely different things and we don’t know which one is true. We want to make our mortgage payment, but at the same time we don’t want to mail a check to Bank of America and just have it get lost in the transition or have it take forever for them to take the funds from our checking account. Does anyone know what we should do? My husband thinks that we should call them again on Monday to see if we can get a straight answer, but I really want to know now! Please help!

admin answers:

Why on earth did they even call you? This is really out of line.

Mail your payment to the same address as you did before. It will be applied and processed during the transistion. You do not have to mail to BofA until you receive written notice in the mail.

Maria asks…

What would trigger my lender to find out about a wraparound loan situation?

How would they ever know, they don’t do random grant deed checks right? Will it cause a problem if my “seller” pays the mortgage directly do them?
Oops, I meant will it cause a problem if my “buyer” pays directly to them?

admin answers:

You might have to record the deed of sale with the county records office, so the mortgage company could simply do a title check on the property. If your original mortgage contract does not allow a wraparound, then you are playing with fire. They can begin foreclosure for breach of contract. They probably won’t care if the 2nd buyer makes his payments on time, but if there are any problems with him, it will come back to haunt you.

James asks…

Should I pay off my car loan?

I have about 30,000 in a money market savings account and a 7,000 car loan at 5.35%. I pay about 350/month on the car and am tired of making the payment. Should I just be patient and make the payments or right a 7,000 check and be rid of it. If I wrote the check I would have no debt except for my mortgage. Suggestions?

admin answers:

Get it over with

Nancy asks…

Not sure if I should re-finance auto loan?

I currently have $6,900 financed at 8.9% with my local credit union. My FICO score is 683 as of last week. I would love to find a lower interest rate, however my local credit union does not re-finance their own loans.

I briefly checked however their min loan amount is $7,500 which is more than I currently owe on my 2004 saturn. So I am not sure if I should refinance with the $7,500 loan and then make the difference my first payment. Or if I should wait and keep working at raising my FICO score then re-finance.

The biggest thing is that my boyfriend (of 2 years) and I are looking at buying a house in 2010 and I do not want the re-finance to hurt my FICO score. We will co-sign for the mortgage as his FICO score is 748 as of last week. But, my car loan is going to be only in my name.

Any advice??
I purchased the car last year from my grandmother before she died. I went to the bank and took out a loan so I could pay her outright the $7,500 for the car, to avoid any family drama (I am one of 12 grandchildren). It is a 2004 with less than 30,000 miles on it.

admin answers:

You owe $6,900 on a 5 year old car? Nobody is going to refinance that, nor should you. Next time you take out a car loan put more money down and take a shorter term (3-4 years). Better better yet, get a cheaper car and pay cash. It will make it easier for you to get a mortgage. Good luck.

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