Your Questions About Check My Mortgage Loan

Linda asks…

How can I get a mortgage?

Ok here is the situation I am in…I only make about 28k a year, I am trying to get a mortgage for a house around 95000 or so. My credit score is around 730 so there is no problem there…the only problem I run into is that my truck which i owe about $18000 on is under my moms and my name. The payments are $400 a month. My checking account has me and my mom on it but I am the primary. I can afford the mortgage because my gf who i have been living with is going to move with me and she makes about 35000 a year. We cant sign together because of her credit problems. Is there anyway that we can get a mortgage together? or even me by myself ?! Any reasonable help would be really appreciated.

P.S.
I have gone through a private broker but we got stuck because he said I could get the mortgage on my own if I can show my mom pays my truck. But I do an electronic transfer because my checking account and my loan is through the same bank. Ive tried asking if we can just write a letter and get her to sign it and get it notarized, they said that wouldnt work.

admin answers:

You do not earn enough to pay a 95k loan. With your car loan you are looking at more like 60k. Your gf’s income will not count.

Steven asks…

How can I get a home mortgage with 585,583,583 credit scores?

I know those scores are not very good, but we have done everything we can to repair our credit and it’s just not going up much at all. We have paid off all old debt. We have nothing in collections and 3 open accounts in good standing. One of our open accounts is my car loan that we have had for 2.5yrs and we have not been late in 6months. The other 2 open accounts have never been late. We are going to have to sign another 1yr lease on our rental in 4months if we can’t buy before then. Is there any way we can buy a house with these credit scores? Even if we have to get an unfixed rate for now that might be an option. I just don’t know where to go and who to trust really. Our bank won’t finance us even though we have our car loan, a small secured loan and our checking and savings with them. Both loans have been in good standing and we still can’t get them to finance us for a house. Is there any option for us?

admin answers:

You have not been late in 6 months? That is one big problem. 6 months is a very short time in terms of credit.

Best way to guarantee a mortgage is to have a 25% down payment.

David asks…

Advice from loan agent on my future refinance?

Hi, I’m trying to hang in there until my penalty is over to refinance in Feb.2008. My question is that with the market being down, wonder if I can refinance for lower rate? My 1st is 598,000 with 10% rate and 2nd $21,000. I just wanted to refinance my 1st. Trying to hang on paying $5292 a month. The problem is that market is down and checking online my house is worth $620,000. Will it even go down in the near future when I can refinance and will that be a problem? Also my credit has gone down because of 1 late mortgage payment, from 650 to 583-610(3 credit score). Also another problem is that my husband is self employed in Oct.2006.
What is my chances to refinance for lower rate in Feb.2008?

admin answers:

Sorry to say home worth, or prices are going to continue to drop with more on the market, or in foreclosure, and less eligible people to buy because of the tightening of credit. From a previous post of yours your credit is not too good so I would basically say refinancing is not an option that will be available to you, especially at a lower rate. Honest believe that unless you can hang on with the interest rate hike that is coming, you will join the statistics of those in foreclosure. Best of luck to you hope you can weather the storm

Robert asks…

I just checked my credit report?

It says I have a mortgage loan out since 2006, which I never have taken out. If its due to a student loan wouldnt it say student loan instead of mortgage? Who do I call to try and get to the bottom of this? We are planning to purchase our first home this year and I dont want something that I didnt take out in my name to hold me from getting the house we want. How do I check for someone stealing my identity?

admin answers:

Your credit report should show the name and phone number of the company responsible for the loan. If that information isn’t on there, call the agency that provided you with the report because they are legally obligated to provide you with that information.
Once you have the information of the loan company, call them find out about this loan. It is possible that it is identity theft, so it’s best to act quickly.

Mandy asks…

Strange mortgage questions appearing on Equifax credit score verification?

After hearing about the big security breach with MC and VISA cards, I went to go check on my credit score with Equifax, just in case. I’ve only gone through banks to do so in the past, so this is my first time checking online. I am debt free. I have never opened a credit card, had a mortgage, student loans, or otherwise, so I would expect my credit score to be a big, very safe ‘0’. I go to request my free yearly credit score, and it starts throwing me questions about a mortgage I’ve never had with a company I’ve never heard about, with monthly payments I’ve never seen before, streets I’ve never lived on, and a small car loan. Obviously I clicked ‘None/None of the Above’ for all of them. One question I got repeatedly was what state my SSN number was issued in, and my home state was listed. Obviously I clicked that one correctly. Sending this verification sheet gave me a ‘Unable to Retrieve Credit Score’ error message, and instructions for mailing for one.

This, obviously, scared the daylights out of me. I’ve been super careful with my debit card to guard against theft of my identity, so when I saw these questions pop up, I was terrified. I start browsing around the internet for information on what to do, and I start getting wind of ‘test questions’ that these companies put out during their verification process, to ‘trick’ would-be scammers.

Were these just ‘test questions’? Did it simply give me the ‘Unable to Retrieve’ message because I didn’t have a credit score to begin with? I plan on going to my bank on monday to clarify things regardless, but I’d like to have a firm footing before I go in.

admin answers:

Yes those were just security questions. If you have never had credit of some type, or haven’t had credit in the past 10 years or so then you wouldn’t have a credit report for them to (retrieve) send to you. Debit cards are not reported on your reports, even if they have the Visa or MC logo on them, unless you overdraft your account and don’t pay.

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