Your Questions About Check My Mortgage Loan

Susan asks…

My house was sold in a short sale, but the remaining loan was sold in a foreclosure sale?

I finalized my short sale in August, everything was done. All documents were sign, and it was a huge relief. However, I just checked my old mortgage account and it stated that the remaining principal on my loan had been sold in a foreclosure sale and on my credit it shows that my account was derogatory past August and it is being listed as a foreclosure. I never received any documentation from the mortgage company after August. What gives?
In the agreement I was granted a full release of the loan.

admin answers:

That is what you agreed to when you asked for a short sale. The balance of the mortgage is either paid by you or marked as uncollected debt

George asks…

when can I refinance on my mortgage?

I bought my home Dec 08, my credit isn’t as great as it was, my mother got a car repoed i co-signed for her on (I had no idea until credit check) and now, I just have more debt to income. Any advice? There aren’t any loans or monthly expenses I can personally lower or change beside this possibly.

admin answers:

What is it that you need to accomplish with your refinance? Cash out for paying off debt or to just get a lower rate and payment.

If you can prove 2 hardships, for instance loss of income or wages cut, medical problems, loss of partner income, there is a long list, you may qualify for a mortgage loan modification. While it can be a hassle, many people have succeeded in getting there monthly payments lowered, principal cut, rates lowered, to bring there payments down to or below 31% of your gross monthly income.

I would first try your current lender/bank who is servicing your note, and if they give you too difficult of a time, there are attorneys that work on your behalf to provide pressure on the banks you may not know about.

In today’s mortgage market, your file is looked at with 3 sets of eyes. Credit, have you demonstrated the ability to make your obligations, debt to income, how much are your gross household earnings or anyone that is applying for the loan, and Equity position, what is your home worth compared to the amount you owe or want to borrow.

If you purchased the home in 2008, depending where your at, you shouldnt have been affected too severely by the housing downturn, it may seem like income and credit are your problems.

Todays average bank or lending institution are requiring a minimum 640 – 660 credit score, no exceptions for money saved or payment history of the mortgage itself. Depending on what exactly your debt to income level is though that alot of lenders will look at differently depending on compensating factors. Compensating factors are things like savings, current and past mortgage and rent history, extensive job time with the same employer, and even in sum financing types like FHA, non occupying family members as a crutch. (Non occupant co borrowers cannot be used on a cash out refinance)

When determining your debt to income percentage, you will make a list of all payments reporting to your credit report (credit cards, lines of credit, mortgages, car notes and leases, recreational vehicle payments, student loans, child support, alimony, Property Taxes, Insurance, 401k repayment plans through payroll, etc.) and add them up. You dont want to include items like car insurance, health clubs, utilities (that dont report to credit) child care expenses, and cell phone or home phone services. You will then divide that number into your gross monthly income. Your gross income can be calculated by salary which is easy, or by dividing your current YTD gross income into however many weeks we are into the year. This is if you are paid on a weekly basis. There are several ways to calculate income, most difficult is for self-employed so you have a question regarding that, feel free to let me know.

I hope this helps

James asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Go speak with JAG as there are programs to help service members who had to either short sell or or foreclose due to military moving (under orders) I don’t know specifics but I know there is something out there. Also Laws difer from state to state as to what a debtor can and cannot do so teh best course is have your husband go speak to JAG

Laura asks…

mortgage company calling us a year later?

I got a call this morning from a mortgage collection company. (the house was only in husbands name) We “gave” back our home (deed in lieu of foreclosure) because we could not sell our house for two years. Yes. it was on the market for two years. I started early knowing their was an economy issue with selling houses. We had military orders to relocate to another state, so we had to surrender the house back to the mortgage company, since we could not sell it (we had only one offer, that was turned down by the mortgae co. So we surrendered it back to them and eventually was transferred out of state)

I am not sure how the mortgage company would expect us to pay them anything at this point. It is was our “second mortgage” company calling (not an equity line. We got a 1st/2nd when we first bought the house in 2006). I assume they finally sold the house for a small amount and want to be paid the difference. If this is the case, I would think that practically every resident in our nation would be getting calls from mortgage collectors. What recourse do they have? Can they garnish my husbands pay check? I told the mortgage company that he would not be home until March (he is at sea. He is not). I am not on the loan so they cannot speak with me. Husband doesn’t know they called yet.

Any advice?

admin answers:

Something is very fishy here and its not that your husband is at sea. You need to make the phone call yourself to YOUR mortgage company and see if they really initiated this phone call. Many times these calls are scams and get you for alot of money. If your mortgage company did make this call then you should call a lawyer to find out where you really stand with the mortgage company. Only a real estate attorney can advise you on this one.

Donald asks…

Is it possible to be listed on the deed to a house, but not the loan? If so, what are the implications?

In 2006, my aunt, stricken with breast cancer and near death, persuaded my father to have the deed to her townhouse transferred to both him and her daughter. I can not completely understand her rationale (or my fathers acceptance to do it), but I assume it was to somehow ensure that, after her death, her daughter will still have a place to live. However, my aunt was still financing the house, and because of the subprime ARM she had, she was largely paying interest and not building any equity in the house at that point.

She passed away in August of that year, and her daughter went to live with her boyfriend’s parents afterward. My father has been paying on the house each month ever since. My father does not live in the house — nobody does. He has been straining to make the payments every month because he feels a responsibility to do something with the house, either sell it, or refinance and rent it out.

The problem is, while he’s been sending Chase bank a check every month, the home loan was never transferred to him and it does not show on his credit report. My fear is that, since he’s not on the loan, his money has not built any equity for him and it’ll be problematic pursuing any type of refinance. He’s stubborn to foreclose or cut his ties to the house because he doesn’t understand his options.

My dad lives in an apartment with rent half the payment of the house. He has good credit and would’ve never financed a house the way my aunt did. However, he has been amassing a good deal of credit card debt because of the strain the mortgage put on him.

If you’re familiar with property law, is there any insight you could provide on this situation?

I would really like to see this situation resolved somehow — my dad has made great sacrifices for my brother and I and I was hoping that once we became financially independent, he’d be able to focus on himself for once. This great imposition on him threatens to leave him with uncontrollable debts.

admin answers:

It’s way to complicated for Answers. You need to see an expert on this. There’s way too much at stake to put off seeing an expert.

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