Your Questions About Check My Mortgage Loan

Charles asks…

i received a check from a mortgage company. I didn’t close what happens if i cash the check.?

they sent the check to the bank. The bank canceled the check because it wasn’t my check it was another persons check. I didn’t close on the loan but i received a check. What happens if i cash it

admin answers:

Call them and tell them you have the check. It probably has an outstanding Stop Payment order. They may ask you to return it or destroy it. Follow their instructions. If you try to deposit or cash it, especially KNOWING it is not yours, you will not only pay fees when it bounces, but you will face criminal penalties for fraud. Or grand larceny.

Sandra asks…

Do credit checks for auto loans show up on your credit report?

I’m curious to see what rate I would get on a car loan but wanted to make sure it doesn’t affect my credit score. I heard auto loan and mortgage credit checks don’t show up on your report (thus bringing down your score). Is this true?

admin answers:

Yes it does. But here’s the trick… Auto inquiries and mortgage loan inquiries done within a two week time period will count as one inquiry.
So if you apply with “5” auto lenders you’ll get hit for “1” inquiry which will affect your score a bit, possibly.

The reason is the credit bureau knows that people shop around for rates just like you. When I worked in auto finance I’d run people through several banks for an approval/better rate.

You can also order your own report with scores (tri merge) and use that to shop…. When you go to a car dealer just tell them what your score is and they can give you an idea. If it’s a new car with a special incentive program (0%, 2.9, 5.9, etc) you usually just have to fit within the first couple “tiers” of credit (the guy with 50 points lower and 50 points higher will all get the same rate). The finance guy at the dealer should be able to tell you…

George asks…

I am on the deed (as associate) but not on the loan/mortgage can I claim the interest on my tax refund?

I am on the deed (as associate as stated on the county clerk recorder) but not on the loan/mortgage I occupy the property, pay property tax and the mortgage as well with my personal check. Can I say that I own the property and can claim the interest on my tax refund?

admin answers:

I agree with Kathy R. One thing that I would do is sign a simple agreement with the person whose name is on the mortgage that states that you are legally responsible for the mortgage and entitled to claim the interest deduction. You can take the interest deduction even if you don’t get a 1098 — report the interest you paid on line 11 of Sch A (instead of line 10) and include an explanation with your return that identifies your ownership of the house and the existence of the agreement.

Donna asks…

No Credit Check for Loan Modification ?

I heard that they don’t look at your credit score to determine if you’re qualified for loan modification or not. But do they still pull your credit ?

It’s just that I have racked up more than 25,000 of credit card debt that I used to pay for the mortgage & bills (I know I was stupid, but I thought I could figure out a way to save the house while doing it)
I have not filed bankruptcy yet, but will have to eventually… as of now my house is my priority so just would like to have some feedback if having lots of debt in credit card/line of credit will make you unqualified for loan modification.

admin answers:

PLEASE go see a nonprofit credit counselor, HUD accredited. Don’t assume that you’ll have to file bankruptcy. You made some poor choices and will have to deal with the consequences.

I’d just anonymously call and ask if loan modifications are being done and what the procedure is, what is required. I’d guess they’ll pull credit, but I don’t know as it’s a pretty simple procedure, and they’re just lowering the interest rate on your loan. They want to know that by lowering the interest rate they enable you to make a go of the house, and avoid foreclosure or bankruptcy.

Helen asks…

I received IRS form 8519 Notice of Levy sent to the bank that holds only my mortgage loan.?

There are no funds deposited in this account for any checking or savings; just the home loan. Is this form used to seize the property?

admin answers:

They wasted the postage.

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