Your Questions About Check My Mortgage Statement

Joseph asks…

We were accidently late on mortgage is our credit ruined.?

We were behind on our mortgage told that if it was with in the 30 days we would be ok. I tried to pay it online and when I checked it it said my bank account was locked out. I paid the mortgage online at 7am. What are the chances of it hurting our credit, and how hard would it be to fight the company to take points off our credit report if I can prove we tried to pay it online and got a bank statement proving I’ve had the money in the account we tried to use to pay it?

admin answers:

There is no provision in credit reporting for things that are less than 30 days late.

If you are late one time on one account it won’t hurt much. The credit scoring systems are set up to look for patterns.

You can’t fight the report if it is accurate, i.e. You really were a month late. Trying to pay is not relevant. You have to actually pay it. The money in your account doesn’t do the creditor any good if you don’t write the check.

Ruth asks…

Does your credit report score go down each time a bank/lender checks your credit report?

I’m trying to buy a house. My current mortgage broker found me a bank that will loan me the money. I check the underwritten statement and the interest rate is 6.5%… I have excellent credit. I think that I can get a lower rate than that. On top of that, not have to pay for all of these extra fees such as closing cost, service charge, underwritten summery, MIP, ETC. So if I check with another bank will that hurt my credit score? And is 6.5%, a little too high for interest rates these days?

I’ve also heard that other banks are waving the extra fees but I have to put at least 10% down on the cost of the house. A good example is B of A.

admin answers:

Whether or not your rate is too high depends on whether or not you expect your broker to work for free. Is he charging you an origination fee? There is no way you will get out of paying the upfront MIP on an FHA loan which is financed in the loan so deal with it.

This is not 2000 – 2006 when money was cheap and demand for housing was at an all time high. Banks are loosing BILLIONS of dollars every quarter due to mortgage default so I would expect the costs to go up for the foreseeable future. Banks are losing money and closing fewer loans so how else are they going to stay in business? I have already noticed that appraisers are charging more for their services.

Lizzie asks…

I’d like to refinance my mortgage, but can’t. I’d like to modify it. Any suggestions?

I bought my home about 2 years ago at 7.125%. I had (and still have) excellent credit, but the reason my rate was high is because I went with a stated, no doc loan. That means I didn’t show any tax returns to get my loan (they just needed my ID, bank statements, assets, and credit check). Nowadays, stated and no doc loans do not exist anymore (for good reason). It’s so tempting to refinance now with the rates being so low. But, I can’t. There’s lots of banks offering hardship programs now that will lower/modify your interest rate without refinancing (and I am experiencing some hardship due to the economy), but I would like to know if there are any other options. The bank is Citibank. Does anyone else have this same issue? Should I hire an attorney who specializes in loan modifications? If so, what should I look out for? Thanks in advance.
I forgot to mention that I did apply for the hardship assistance program that my bank is offering, but I was rejected because I was not in enough financial trouble. The rep even hinted that I should pay my next mortgage payment a week late to make it seem like I’m having problems. I really dont want to do that. I just want to lower my rate a little bit and have some extra money to save each month. Thats it.

admin answers:

You definitely want to look into applying for a loan modification. Read up on who can get one and how you can apply. Here’s an article which talks about it:

Susan asks…

Mortgage: Does Anyone Know Who Owns What?

Now more than ever, I feel for some of those people who are trying to buy a foreclosed home. What a MESS!
My home was purchased (I THOUGHT) via a broker representing my states housing authority. Everything I walked away with after closing in 2007 states my mortgage was with XYZ Mortgage Company. It was explained to me that the mortgage company was a representative of my state, and the mortgage company got X% for brokering the deal and my housing loan is backed by state sold bonds. At NO time from first contact to closing did I speak with anyone from my state’s housing authority. Because there was no realtor involved, the XYZ Mortgage Co. representative went to the closing with me, as the sale was between me and the original owner of the home that built it in 1949.
If you look at the forms used at closing (Purchase and Sale Agreement) it states at the top US Dept. of Housing and Urban Development (HUD). It mentions HUD on several other forms also. At the bottom of most forms it states “Single family-FannieMae/FreddieMac. (I have since learned that these are standard across the board forms that are used 95% of the time and in no way means I have a Fannie or Freddie backed mortgage. Before the first payment was due, I received the little payment coupon book from my states housing authority. I’ve made every payment since 2007 to the same state housing authority address and I’ve never been as much as a day late on a mortgage payment.
Cut and dry right? No. I received my copy of my 2010 city/county housing taxes last Saturday the 23rd (the housing authority pays the taxes as it is included in my monthly mortgage payment). The tax statement is very detailed, right down to the $8.00 a local technical college gets. 2010 city/county taxes did not increase at all this year (they did that last year) . Here’s the problem, and the reason for all the details. This year my tax notice states “Land America” is my mortgage company. Who the heck is Land America? My first call was to the tax office. The tax lady stated when they received the notification of change and suggested I call the state housing authority since they cash my check every month. I gave up hope after three days of getting a call back. Today I finally got a real person, not a receptionist, a real customer service person! Gave her my name, address and account number (in other words she had all my information in front of her). Something smells funny here.
The answer to who is “Land America”? {Pause} Miss Jones, please give me your number and I’ll get back with you. I was polite and gave her the info she requested (even though she had my whole life story in front of her). I googled “Land America” and found out on November 26, 2008, LandAmerica Financial Group, Inc. and/or LandAmerica Exchange Services filed for Chapter 11 bankruptcy. On December 22, 2008, Fidelity National Financial, Inc. directly and through its underwriting subsidiaries acquired LandAmerica Financial Group, Inc. If this is the same “Land America” how the heck did Land America get my state housing authority mortgage? I purchased the house a whole year before Land America filed for bankruptcy, why didn’t I make payments to them?
I’m really nervous that at some point I’m going to have to prove this is my house, or someone is going to knock on my door and serve me with foreclosure papers. I always use my banks bill pay service to make my payments, so proving payments is no problem.
I know this is a lot of information, but maybe someone out there has gone through the same situation. Wouldn’t state bonds keep the mortgage in state, or do they bundle the bonds and sell them? Is it possible that my mortgage has been passed around more than a whore at a plumbers convention?

Thank you so much.
One point I left out. My state was declared a “Hardest Hit State” and the federal government is pumping money in like it was water. Does that make a difference?

admin answers:

It does not matter that your state………….

My peers are correct. I will say this for one thing;
knowing RE and finance very well; it makes no sense
whatever, that your loan has been passed around like
a name at a drunk college party.

IF you have 20+% equity in your home, you CAN re-fi the
home to learn who has the note—but this might be a better
tack; BECAUSE the mortgage industry is going through
a flexing, a morphing, a cluster -uck like no one’s biz,

IT is likely that those at the top of the hierarchy in the
mortgage companies are playing hot potato with mortgage
notes and have LONG ago forgotten the occupany/owner of the house………..and you get to wonder what’s going on.

LIKE you said, keep paying whom you have been paying and
when you doubt the integrity of the note holder–begin
putting your payments into escrow………….and wait to be
sued……but I do not recommend that……..

U could put your money directly into an escrow account IF you
live in an escrow state.

Or have an atty take care of it.

And please accept my apology for the frustrations/gyrations of
this industry.

John asks…

Denied admission to the states – I am a Canadian citizen?

Hi there,

Me and my girlfriend are stuck and can’t see each other.
I am a 20 year old Canadian Citizen, my girlfriend is 18, she lives in the United States.

We have been dating for 2 years now, I have been going back and forth to the united states to visit her. I used to plane to go visit her each time.
I went for last June, again in for Christmas, march break and again this summer and every time I only stayed 9-10 days and returned.

This summer we wanted to bring her to visit Canada for the first time, she has her american passport. So i drove all the way from Montreal to the ambassador bridge to cross and pick her up and bring her back.
I was pulled over, questioned and denied entrance to the united states.
They suspected that I was going to permanently move there because I had a lot of clothes packed.

So then we decided that she should cross to come and see me instead. So i sent her money and she gets on a bus on her way to Montreal from the states.
And our bad luck, she gets denied and can’t come to Canada either. She was denied because her ticket was a one way ticket and she only had 20$ with her which was not enough for a ticket back?

Anyways, now we don’t know what to do , we haven’t seen each other for so long and we had a lot of plans.
Please help us.

How serious is this? Do I need to get a lawyer? What should I do ?
Should I go back and try again with the documents? Am i being flagged?

Below is the letter they gave me when I was refused:
Dear Traveler / Applicant for Admission:

At this point in time you do not appear to be clearly admissible to
the United States as a temporary visitor for pleasure. In order to
satisfy U.S. Officials as to your status and intentions, please
provide this office with the indicated items below:

o Proof of citizenship / evidence of Immigration Status
o Police clearance
oEvidence of Employment (recent pay stubs, employee ID, letter from
employer, etc).
oProof of Foreign Residence (recent rent receipts, copy of mortgage,
utility bills, etc).
oEvidence of Financial Support (bank statements, savings and checking
account statements, income tax report forms, etc).
oEvidence of Financial Assistance (receipts or government
correspondence of unemployment insurance, mother’s assistance,
welfare, disability, etc).
oEvidence of Educational Ties (valid school identification, letter
from school officials on school letterhead).
aUtility Bills (recent phone, gas, electric/hydro, bills, etc).
oIncome Tax Return Forms (current and past year).
oConfirmed return date (airline tickets, train/bus tickets, date
oSufficient funds for intended trip (cash, traveler’s checks, etc).
oContact name of family member, friend, or individual who you, the
passengers, is/are travelling to see in the U.S.
oAddress and/or telephone number where you can be reached in the U.S.
oOther items:

***This list is intended to be used as a guideline only to assist you
in returning with the necessary materials to help you sufficiently
meet the burden of proof which is incumbent upon you as an applicant
for admission to the United States. This list should not be considered
to be allinclusive.


admin answers:

You were denied entry for that trip, but not barred from entry for the next so many years. In fact, nothing is stopping you from going down to the border and trying again this weekend.

What I would suggest is that you read that letter that they gave you. They are suggesting that you bring with you proof that you plan to return to Canada when the trip is over.

Showing that you have a home (tax bill) in Canada, a job (pay stub), a bank account, your income tax return for last year, etc are usually enough to show you plan to go back. If refused, I believe that you also have the option to discuss the refusal with a supervisor. I would ask them to check your past history of border crossings, perhaps have them call your girlfriend in USA to confirm your trip and any facts you gave.

Likewise, on her end when she comes into Canada, she can have a letter from you showing that you accept responsibilty for her while she will be in Canada, and that the reason she has no return ticket is because you plan to drive her back after the visit is over.

Cross-border relationships are very difficult and can be very stressful. Things like this can come up, and you have to deal with it. All I can suggest is that you try again with the documents that they recommend, or contact Customs & Border Protection (US) or Canada Border Services Agency to discuss it with one of their representatives by phone.

The worst that could happen is that you try to lie to them or sneak across….Then you can get fined, end up in jail, and at minimum be barred from crossing for five years.

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