Mortgage modification nightmare?
in 2004 we bought our 1st home! we where preapporved for 350k but we went with a home for 180k. We where dumb enough to fall for a 5year ARM that started at 5% payment all together was around 1250 including escrow. Well Two years ago my wife lost her job and took a new one with 35% less pay then little over 1 year ago lost my job. Before we did have saving but that virtually almost drained out 7 months ago then we got a surprise from our BoA our mortgage company a noticed letting us know our new interest rate is 8.5% and our payment is now 1575! We quickly called them up to discuss a refinance and where shut down in a New York Minute because of me being unemployed and the home is worth 120k about 60k underwater. After being shut down the loan officer at BoA was nice enough to tell us to call a number for a loan modification. So I did.
After being on hold for 1 hour I got interviewed by a rep who went over all of my financial, then asked me to fax a hardship letter, with pay stubs, bank statement, credit card statements, W-2’s tax return over 40pages of stuff. He told me 30days they will review and get an answer. 30 days past and called back got interviewed again. This time the rep said nothing we can do I suggest you do the following
-sell your cars use public transportation
-100 dollars for food a month
-take money out of your 401k
-take cash advances from your credit cards
So we got a check from our credit card and deposited in our checking account that dried up quick as we had some large medical bill surface. now we are 15k in cc debt. So we called them again went over the samething and was interviewed and asked to send in pages of documents. We are current but as a result we are getting further in debt.
My uncle is renting his house nicer then ours in the spring for 1k. We are tempted to throw them the keys to this place and tell then to shove there 8.5%.
should we be chatting with a bankruptcy attny.
Have you read your loan docs to confirm that the 3.5% increase is legit?
Most ARMs don’t adjust that much and with interest rates at an all time low, I can’t figure out what formula they are using to determine the rates.
Husband and I getting divorced, hidden bank account?
My husband I are divorcing, well he does not know yet. I believe he is off with a mistress right now actually. We each have separate trust and we also have a joint trust. I was going through papers in his office when I found a current statement of his for a bank account he has just in his name, which I never knew about, it is not part of his trust, it has over 250,000. What should I do to get this money back into our joint trust account? I know it came from there because I checked our online statement and found the transfers. Should I transfer most of the money from the joint trust account into my private trust account? I want to leave some money in it so anything that auto bills to it will not bounce. We only use our joint account to pay for the mortgage, property taxes, our sons’ private school, and utilities. We both have successful careers so we pay for all our individual activities and cars.
I started the divorcing process with my attorney today. I was saying I would take money out of the joint account and put it into my account, because there is still a substantial amount of money in the account. I have photocopied a copy of the account summary and scanned it on my computer and emailed it to myself and my sister.
You need to discuss this with your attorney immediately. It doesn’t matter where you put the money and what he hides, a forensic accountant will find it all when the process begins.
What’s up with my line of credit?
In order to pay off some debts, back in 2006, I opened a line of credit account with the same lender that I have my mortgage with. I don’t know anything about these things, so I think at the time I thought I was getting a loan. Anyway, I got $12,000 out at the time. My monthly bill has always had a minimum payment of $236, which I set to automatically pay since the beginning. I haven’t paid any attention to it since then, and it has always been paid on time (automatically). It occured to me recently that this thing should be paid off by now, so I checked the latest statement.
It shows the current balance as $11,644, with an interest charge of $220.87. It also says “Your Credit Line is $11,900” and “Your Available Credit is $255.00.”
What the heck? Does these mean I have been paying $236 a month since 2006, but have just been paying a monthly interest charge? How the heck do I get this thing paid off? Was I supposed to pay more than $236 from the start?
Balance Subject to Interest Rate: $11,534.01
Monthly Periodic Rate: 1.915%
Annual Percentage Rate: 22.98%
Interest alone on 12k, is near $230 a month. You’re paying just barely enough to cover that.
You don’t get monthly statement, to show what is owed & how you are progressing on your payments??
You’ve got a loan & are not constantly checking on it??? Not wise!!
Need urgent help understanding this citation to discover assets..lawyers would be helpful please?
I don’t understand all of this…I need some help
You are commanded to produce at the examination all deeds and agreements for deeds showing any ownership interest in real estate. *we have a mortgage so Im not sure what this means..I dont have a deed*
tax bills for 2009 payable in 2010 for any real estate that you own; *again we have a mortgage so does this apply? we make 1 payment to the mortgage company for taxes so i dont have this*
2007 and 2009 income tax returns * I can get those no prob* employers w2 forms *got em* current wage statements showing income for any employment for the months of january 2010 through the date you are to appear for this Citation * I have no income I’m a student so ..do I bring nothing because I have nothing?* bank statements for checking savings from 2009 and 2010 * I had my accounts at a few different banks last year and I dont have any of the statements..what do I do?*
all automobiles *do i have to bring my car to show them? its financed I don’t own it yet so can they seize it as an asset?* registrations and titles, all motor vehicle licenses *they want my license plates off the car???* and registrations and certificates *no clue what this means* copies of any notes *??* mortgages or security agreements showing indebtedness to any party and all books, papers or records in your possession or control which may contain information concerning the property or income of or indebtedness due judgment debtor *huh? does this mean they need my mortgage coupon?*
This is because I had a car reposessed in 2009 and theyre taking me to court for the remainder. Can someone please just tell me exactly what im supposed to bring to court according to this notice, and can they take my house which has a mortgage and can they take my car which I owe money on (this is a seperate car obviously not the repo’d one) and can they take our clothes and furniture and my kids toys and our beds and dishes and everything we own to pay the debt? is this possible? I know I should have a lawyer but i’m a student and my husband is on unemployment and we cant afford a lawyer. We want to file bankruptcy to get rid of this debt but we have no money for bankruptcy. someone please help me? I dont want to go to jail if i dont have the right stuff at court!
right bu t i don’t understand half the stuff they are asking me to bring..i need this stuff clarified! simple terms. what do they want? I’m being sued for the remainder of a balance on a reposessed car.
I live in Illinois. I just needed to know what to take to court. It says all this stuff that is not comprehendable for me…my husband is on the house loan with me..it was just me on the car loan that got reposessed. i’m the only one on the citation. I just want to have everything they are asking for. If they want my house and also the 68,000 dollar balance and if they want my new car with its 4000 dollar balance they can have it and the bills to i suppose..thats why i didn’t think they could take it, because i owe money on it.
It looks like you have been sued, possibly in small claims court, for some bill you didn’t pay, and now the person you owe is trying to find out what assets you have so they can attach them to get paid since they won at the hearing.
Show up with those things you have, and answer any questions you are asked honestly, and you will be okay. They won’t take away your only car. And there is no debtors prison any more, so you won’t go to jail,
Hi, when applying for a new mortgage in the UK can I admit to only one of my loans (I have two)?
The reason is I need to move house as I have a child on the way and I also have a well paid job with bonuses to pay off the debts soon so don’t want them to hold me back. I still have a good credit rating at 876 because I never miss payments. My payslips and other details are all there.
Will the banks check further than just my score?
Do they print off the whole experian/equifax statement to read?
My loans are for £24000 and £15000 (latter soon to be £7000)
They trace you through your name / date of birth / address…. Each lender sends monthly updates to the Ref agencies on each loan….
If you ‘forget’ a loan you could well find your application refused and your accounts frozen … There are lots of ID Thieves out there trying to pretend to be some-one else .. Such thieves will apply for loans in your name but perhaps with a new address .. Plainly they may not know about your entire circumstances, so when new applications are vetted, the computer throws out any where the details don’t ‘match’ …
If you are worrying that you may be refused because the lender might think you are ‘over extending yourself’, there is every possibility that indeed you ARE over-extending .. Maybe you should consider saving up instead of another loan (after all, if you can afford the repayments, you can afford to SAVE that amount each month)
Every penny you pay in Interest is one penny LESS that you have for yourself … Those who PAY interest CHOOSE to be POOR = those who EARN interest choose to be RICH ..
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