Your Questions About Check My Mortgage Statement

Robert asks…

Beware of Countrywide Bank Lending “Impound account set up”?

I just bought a foreclosures home at the end of Oct 2008 in West Sacramento. I just received a statement from Countrywide Lending informing me that my mortgage payments are going to increase $450.00 month. Reason being there was a short in my Impound account. I just couldn’t believe this, I was very upset. How could Countrywide affiliate with Bank of America make a bad calculation? I was not happy at all. I then made an appointment with the Countrywide Loan Officer and ask him and the underwriter. How could you all make a large mistake not calculating the payments correctly and not collecting the funds during Escrow? This is not a sub-prime loan or a pick a payment loan. Be aware buyers out there. When applying for a home loan with Countrywide. They will give you an estimate of “Property Taxes” so, being that I bought a home in West Sacramento, there was Mello Roos and other assessment including in the taxes. Which I was not aware being new to the county. The loan agent and underwriter said” well if we would have calculated the MelloRoos and Assessment “you would NOT qualified for the loan. I was appalled when I heard this from an underwriter and a loan officer from Countrywide. This sounded like the loan officer was selling a pick -your payment option/sub-prime loan. Bottom line Countrywide Bank loan officers are they just to get there share. It’s all about the $$$. I asked the loan officer and the underwriter. “So, you’re telling me Countrywide is not aware of the property taxes that are being paid on there “foreclose homes”. That’s all bull@#$. Then lender has to pay for the darn property taxes, which includes Mello Roos and Assessment. Now, I understand why Countrywide is now affiliate with Bank of America. All Countrywide Pick-a- Payments loans they sold. As a shareholder for Bank of America and ex- employee of Bank of America. A message to any Associate from BofA in Sacramento area. Loan agents, you need to train the CountryWide loan officers and underwriter at here in Sacramento area. I just can’t believe this is happening out here in the Sacramento area. Not to mention Countrywide is now affiliate with Bank of America. What a shame. So be aware … there is still not honest lenders out there. Before buying a home. Make sure you find out the property taxes in that county you are buying from first. Don’t leave it to the “Countrywide Loan Officers” Check with the County Taxes Assessments first.
Ken Lewis .. should have back away from the deal of Countrywide. BofA associate, train your Countrywide lenders out here. This type of services impacts the quality services to consumers and it all falls on “Bank of America” now that we affiliated Countrywide. Take “Ownership” as a shareholder.

admin answers:

Ultimately, you are always responsible for property taxes or assessments. So if the county has a website, it is best to find out previous taxes on that specific property, or whether they have a way to “estimate” based on value (since Proposition 13 or tax on an empty lot before new construction might make previous taxes artificially low).

And it is best to check the county site to track if your lender is properly paying your property taxes from escrow on time.

I had problems with my lender neglecting to pay taxes on my double lot the year purchased (2002), which I suddenly had to pay myself directly after receiving notice of tax sale. Then my lender misunderstood, thinking they had paid the wrong bill (when they should have paid both), and sent me too much back from escrow. The following year when it finally sank in that they had to pay both lots, they bumped up my escrow payments to catch up. But I knew that would come eventually, so I was prepared for the escrow increase.

Donald asks…

Employer retracted a job offer, What can I do?

I was offer a Job with a Financial Company and a few days later the offer was retracted.

Here are the details.

Day after interview, Company called to offer me a position, I accepted (verbally). HR stated an offer would be sent to me in the mail and I was suppose to complete the fallowing paper work and bring it in on my first day.

Received offer, Filled (signed) out documents with offer. Along with offer there was a statement I needed to fax in so they could conduct a background check (Faxed it in same day)

4 days Prior my first start day they called me and said Due to my Credit report the offer is No longer up.

So more info. Lost my job awhile back (3 yrs or so ago) and couldn’t find a job that paid enough for me to pay my mortgage and living cost. Ended up using my credit card a lot (building up debt). Time past still couldn’t find job so I became self employed (independent Contractor) for about 2 yrs. Didn’t really make a lot of money but enough to pay the mortgage and living cost. Credit Card Bills went unpaid. Saving Chapter 7 Bankruptcy for when I 100% need it.

Is the job offer retraction legal? I read in a few places stating that once the offer is made on paper they cannot take it back and others say if the hiring process isn’t complete they can retract it.

admin answers:

In most job offers today, they do a background check for any criminal, credit and verification of any education you have stated. In most offers they will state somewhere that this offer is “conditional” or “contingent” that the background check comes back “clean”.

In your case, your background check of your financial history is “dirty” and in a position of a financial company would be absolutely a reason to disqualify you period. Granted you had some valid reasons for running up your credit cards to “survive” and most likely are at the point you may have no other option but to file bankruptcy at some point, but be advised that filing bankruptcy can also disqualify you since it could imply you cannot manage money.

With a financial company, they are scared that due to your financial problems in the past/present makes you a candidate to steal or mismanage funds if you work there and something should happen that might “tempt” you to.

I worked as a claim adjuster in many insurance companies and even though I was an employee, every year they ran credit checks on me since I handled checks on a daily basis. If my credit had ever been bad, I guarantee you that they would have taken away my privilege to write checks or have every check approved by management.

My suggestion due to your credit background is to apply in a position where you have no access to finances period or you will forever be hired/then retracted and be spinning your wheels.

Good luck

Mark asks…

What else is left on my Re-Fi closing?

Well I’ve been told our mortgage re-fi has been approved. We signed the commitment letter and sent it back. We completed all conditions. The last condition they requested was a verification of reserves (bank statement for savings account). The loan officer said that was the only condition they needed to clear before close. But is it???? I want to be prepared, what else could they want? I don’t want to waste any time. Shall we print up more paystubs to have on hand, print out 401k statements, etc…????

I know the commitment letter said something about “We may require that credit info in your mortgage app be updated prior to close” Is this a 2nd credit check? I was curious if they would tell me if they are going to do a 2nd chk. Because all these checks/inquiries (prior to going w/this bank we had a broker and there are 9 inquiries in the past 4mo!) are hurting my credit score. I just checked it and it went down a few points!!!!!

How long does it take to get a closing date set? I feel like this is dragging and the commitment expires 12/31/10! I got 4.100% for 30yrs and I don’t want to lose this rate or go through the process all over again.

admin answers:

Sounds like you’re fine to me. You’ve got 3-4 weeks left and light at the end of the tunnel. That’s a lifetime in loan officer time. Your current income and credit should be irrelevant at this point in the process. They want to know how much you have in cash now and if it matches what you said you had before. Just pull out your mortgage app and make sure there hasn’t been any major changes since you first filled it out. Let your loan officer know if there has been. If you’re getting close to the deadline be pleasant in asking for updates, but persistant. The loan officer only knows as much as the credit underwriter tells them or is available in their system. Depending on your loan type, the credit underwriter might be a bit overworked (last 2 years has been rough on them)

Good luck and congrats! (awesome rate)

Mary asks…

Algebra Help!!!?

Using the addition property of equality solve each equation. Be sure to check your answers.

1. y – 3 = -17
2. -5 + y = -19
3. r + (3/5) = -( 7/10 )
4. x + 10.6 = -9
5. 13 – 3r + 2 + 6r – 2r – 2r – 1 = 3 + 2*8
6. 4r – 3 = 5 + 3r

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Solve each equation. Be sure to check your answers.

1. 6x = 18
2. -6r = 3
3. (-5/8) x = -25
4. 12 – 18 = 12y – 6y – 3y
5. 8r = 3r – 10
6. (3/4)x – (2/3) = (7/12)

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Solve each equation. Be sure to check your answers.

1. 2x – 8x + 35 = 5 – 3x
2. 2 ( x + 2 ) = -4x – 2
3. 7 ( 3m – 2) + 5 = 6 ( 2m – 1) + 24
4. -2 ( x – 4) – ( 3x – 2) = -2 – (6x – 2)
5. 17.3 – 2.7x = 10.55

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The equation 4x + 6 = 2 (x+3) + 2x is satisfied regardless of what real number is substituted for x. Substitute a few real numbers and then try solving the equation. Describe what happens.

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What is 16% of 90?

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Put the following equation in terms of y. (For instance y+x = 2 converts to y = 2-x). Substitute the value for x into the equation to solve for y:

1. 2x + 6y = -12; x = -2
2. 2x – 5y = -10; x = 0

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Determine whether each number is a solution of the given equality.
1. x = 23 a. -5 b. 0 c. -9

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Describe the graph using set-builder notation

-10 -9 -8 -7 -6 -5 -4 -3 -2

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Use the multiplication properties of inequality to solve the following problems. Graph the solution sets.

1. -7x > 21
2. -7x 12

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The product of 8 and a number, decreased by 14, is 218. Find the number.

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Maria is working with a realtor whose commission is 10% of the selling price of her house. If she wants to get $72,000 to pay off her mortgage, what should be the selling price?

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Given that my number is greater than 16 and less than 19. Given that your number is greater than 12 and less than 20. Therefore, our numbers could be the same. Is this a valid or invalid statement?

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Solve for x: (-3/8) = (6/x)

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Which one of the following is true?
a. A statement that two proportions are equal is called a ratio.
b. The ratio of 1.25 to 2 is equal to the ratio 5:8.
c. The ratio of a 12-inch plant to a 4-foot plant is 3:1.
d. If 30 people out of 70 are men, then the ratio of women to men is 40:100.

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The measure of the angle’s supplement is 52 degrees more than twice that of its comlpement. What is the angle?

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A sailboat has a triangular sail whose area is 221 square meters. If the sail’s base is 26 meters, what is its height?

admin answers:

Don’t be so freakin lazy

James asks…

How do you get a final on your divorce when you work overseas?

My wife pulled a slick one, I separated myself from her around june 09 because things had become to volital and to violent. I only returned to pick up a few things here and there, I moved in with a friend in SC until I could find a job. I started contracting overseas jan 10, when I returned late that year I found out she filed for divorce, but she filed it as a divorce of bed and board. With that I countered with a lawyer for absolute divorce based on the time away. I don’t think my lawyer has had my best interest since I left to go overseas though, recently my STX lawyer filed an erroneous claim in court because they say according to the previous judgement I wasn’t paying my portion of the mortgage although I sent bank statement that proved otherwise, with that I also had my brother to send the copied checks that she sent to my house for her share of the mortgage the easily proved she did not pay IAW the order, nothing was done about it. To make a long story short the decision was made that I not only make the full payment of the mortgage but that it looks like to me that since I’ve got a job now, I’m to pay her support! Wow…and a portion of my account is not to be spent that it will be used as marital property on final, now this is the money I managed to save since I started working. Understand she’s into day care and have been about 20 years, make good money! Wow looks like I’m getting screwed for going to work and being overseas….How do I end this thing, and at what point did my separated account that I’ve had for years be legally used as marital property? Better yet, if that’s the case why wasn’t her’s as well? WTH….

admin answers:

You should have a trustworthy attorney write up the settlement agreement and propose it to her or set it for trial to get a judgment.

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