Your Questions About Check My Mortgage Statement

Lizzie asks…

Question about Mortgage?????

So every month I get my mortgage statement and last month there was a letter enclosed as well. The letter basically said that if I pay my mortgage too early, like before the first of the month, that they would charge me extra interest for the days that I paid early. The reasoning behind this I guess is because it lowers the balance that I pay interest on before they bill the next statement. My question is…can they really do that? It seems wrong to me. I send my check through the bank so I really can’t control if it gets there on the 31st or the 1st. But I don’t think I should be penalized for paying it a day early! If anyone knows what I am talking about or has had this happen to them I would really appreciate some informative answers.
so about the pre payment thing… it also says there is no penalty for paying the principal early. i can pay it anytime i want but it is just the monthly payment that can not be sent early. which is why i am confused….

admin answers:

Well, unfortunately if you have a PPP (Pre Pay Penalty) they are totally correct.
When you signed the whole paperwork on the day of your closing, they had to advised you that you have or not a PPP.
If you do, they are correct on charging you. Meaning, that is you pay sooner they will charge you. There is a form that you must have signed that it said the proration and percentage of the amount charged. This is legal, they usually charge you a PPP so they can lower the rate at the time you purchase your property.

Good luck.

PS: if you didnt sign a PPP form, then you have to call them and make sure they do not charge you anymore.

Sandra asks…

Showing bank statements for mortgage?

Husband and I are in the process of buying first home and lender wants this month bank statement next week. We are getting a Fannie Mae homepath loan with 5% down. Our house is contract purchase price is for 64,900. The question I have is on the 31st of this month, this coming Monday we are getting a deposit of $6,000 from my husband’s parents for gift of buying a home. The amount was sent by personal check and was deposited last week but our bank put a hold on it to make sure funds were available. This amount is well over the amount needed for down payment and our closing costs. Is that going to be ok? Will we have to show documentation such as gift letter, copy of check and parent’s January bank statement?
Yes the funds are for down payment and closing costs. And we have about 2-3 mortgage payments worth of our own savings in the account and never had any negative balances. So bank statements are good. I just wanted to know if they were going to be picky about receiving a large deposit.

admin answers:

You may be required to get a gift letter to explain the $6,000 deposit. But wait until they ask.

Mary asks…

Our mortgage company sent us a letter saying our home was approved for modification?

Now when we call to make a payment they say they reversed it weeks ago they changed their mind. We never received a letter saying this. And when we asked them when the letter was sent they say sorry we do not have that. Is this legal? So the $200 we thought would be less is now added back on. Just at a perfect time my husband was laid off of his job. (he gets a unemployment check) My question is what can we do? we have the letter and statements saying the new prices.

admin answers:

If you cant trust your current company,
I have a good company you could choose.

Ruth asks…

To pay or not to pay?

Ok, heres the situation. We’ve been living in my husband’s dad’s house for the past 2 1/2 years, just paying the mortgage directly to washington mutual. We are moving at the end of the week into a house we bought. Thing is, I just got a letter in the mail from Chase collections, saying the mortgage is like $1100 behind, (chase just bought out washington mutual) and that the account has been in default since 9/01. Well, on 9-17 i went to Chase and paid with a check, and it shows on my bank statement. for october i mailed them a check, but when i checked my statement it hadnt cleared. I dont understand why they are saying that 1) the account is in default by $1100 when the mortgage is only $404 and they say we are only in default for 2 months and 2) why they are saying we are in default when i paid. they wouldnt talk to me since i am not on the loan, so i sent them a letter with a copy of my sept. payment….

so we told his dad, and hes comin tomorrow to get the letter and talk to chase. but if they lost my october payment, should i pay? i think his dad is just giving this house to his soon to be ex wife anyway. but regardless, this kinda pisses me off cuz the whole time we’ve been living here hes never fixed anything and there have been major problems like mold coming from under the bathtub, kitchen floor sinking in, gutters falling down, etc etc and now he is probably going to throw a fit because chase messed up…

ugh, what should i do? if they lost my check, i dont feel like paying because of all the problems we have had to live with… that stuff never would have been left alone in a apartment complex…

admin answers:

It is very very rare that a bank loses a check from someone. They are not really in the scamming (at least not blatantly) business. If the check was lost then your bank statement will show that it was never taken out of your account. If the money was taken out of your account then they are on the hook for it. There is a paper trail then and it leads right to them. Either way, you should be fine. If it is lost somehow behind their photocopier then write them a new chech and make sure your bank voids the check number that went missing.

Your boyfriends father does have to do all the talking. Inform him and arm him with your account details before he goes.

David asks…

Need a mortgage loan fast!?

I recently fell in love with a house that I could actually afford! I got pre-approved with Bank of America and immediately put a bid on the house. For the past 5 weeks I have been working with BOA to get my loan approved and closed. I’ve faxed at least 50 documents, letters, statements and checks. We are supposed to close by 8/11/11. On 7/28 BOA emailed me to say that they couldn’t approve my loan after all that time. Appraisals, inspections and title searches have all been done. Now I have 11 days to try to get someone else to approve and close a loan. Can it be done? I live in Texas, my credit score is 631-635. I applied for an FHA loan, but I can put up to 15% down. My parents are also willing to cosign, they are retired so they don’t have steady income, but they have an EXCELLENT credit score. I’m desperate, i’ve even already started packing, so I will take any help or advice I can get. Thanks!

admin answers:

Unpack.

You are not buying with that credit score. I can’t believe B of A did not turn you down flat.

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