Your Questions About Check My Mortgage Statement

James asks…

My mortgage company withdraw the money before the due date.?

My mortgage company always send the bill minimum 4 to 5 months advance.However I make the check with the due date.But while going through my banking statement,I have found that they withdraw the money from the bank immediately.Is it lawful

admin answers:

I don’t believe that a mortgage company sends you a bill for a mortgage 4 to 5 months before it’s due.

It is illegal to POST DATE a check. When you write the check, you have to have funds. It is a legal promissory note.

Your bank will confirm this.

Yes. 100% legal.

Mary asks…

late mortgage payment, due to adjustable interest rate?

how do I dispute a mortgage late on my credit report that is 10 months old, the reason for late, is that my loan has an adjustable rate that changes my payment every year, so after one year (it went up $50.00) and since my payments are made automaticaly every month it was marked as “late” as soon as I received notice of this I mailed the bank $100 to cover the difference, only to find out that I needed an additional $4.50 to cover the late fee, by that time a 1×30 had been posted to my credit report.

I have the bank statement plus canceled checks to provide evidence

admin answers:

It sounds like your late, the company isn’t responsible for adjusting your payments you are. If you havent been late before contact the company that holds the loan and see if they will take off the 30 day late off. Its 10 months old, but they do have the power to remove the info.

If not, you can write the three credit bearers and see what they can do dispute it for you. Most likely it wont work, but doesn’t hurt to try.

Trans union, experian, equifax

good luck

Ruth asks…

Can I use a P&L statement to qualify my income for Mortgage?

So I make about 100k a year. But whats showing on taxes for various reasons don’t reflect that properly. First, to give some back ground. I’m in the marketing industry, commission basis.

2008 – 80k W2.
2009 – 100k 40k adjusted 1099
2010 – 40k gross with no expenses. I started working for a company that covered all my expenses and I took many months off of work to take care of my son. 1099
2011 – 50k so far this year, again, no expenses. 1099

The 1099’s are all through an LLC and the checks are written to my business name and deposited into my business account. I spoke with a Wells LO the other day and he’s had luck by having a certified or Audited P&L statement for the last 12 months to prove my income. It truly is 100k a year when working properly, but on taxes, I can only show 40k. If you know of any lender that would be willing to do this, let me know. If you think its a remote possibility, let me know as well. I have about a 660 middle score and will be looking to borrow around 200k with 30k reserves after the down payment. Purchasing in AZ and have ZERO monthly expenses.
I mentioned I have ZERO monthly expenses. I mean, I have no debts! I’m asking about whether they will accept a P&L statement instead of tax returns. This is what I want answered.
Okay, again. This would be a CERTIFIED OR AUDITED P&L STATEMENT. Please read the question before answering. You can’t make up a certified or Audited P&L statement as a CPA or someone qualified must certify it.

admin answers:

No ….anyone can make up a P&L statement but your tax returns are an official document.

Bank statements, P&L statements, business and personal tax returns is how any lender would rate your credit worthiness.
——————————————
“You can’t make up a certified or Audited P&L statement”……is that right? Ever hear of Enron?

Again no lender going to lend money solely based on a P/L statement. Sorry you don’t like the answer. That is one of the very reason that the FDIC has closed down so many smaller banks for not following newly mandated lending guidelines. Banks and credit unions are being audited twice a year, when before they would be audited every two or three years. The banking industry now has much more stringent lending and operation regulations.

Donna asks…

Explanation of Default for Mortgage Lender?

I am in the process of trying to obtain a mortgage to purchase my first home. My mortgage advisor is in talks with Nationwide who appear to be considering offering me the mortgage but they have asked for a few things from me before giving me a decision…

They have asked for my payslips, recent p60, bank statements, and a letter explaining a (satisfied) default that I have on my credit file. All of these are fine apart from the letter explaining the default. I defaulted on the account in January 2007, for the grand sum of £91. The honest truth is I was a complete fool and simply didn’t pay my bill, which resulted in the default eventually being added to my credit file. I fully accept I should have just paid the bill, the only excuse I can offer is foolish immaturity. I certainly wouldn’t get myself into the same situation now.

Can anyone advise the best way to word my letter please? Will the mortgage lender check my explanation with the previous creditor (who I defaulted with)??

I have worked hard to improve my credit over the last couple of years, I pay all my bills on time and I currently owe nothing in credit, and have no arrears of any kind on any account. My current account has not been overdrawn etc. Currently my credit score is 829. I have a fairly good size deposit to put down on the property (about 30%).

Considering all of these factors, are the lenders still likely to turn me down because of the default on my account? As previously mentioned the default is marked as ‘Satisfied’ on my file (not sure if that makes a difference or not).

Any advice would be extremely appreciated as I really don’t know what to put in this letter!? I don’t want to mess my chances up any more!

Thanks

admin answers:

Wanna

You did a pretty good job, just expand on it. Make it short, to the point, and sincere.

Soccerref

Steven asks…

Almost 90 days behind – mortgage w/Chase?

I have a Chase mortgage that I missed 2 payments on. This was back over the summer (June and August). I have made payments in September, October, and November; Chase continues to accept the payments, and they clear the bank, no problem (bank electronic bill-pay sends the checks). But my current statement says due date 9/1, implying that I’m pushing the 90-days. If I go one week over this 90-day limit (in other words, make the next payment on 12/7), will they begin foreclosure on my home, even if they have been accepting payments all along?

I can make the individual monthly payments, no problem, but it’s the past-due that I can’t seem to catch up on. Any advice would be helpful.

Yes I’ve tried calling Chase, they are most unhelpful.

admin answers:

Have you looked into the FHA Secure mortgage? You can contact me about it through www.securefha.com
Best of luck.
Charlie

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