Your Questions About Check My Mortgage Status

Linda asks…

How often can I check?

I’m in the process of buying a home, and when the mortgage broker checked my credit reports, the one thing which affected all three of them was that they said there had been excessive inquiries into my credit status. This was not from me, because I’ve never dared to look at my own credit reports. But now that I’ve looked (and it wasn’t at all as bad as I feared), I’m wondering how often I can check my own credit reports without getting dinged for asking too often?

admin answers:

You will NEVER get dinged for YOU checking your own credit reports — you can check it everyday single day if you wanted and you wouldn’t get dinged — on the other hand if you apply for credit every single day you’ll get dinged because you’re seeking credit and potential creditors are checking your file! When you check your own credit report it’s a soft pull which means that when a creditors look at your file they will not be able to see that you have checked it — other examples of soft pulls are employment and rental inquiries these are inquiries only you will be able to see not creditors….when a creditor checks your file it is a hard pull and this can effect your score and other potential creditors can view these hard pull inquiries……the way you can tell when viewing your report whether it can be seen by you or the creditors is that there usually on each bureaus report there is a section that says something like “can be viewed by others” (hard inquires) and “not viewed by others” (soft inquiries) so look at your file and see which hard inquiries are hurting you score!

I use to have a credit report monitoring service and checked my credit report almost weekly and didn’t get dinged but I must tell you that if you check it more than once in a month like I said you will not get dinged but most likely nothing would have changed since creditors usually update file every 30 days

Betty asks…

Mortgage approval questions! – FHA loan?

We are in the underwriting process for our home mortgage. We can get info at mortgage loan status and they have a check list for our individual things we have to satisfy. All are personal info is satisfied, income, bank statements, w-2’s, etc. and they all have check marks by them. I have a question on one of the conditions that is not marked as satisfied. It says –

Subject to re-qualification, rate or points change from 6.4%, with 0% origination fee and 0% discount fee.

Any help would be appreciated – this is stressing me out and I can’t get my loan processor on the phone!! Thank You!!

admin answers:

Due to the very large volume of FHA applications in the pipeline, it is taking a long time for final underwriting applications to be processed. (5-7 days) I wouldn’t worry too much – if your loan officer did an electronic approval (AU, or automated underwriting), then you are fine. Basically, all the underwriter is going to do is verify the information that was initially put on the application. You have already been approve via computer.

Check with your loan officer to see if you were approved via an AU system versus manual underwriting. Most approvals are now automated. They are only manual if the credit is shaky, or some of the debt to income ratios are higher than normal.

Good luck.

Daniel asks…

Mortgage question – loan approval FHA?????

We are in the underwriting process for our home mortgage. We can get info at mortgage loan status and they have a check list for our individual things we have to satisfy. All are personal info is satisfied, income, bank statements, w-2’s, etc. and they all have check marks by them. I have a question on one of the conditions that is not marked as satisfied. It says –

Subject to re-qualification, rate or points change from 6.4%, with 0% origination fee and 0% discount fee.

Any help would be appreciated – this is stressing me out and I can’t get my loan processor on the phone!! Thank You!!

admin answers:

Or your rate was not locked at all… Rate has increased so you need to be requalled…

Lisa asks…

How can I stop this foreclosure?

Self employed, I purchased a house for 90K in 1989. The house has been refinanced several time over the years and was last refinanced in 2008 for 270K. Shortly thereafter I was diagnosed with cancer and could not work for 6 months. During this period I could not pay the house payment and had to file for Chapter 13 bankruptcy after I returned to work. Originally, the house was included in the filing, but was removed to do a HAMP modification with the lender (Arora Loan Services). Entered the trial trial period and was told to pay $600 for the first month. Over the course of several months the payment went up to $900 monthly. After a few months I called the mortgage company to check on the status and was informed that the HAMP modification was denied due to incomplete information on the application. I also receive a notice of foreclosure auction scheduled for mid March.

We attempted to redo the HAMP modification and was told that we could not do it. Then after talking with several people at the lender’s office we were told that it could be done if we attached a letter of reconsideration to it. I prepared the application only to learn that it could not be redone. Now the representative at Arora has advised me to do what he called a traditional loan modification.

This seems odd as with the Chapter 13 filing and the denial of the HAMP modification, it doesn’t feel right that I would qualify for a Traditional Modification Plan. Am I wasting my time? What should I do?

admin answers:

You will not be able to modify, they want to foreclose so they can go after your other assets. You have a lot of their money in your pockets.

I would try a short sale, but I think you waited to long.

Lizzie asks…

what does it mean when you have an account(mortgage) that is closed-end?

i checked and my account status is closed-end but i already gave my amount past due of 966 does this mean anything bad like the account status?

admin answers:

It can mean a few things:

1. You cannot pay off your mortgage early. Or
2. No more debt will be issued against your mortgage (equity line or an additional one won’t be given to you)

Call your bank holding your mortgage and have them explain it to you asap.

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