is it better to answer a mortgage foreclosure summons?
My husband was laid off in January. One of the first things we did was to call our mortgage company and try to get a modification. We got behind on the payments, and the other day a summons was dropped off. It said an answer was due in writing within 20 days. I immediately called the mortgage company, and they told me not to panic, that the modification should be approved soon and it would stop the foreclosure. I told them about the summons and they said to call the lawyer listed in it. I called the lawyer and asked them about answering the summons and told them what the mortgage company had said about the modification, She told me we didn’t have to submit a written answer to the summons if we didn’t want to, and to keep calling and checking on the status of the modification, Should we answer the summons or does it not matter? She told me that answering it wouldn’t stop the foreclosure, the only way to do that is to get the modifiication worked out. P.S. my hubby is back at work now and I’m looking for work myself, so we should be able to handle payments at a reduced interest rate,
Always answer the summons, in writing.
In the courts, if it isn’t on paper, the conversation never happened.
How do I get a landlord reference if prospective tenant owns their current residence?
Prospective tenant owns their current home and plans to rent it to their mother. My rental is twice the size and the reason they want to move. How do I check with their current mortgage company to see if their payments were on time, etc? I normally work with apartments or individuals for references. I will be doing a credit check but it does not give individual account status, only verifies personal data and an overall score. Thank you!
You need a better credit check then that. Normal ones even come with graphs showing any late payments, along with pages and pages of details.
You can verify that they own their home via the tax records. I would check the court house records to see if the mortgage company has ever filed for default, that is the only public record of problems you can access.
I submitted a Mortgage App yesterday…?
And I really was just curious to see what amount they might Pre-Qualify me for. So I emailed my contact at BofA checking on the status and he said the Underwriter was out sick and won’t know until they get back.
Am I incorrectly thinking they are going to do business with me? I thought an Underwriter came in the picture later in the process, or at least after I accepted their terms.
Help me out people. I don’t want to get excited prematurely.
When you submit your information to a loan processor to determine the amount of house you are able to purchase a loan processor is not normally qualified to accomplish this.
The loan processor will submit the completed application along with several potential mortgage loan program you might be qualified for. A qualified underwriter will then find or confirm a mortgage program that you might be qualified for based on the information you provide.
The underwriter is the one that determines if you are qualified for a mortgage loan program with their company. There might be some conditions that you might have to do in order to complete your mortgage loan application.
You should be happy that a mortgage underwriter is in at this level of your loan application. You may accept the conditions or turn the conditions down as well as refuse to accept the mortgage loan.
I hope this has been of some benefit to you, good luck.
How Long For Mortgage Approval?
Last week I met with a mortgage broker. It went very well. My credit scores were 790, 793 and 806. I got my approval letter. My mortgage broker asked for some additional Documentation which I faxed him when I flew home. In general, what’s next. How long do a wait before checking with my mortgage broker to see what the status of my loan application? Do I assume if I don’t hear from in a week or so that everything is going well? I don’t have a specific closing date yet but the seller has requested a 45 day close. I know each application is different, so I am asking questions in general or typical terms only. Thanks in advance!
I just got my 1099 tax form so I can do my taxes – do I offer to send copy of return to the mortgage broker or just stand by.
You are all ready approved, by receiving your approval letter. Now you need to know how much you are approved for? Call the mortgage broker and ask how much yu are approved for and that you will need to close on your home in 30 to 45 days. Starting at 30 days so they get the mortgage and all paperwork done in time for you home closing.No delay in closing on you new home. Enjoy your new home.
Received my annual escrow analysis statement…?
…saying I had a surplus in my escrow account and would be receiving a check w/in 30 days. Called today to check on status of check, and was told that because I am 2 months behind in my mortgage payments (I was laid off for 6 months, so I’m still paying monthly, but am always 2 months behind in my payments), that I would not be receiving my escrow reimbursement until I become current on my monthly payments. They “claim” that this is noted in the standardized print on the analysis, but I don’t see anything that relates to that. Is this legal?
Well I would call them and ask on what page it’s on and were if you have it then tell them to send you another one. It sounds right though why would they send you a check when you are behind on your payment to them? Also you put you are paying monthly so why are you always 2 months behind doesn’t sound like you are paying monthly?
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