Your Questions About Check My Mortgage Status

Donald asks…

City and County Tax Refunds for Dallas?

My tax status was changed on my home mortgage and the city and county will owe me a refund. I need to know the site to go to checking on it to make sure when it will be ready, or if my name is already there.
I have already filed for homestead exemption and disability status.

admin answers:

You need to file a homestead exemption with the Central Appraisal District.

Http://www.dallascad.org/

They will change it pretty quickly after you file, but if you have an escrow account with your mortgage, they will hold off as long as the can before reducing the escrow. I filed a homestead exemption and also went to a hearing with the appraisal board and got the value reduced, and I still can’t get my escrow reduced until I actually provide the bank with a copy of the tax bill which won’t go out until October.

My escrow payment is about $ 500 per month too high. It’s like giving the bank an interest-free loan. Eventually I’ll get the excess refunded.

Thomas asks…

Mortgage Questions…?

Here’s my situation:

My husband and I just moved to the USA a few years ago. After we arrived in the US, we had a few lapses in immigration status during which neither of us could work because we were waiting for work papers from the USCIS. These lapses caused “black marks” on our credit reports. My husband was doing residency at this time, and our resources were limited, so it made it difficult for us to bounce back completely after going several months without income! Last time we checked, our credit scores were in the high 500s (no rude comments pls, it sucks, i know).

Anyway, he finished residency in January, started work as an internist in April. He is now making $160K/year. The problem is – our credit score sucks big time and we don’t really have savings to speak of. But, we want to buy a house at the soonest possible time, if only for the tax-deductible interest payments.

The question is – is there any place where we can get a decent mortgage despite our shortcomings?
Gabe TX – My husband and I are both physicians. My husband is working in an underserved area, where American doctors refuse to work. He is taking care of Americans, keeping them healthy and alive. He is helping to prevent the collapse of the American Health System. So, I hope you are not implying that he shouldn’t be welcome in this country. No, he is not mowing lawns – he’s doing much better things for this country.

admin answers:

Firstly, I commend you for coming here, working hard, coming by your money honestly and contributing to our great society. Hopefully, our government will let in more people like you.

As far as mortgages go, with that level of current income, it will be absolutely no problem to find someone who would give you a loan. The real question is, what the rate will be. The best rates are to be found online, at low overhead lenders, but unfortunately, they make it much more difficult to bring down the rate, once your score improves.

I suggest that you check out the poor credit links at www.bestmortgageanswers.info for some rates. Print them out, and bring them in to a local bank. Ask if they can match them, and if you can build in an option to refinance with no closing costs when your scores get above a particular threshold, say 650 or something like that. That way, you pay the least for a loan now, but get the option to lower the rate and payments as soon as things improve, which will happen fairly quickly.

Good luck!

Ken asks…

I took out a mortgage on my home for a friend (my house was paid off), he cosigned on the mortgage papers.?

He said he would pay the debt and now months later I have been making the payments. He said that if my house goes into default he would then be able to get the payments current and take my house from me. Is that possible? He is not on the deed of my home. You hear the nightmares of someone cosigning a home loan but it was done for his benefit.The mortgage company that I went through stated that they would go to court on my behalf if I pursue legal action for the monies, because he told them all that he was the one who needed the money and I was doing this to help him out. I also have documentation of the money going into his checking account and also the receipts of where the money went and it is all in his name. I live in Ohio so I am hoping someone may have some advice. Also he has applied for an FHA loan and has been approved and is looking for a house. So will the late payments that have not been affected our credit reports hinder his final approval for his own home loan? I wasnt expecting to have to pay the monthly payments so every month I have been paying late but keeping my loan out of default status. Will they call the loan company and ask about payment history before they close on a home for him?
There was never any paperwork for him to be on the deed of my home. When I bought the house I bought it cash outright. When he needed the money and could not get a personal loan is when I went to the lender and took the loan out on my home with him as a cosigner. So I guess now I will get an attorney because he has defaulted then on his verbal agreement with me. I had nothing to benefit from any of it. All the money went directly to him. I have learned a very valuable lesson that’s for sure. But I knew he was getting wrong information in thinking he could just take my house from me if I defaulted on the loan. Because he has no ownership. He even went as far to say if they come after him for money then he would sue me. Never ever again will I ever do something nice for someone. Because we broke up he feels like he isnt responsible. He got what he wanted.

admin answers:

If you have been making the monthly mortgage payments on time, then his credit report would reflect no late mortgage payments.

The current FHA lender he is approved with would not call the mortgage company nor anyone else for any reason to see if he is making the monthly mortgage on time or even paying the mortgage. His credit report is reflecting that the mortgage loan he co-signed with you is current with no lates.

Even if you are a few days late, you are not 30 days late, therefore your credit report as well as his credit report would reflect no 30 day late payments and the mortgage loan is current.

If your friend co-signed the mortgage loan with you and signed the mortgage loan docs, this person is on the title deed with you. A lender would have the title deed drawn with each person on the mortgage loan as owners of the property. A title deed would be included in the mortgage loan docs both of you were required to sign at the closing of the mortgage loan transaction.

In order for this person not to currently be on the title deed you would have had to have him sign a quit claim deed or go through a local title company to have his name removed.

You might would want check with the county recorders office to verify that his name is on the title deed.

WHY????

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Carol asks…

financial aid question?

So I’m 21 just moved back in with my parents after losing my job. I decided to try the college thing and anyway I need financial aid. Here is the questions/problem my parents don’t have the money this semester (or more) due to the economy. My parents overall family contribution estimate is like $30,000 dollars, which is insane. My dad was without a job for a couple months and now my mom is worried about her current job. They have a mortgage loan they are still paying off and car payments. Anyway after checking my financial aid status it said that college costs were like $16,000 a year so minus $30,000. In theory, according to the government, my total needed financial aid is negative $14,000. I was wondering if this means there is no way in hell I will get any grant or loans? Can I appeal anything? Also wondering if anyone has any good websites for scholarships(essays are fine).

admin answers:

You should let the financial aid office at your school know that your dad is currently unemployed. They will readjust your awards package, but if your mother’s income is still high enough… You still may only qualify for federal loans. Even though your efc is 30000, if you choose a school that’s less than $5,500/year – the entire amount will be covered by financial aid (federal loans). Start with a community college if you cannot afford a 4-year school right away. Community colleges are between $1500 and $3000/year in most cities… A huge savings. Then, you can transfer to a 4-year school in a few years. You can look for merit-based scholarships… Which unfortunately are very hard to find if you’re a non-traditional student (meaning you didn’t start right out of high school). Many scholarships require financial need… Which you currently don’t have based on your efc. The best place to search for scholarships is looking through the large scholarship books at your local library.

Fafsa does not consider debt or expenses (with the exception of high monthly medical costs), the application only considers income, household size, etc. So, the mortgage and car payments will have no affect on your efc (which is annoying, but makes since since some people choose not to purchase a house or cars).

The government offers financial aid to everyone in the form of federal student loans. You have to choose a school that’s less than this. Your need isn’t negative 14,000 because if you chose a school that’s 16,000/year… Then you’d pay 16,000/year. If you choose a school that’s 2,000/year, then you only pay 2,000/year. Speak with your school’s financial aid office and explain that you and your father are currently unemployed. If you still cannot afford the school, then you will have to find a cheaper school that you can afford. Good luck to you.

Nancy asks…

IRS has royally screwed me with my mortgage. What can I do?

Ok, so granted my husband filed his 2007 taxes late and I ammended my 2008 to include his. Well, the IRS filed the 2007 with the 2008 ammendment, and now its “lost”. The IRS failed to switch my filing status to head of household to married filing joint with the ammendment, and took my husband’s income and put it down as mine…. So now we are trying to close on a house, and the bank tried to get his transcripts. well, now the IRS says there is no 2007 and 2008 is in process to fix their mistake. Ive gone to the IRS office twice and spent a total of 4 hours on the phone with them trying to get them to fix this. They keep saying they will, but they dont.

I have a staement from the IRS stating on Sept. 28 they received his 2007 taxes, and that the original got filed with the ammendment. I have a copy of my tax transcript that has his income, which matches perfectly with this W2s, but under my social.

I had both 2007 and 2008 ammendment checked by a tax professional, so I know the forms were filled out correctly.

So what the heck can I do?? Anything?? Do you think the underwriter will be able to see how the IRS messed up our taxes, and still allow us to close while they work on fixing it?
tro- i guess you dont get the IRS has ADMITTED their screw up their is no transcript to get because though they received it they never processed it

admin answers:

Dear messed up: Do you have a copy of what was filed? If so just certify they are correct and include any correspondence from the IRS (transcripts etc.) Contact the Title company and explain the SNAFU. If required provide copies of your W2’s to prove income. The Title company should have some flexibility in their regulations. Also contact your broker or real estate person and ask for intervention with the bank/title company.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent

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