Your Questions About Reverse Mortgage Lenders

Sandy asks…

Can a negative mortgage escrow be reported as past due on my credit report?

I found out after pulling my credit report that my mortgage lender was reporting me as $6,400 past due on December 31st when one of their agents told me on December 29th that all that was needed to bring my account current was $858. When I inquired last week about the reporting to the credit bureaus, I was told to send a letter to the research department. It was also suggested that I request a loan modification. Within a day after they sent the paperwork for the modification, changes had been made to my account history reversing payments made in December and not displaying payments made in January, and showing a negative escrow in the amount of $6,400. Needless to say, I haven’t submitted the modification paperwork. This reporting has caused my credit score to plummet. What recourse do I have?

admin answers:

You have a number of ways to combat this, but you may need some outside help.

I would dispute the item with the credit bureaus first, as you will need to do this before disputing the item with your mortgage company. Dispute the amount reported, the fact that it shows a late payment, and anything else that you believe may be incorrectly reported. Send your dispute via Certified Mail with a Delivery Receipt (online version is fine).

If this doesn’t solve the problem, send a complaint directly to the mortgage company, also via Certified Mail with a Delivery Receipt.

If you have paid your account on time and the only adverse element of the account is a deficiency in the escrow account, then you should not have any adverse reporting on your trade line. The lender is responsible for properly maintaining the escrow account, and if they made an error in calculating your payment, then they will need to notify you of any adjustment to your monthly payment prior to your next adjustment date.

As for the loan modification, you may contact a company that performs this function, or you may handle it yourself. I would recommend that you check the government’s “Making Home Affordable Program” first (see link below). You can do this yourself, and you may be surprised at how easy this can be handled.

Just be sure to gather all of the required documents and complete the paperwork carefully, for best results. Contrary to popular belief, you do not have to be late on your payments in order to qualify for a modification.

Good luck!

Mandy asks…

High speed rail. Part of a plot to Crash the US economy like most Progressive spending programs historically?

Can You Handle The Truth? Read it or shaddup. Don’t ask me for links, you can find this stuff & if you don’t care enough to look then don’t bother to read. This is not for ignorants or morons.

Our Government has been screwing us for nearly 100 years. Progressives are not all Democrats. Republicans have had a hand in this, though not the guiding hand.

Here’s the Truth behind the mystery caused by Progressive Smoke Screens. The Progressive Movement was created by Fabian Society members who wanted the US back under European Control. The time bombs put into our economy have been done by Progressives like Wilson & FDR. They seem like prosperity, but what they are is addictive debt that anyone with a brain had to know couldn’t be sustained.

Now politicians who take them on are destroyed because the people are addicted to them. It’s a slower acting destruction of our culture much like the free stuff black populations were given was a faster acting destruction of their culture. Leaving an entitlement culture that depends on Uncle Sam and is basically his slave.

Keynesian Economics itself was devised in Harvard University with a goal of stealing the wealth of the people & taking it for the government. That’s what the cycle of inflation & deficit was determined to do, and Keynesian Economics was the harness to take advantage of that false state of prosperity.

That so called prosperity was like the reverse mortgage loans they give old people where the lender takes possession of the home when they die. Their hard work is taken by the rich lenders, many of those held by Fabian Society Members. We’ve sold out the whole country & it seemed like it was great, we were wealthy, but we’ve screwed the generations to come. Pretty much now they are us, and we’re screwed.

The truth about these things is clear now to any who dare see. Yet Obama keeps working it trying to crash our economy quicker & more completely so there will be no hope that we can come back.

Do you want to chop down the apple tree to get the apples faster? There will be none next year. That’s what the democrats are doing. You will have nothing, you will be serfs to the uber wealthy who will complete an Oligarchy of not only the US, but the entire world. That’s the Fabian Goal, that’s what the Progressives are working toward though their idiot sheep are clueless of that.
Tea Party Hating Nazi … Japan uses it only in high population areas and I do believe that it’s privately controlled.

China has slave labor, everything is cost effective there because they have slaves. Is that what you want? Everyone to be a slave so that kind of thing is cost effective because you don’t have to pay anyone?

Big ol Duhh moment dude.
Growth vs Oil … That’s Keynesian Crap that’s proven not to work, in fact if you read the notes after my question I’ve told you that it was designed to bring the system down.

JFK depended on Austrian Economic Theory. He rejected Keynesianism.

Check out Austrian Economic theory, which has a much better record & a much better group of facts behind it.

Keynesian theory is what Communism is to Governmental Theory, it’s a disaster & it’s never been used by anyone for anything but to bring down an economy.
romare … Plenty of articles on Fox News about high speed rails and how it would be a worse debacle than Amtrack.

High Speed rails should be funded by those who ride it. If it’s good that will work, if not then it shouldn’t be paid for by tax payers.

admin answers:

Excellent

Do you want to chop down the apple tree to get the apples faster? There will be none next year.

A principal that should be taught to every child in the world.

Keynesian Economics was in deed designed by Progressives with connections to European Fabians to bring down the US system, or at least the US population into serfdom as Europe has set up to a degree with the class system & groups controlling all the wealth & the others being the live stock that generates their ongoing wealth.

Jenny asks…

short sale vs foreclosure for a loved one?

Need some advise on my mom’s home. She hired a firm to do a modification for her home loan payment back in Sept of 2010. Modification went to the lender for review, still waiting to hear back. Was served with papers for complaint and summons from the bank. She has dementia and is not mentally stable to stand in court to represent herself fully or answer questions appropriately so question is, being I am her POA, should I just consider going for a short sale and be done with her home and avoid foreclosure or proceed with the nerve wracking answer and motion deal to set the foreclosure intention back some in hopes the modification will be decided in her favor by then? It’s very nerve wracking. Also, if she has her name on another property but her son is mentally disabled and has a reverse mortgage out with a different lender on that home, (I am his guardian), can the bank take this property as well if her original home goes into foreclosure? I was told being her son is mentally disabled, they can not take a home away from him or me for being his care taker but not sure just how true this is. This is in the wonderful corrupt state of New Jersey by the way. Any advise or suggestions would be greatly appreciated. This is such a stressful situation to deal with. Please help!! Thanks so much for your time….

admin answers:

Depending on your state, while in the process of a loan modification the banks are supposed to consider your account in review and not proceed with foreclosure procedures. If you are not happy with your loan modification company may I suggest you at least do a search for forensic audit specialists, as this might be another solution to saving the property if the loan modification company is not successful.

If you have a short sale specialist and they have been successful with negotiating with the bank, and you are not looking to save the property, this is a very good alternative as well. However, banks are not required to approve short sales just like they are not required to approve loan modifications. Make sure there is no charge upfront to perform the short sale.

William asks…

It’s a fiduciary duty for trustee to only do what benefits the estate?

How can I explain to my brother that it’s to both are benefits that we sell dads house that has a reverse mortgage .Just because dads living trust says he could live in the house for 3 years But now with a reverse mortgage.As trustee his duty is to only do what benefits the heirs not himself .Not informing lenders of death and still cashing there checks is fraud .He is using our own money just to live there. We need to sell as fast as we can before it forcloses to salvage anything left.Somebody explain it to him
my father died 3/7/2009 in california
no estate atty

admin answers:

I am not clear what is going on. Is your father deceased?
Where is the estate atty in this squabble?
You both need to go to a trust and will attorney and have him advise you, it will be worth the200 bucks or so he will charge to look at the dollars and documents and advise you what you should do.

If somebody is cashing checks made out to a deceased person without court authority, somebody could end up in prison

Robert asks…

Can I refinance with high risk credit and less than 30k a year?

My grandmother left me her house, but it had a reverse mortgage so I would have to refinance in order to keep it. The house has a 50k balance on it. I have high risk credit and I am a nurses aide who makes less than 30k a year. I paid off a few thousand dollars of debt over the past year but I don’t know if that helps. Anyway, my question is with my stats would it be worth my time trying to refinance or should I just sell the house? I know banks are tough but would private lenders be willing to refinance me?

admin answers:

You earn enough money, so all that really matters is if the house appraises high enough and if your credit is good enough. You can have really bad credit, like 650, and still get a loan. It might be an expensive loan, but a loan never the less.

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