Asked 12/19/2009 03:06 am CT (Duluth, MN)
On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes.
The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan.
We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due!
Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us.
Is any of this even legal?
Asked 06/04/2009 09:55 am CT (Asheville, NC)
I have scores of 513, 560, and 548. I am currently trying to clean up the CB scores and expect this to improve somewhat. My husband has 568, 580, and 598. We have an income of 76,000 per year, i have been employed 2 years, him 1 and a half. We have had no late payments this year. We have only student loans as debt, but its about 50,000 between the two of us, the payments around 345 between us per month. We have a landlord willing to write a letter that we have been on time every month, can show statements of our electric, phone, and cell bills, all current for the past year. We have a down payment of 3500, and we have closing costs. We want to buy a house in our neighborhood for 158,000. any chance we can do this PRIOR to the end of the year???
Yes, but you need to get your scores at or above 620. Credit score standards have become more stric...
[ Total Answers: 1 ]
Asked 04/08/2009 09:51 am CT (Des Moines, IA)
My boyfriend and I live together. He was divorced over a year ago and part of the divorce decree stated that his ex wife got there home and all the responsibilty she was supposed to remove him from everything in a certain day period. Which would have been Nov 08. Well she did not do this and now the house is being foreclosed on and she NEVER got him off any of it. So now we are getting letters and phone calls saying they will be foreclosing on the house and it is going to effect his credit.
The morgage companies say that there is nothing they can do even though the divorce says it is all her responsibilty. The lawyer we talked to said that the only thing they can do is get her arrested on contempt of court? This does not seem right is there any help!! We plan to have a life together and I do not want this hanging over our heads for the next 7 years =(
Unfortunately the lender on the house was never invited to the divorce. The divorce was only an agre...
[ Total Answers: 1 ]
Asked 12/16/2008 06:18 pm CT (Albany, NY)
I purchased a home at a real estate auction with a 10% buyers premium. My bid price was $80,000 making the total purchase price $88,000 with the 10% buyers premium. I had to give a deposit of $5000 the day of the auction (earnest money). Now I am approved for a loan with a commitment letter but the bank will only finance the bid price of $80,000 instead of $83,000 which I owe the seller. They also want an addendum to the sales contract to state the total purchase price is $80,000 instead of $88,000. They say the buyers premium is a cost to the borrower. Most real estate auctions have a buyers premium. Is this right what this bank is doing, do most banks include the buyers premium for total purchase price like my contract is written?
Asked 08/26/2008 01:18 pm CT (paducah, KY)
I filed Bankruptcy, and the mortgage company was supposed to foreclose on my house,my guess is because it had roof damage, ect. I got a letter saying that they charged it off and cancelled the sale. I know I can live in it and rent it out, but can't sell it until they release the deed. I don't want to put alot of money into it if they can come back again. How do I get them to release the deed? or can they come back after they charged it off?
Asked 07/09/2008 04:59 pm CT (Huntington, WV)
I recently was approved for a VA home loan. When the paper work went to the underwritter
I was required to write several letters.
1 explaining why I filed bankrupcy in 2002
2nd since I was retired What I was going to do to be sure I pay my bills on time/live within my means on a fixed income
3rd What I have learned from past derogatory credit history that will help me continue to make payments on time.
Then they requested 3 months of bank statements on how I spent my money.
According to the Veteran Admin website they should only hold bankrupcy against you if it is 2 years or less.
My credit scores were in the 600's highist 658.
They approved the intial loan application. But when the underwriter got it it was everyday want a letter treating me as a little kid. This company only does VA loans
Can they do this? make you write letters, explain and prove how you spend your money?
Asked 03/22/2008 04:42 pm CT (marshfield, WI)
I had tried to get a house though mortgage experts, had signed papers for the bank and we were pre qualified for the loan, 2 days before closing they told me and my girlfriend that we werent accepted because i am on a commision based income, 2 weeks later i got a letter stating i am liable for the 325 dollar appraisal fee. i looked through the papers and it did not state i am liable for this. am i liable for this bill or what can i do to fight it?
Asked 03/19/2008 02:57 pm CT (mcarthur, OH)
i need to know how you deal with a forclosure letter from the goverment after contacting a bankruptcy attorney about this they said that my mortgage was not signed and that there was a loop hole can some one please help?
I wouldn't count on that miracle loophole. If you wish to keep the home and can find a way to afford...
[ Total Answers: 1 ]
Asked 03/18/2008 01:35 pm CT (elmhurst, NY)
my broker applyed morgage in 6.375% and later he locked in 5.7 now when we got our commitment letter it says 6.375% I'm concern now what will happen? my broker says don't worry u will get it 5.4 but how it's posibble can u please help. thank u
Get it in writing. If your broker won't give it to you in writing, find someone else who will....
[ Total Answers: 1 ]
Asked 03/04/2008 06:13 pm CT (San Jacinto, CA)
I received a letter and it references NAFP Program stating that I am eligible for this program. Rates starting at 1.95 fixed . what is this program, and is it bona fied?
Kyllian, Likely it is a gimmick to get you to sign up for a "teaser" payment, or introductory paymen...
[ Total Answers: 1 ]
Asked 02/25/2008 07:34 am CT (Conyers, GA)
I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?
Asked 02/08/2008 07:24 am CT (Fort Wayne, IN)
We have a 1st and 2nd mortage on our house. We are never late paying our 1st mortgage, but this past month I send out the 2nd mortgage payment in enough time but the mortgage company didn't post it unti it was 4 days past the due date. We have now received a letter from the 2nd mortage company saying we are in default and they are going to start foreclosure. Can they do this?
Asked 02/05/2008 04:30 am CT (southgate, MI)
We are having trouble getting our 1098 form from our mortgage co. they held our mortgage from Jan.- Sept. 07. They went bankrupt. We contacted our current mortgage holder but they say there is nothing they can do. How can we get that 1098 form? Also we have tried contacting the bankrupt co. with no luck. They did send a letter informing us of the sale of our mortgage and that they would send the 1098 form by Jan. 08. It is now Feb. 5 08. and still nothing.
Asked 02/04/2008 05:46 pm CT (Murrieta, CA)
I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.
Asked 01/30/2008 09:37 am CT (holyoke, MA)
Hi, I have two mortgages on my home.
The frist one is real nice, But the other one sends the bill after the due date.
they all so add a late fee. This month I called them up and told them that I had better then have of this month payment in a money they told me that they would not take anything but full payment. The payment is for this month. What I would like to know. Can they do this all so They send me a letter saying that if I sent them a check ther would go into my checking account and take the money out.
Asked 01/17/2008 08:31 pm CT (Prescott, AZ)
When a title co. holds your title in escrow and collects your payments, what steps do they have to take to collect the balloon payment before they forclose. They said they sent me a letter but I did not recieve it. It was not a certified letter. They are now forclosing.
Asked 01/17/2008 09:15 am CT (coconut, FL)
please help me if you can iam going to be In Foreclosure IAM ON S.S ONLY and can not pay my mortgage any more iam 4 months behind and will lose my condo
how long will it be before i lose my condo I have not got any letter from my lone co. and i got my property tax in the mail do i have to pay the tax or do the lone co. or whoever gets the condo pay it when thy take my condo from me iam paying my maints of $252 every month to the condo . and trying to find some wear to live. I dont know what to do
Asked 12/30/2007 10:14 am CT (goldsboro, NC)
My husband and I are divorced and were separated for 6 years. We bought a house together during the marriage. I moved out of the house and remained out of the home to date. During the divorce we signed papers stating that I would give up rights to the home if he would have my name taken off of the house within 90 days. Well that was this past April. As a result I find out yesterday that he has not been paying the mortgage (which I had no idea) when I received a certified letter stating foreclosure. Question. To save my credit, is it possible to take his name off of the house, take over the payments, and possibly work out a deal with the mortgage company? I have good credit and this would ruin it.
Good question. Since it sounds like the origional agreement was a part of the divorce decree, legall...
[ Total Answers: 1 ]
Asked 12/10/2007 05:38 pm CT (Landing, NJ)
Can one spouse take out a mortgage and the other spouse not use their credit just there salary for a loan. my wife has a loan she can not get off her credit due to bankruptcy but she paid the car loan off even though she paid it off Ford Motor Credit will not send her a letter that is paid off, so she can't get a loan without showing the car is paid, even though her current car loan has this vehicle as a trade with her current car loan. She makes more money than I do, so can we use my credit and salary and her salary without using her credit?
Dwayne, No, most lenders will not use her income w/o considering her credit. However, you shouldn'...
[ Total Answers: 1 ]
Asked 11/30/2007 10:53 pm CT (pittsburgh, MI)
My wife and I are currently looking to close on loan quickly. We will be relocationg to a different city and the property we are purchasing is located there. However, in order to close on the loan quickly (as we are in a hurry to close), the broker told us that he would file it as a second home and not a primary place of residence so that we would not have to do a job verification at the new place. We both have jobs that are currently in negotations at the new location, although we do not have our official contracts yet, but this definitely will not a problem as we will be receiving the final contracts within the next month or so. The broker thought this would slow down the loan process or may not be able to close on time if the lender/bank may require this employment verification letter. And since we need to close on a tight schedule, he wanted to make sure we could close the loan on time. Although we will be working and also have ample funds to pay for the loan regardless if we didn\\\'t work for a month, I\\\'m a little worried about this since this home will be our primary place of residence. The broker told us that after the loan is closed, we could just let the bank know that we had decided to make it our primary place of residence and there would not be any problems. Is this true? Is this something we need to be concerned with? What problems could potentially arise in this situation? We would appreciate any thoughts or words of wisdom.
If the home is going to be your primary residence, then your application should state t...
[ Total Answers: 1 ]