May 30, 2009

It Depends, Clicky Linky

Would it hurt me if i pay off my credit cards in full each month?

Pietra

Not Really

Filed under: Mortgage,Short Sale

We just completed a short sale after almost going into foreclosure.  We have not recieved our letter yet from the bank saying the loan is satisfied yet because we just closed two weeks ago.  My grandfather is giving us property that is worth about $30,000.  All the information I have read says that you cannot get another mortgage until 2 years after the short sale.  But what if you own property that is worth $30,000 and you want to build a house.  Does this make it any easier?

Kim

Are Federal Student Loans Negotiable Instruments?

Filed under: Student Loan

So, I understand that most promissory notes are negotiable instruments. What about a student loan promissory note, where the Guarantor is the Federal Government/US Department of Education.

If a person has defaulted on their studentloan, can that person demand payment from their promissory note to department of education, in order to pay off the debt?

Thank you for your time and informative site!!

Sarah (more…)

Qualified Written Request Limitations

Hi Paul:

On pages 287 & 287 of RESPA it states a written request doen’t constitute a QWR if delivered to a servicer more than 1 year after the date of transfer of servicing or date mortgage paid in full. Under RESPA-6 enforcement it states one has 3yrs to file a lawsuit to enforce violations of Section 6.   

So my question is this, If I have a mortage audit performed and in doing so I have requested documents from the lender and they failed to provide them and it is past one year of for date of chang of servicers, would I still send a Qualified Written Request demanding the documents?  How does that work. 

So many people didn’t even know they had the option of putting a lender on legal notice.  In addition, if the audit produced significant compliance violations, would I present them in a QWR and request a loan modification too?

Beth (more…)

FHA Loan After A Short Sale

Paul,

Would I qualify for an FHA loan? I lost my job and had to Short Sale my home, I received official release by letter of all liability in July 2007.

Is it a 2 year or 3 year waiting period?  Are short sales “officially” considered foreclosures as of today?  Most importantly, do you know of an underwrite who can help me with a loan???

Desperate here, rented for 2 years here in Henderson. I can’t afford a Conventional 10% down.

Love you website – I’d appreciate your help.

Jayne (more…)

Is My HELOC A Purchase Money Mortgage?

Have a question about my helocs.  I am doing a shortsell  on both my homes, and they both  have helocs as seconds.  My previous prilmary has a heloc taken out to put a 20% down payment on my current home.  My current also has a heloc. 

Because I used the heloc money to purshased mycurent primary can it be considered for a non-deficiency?  I live in Arizona, a partial non-deficiency state.  I believe I qualify for the first mortgage on both homes to be non-deficient. 

I hope this is clear enough to get an answer, if not let me know.

Jim (more…)

May 29, 2009

Revoked Loan Modification

Filed under: Loan Modification

MY MORTGAGE CO. APPROVED ME FOR A LOAN MOD AND ASKED FOR 3800 IN CONTRIBUTION FEES IN WHICH I HAD TO PAY IMMEDIATELY ,THAT WAS APRIL 16TH 2009,THEY TOLD ME MY MORTGAGE PAYMENT WOULD BEGIN JUNE 1ST 2009 AND I WOULD BE PAYING 1623 WITH A 4.62% RATE. I WAS ECSTATIC ,AS ANY ONE WOULD BE BUT MY SITUATION HAD WAY MORE SENTIMENTAL VALUE THEN ANYTHING ELSE! MY FATHER IS THE ORIGINAL HOME OWNER AND HE WAS SUDDENLY KILLED IN A HIT AND RUN IN SEPT AND I BEING THE ONLY CHILD  AND THERE BEING NO SPOUSE,I WAS THE ONLY HEIR OF THE ESTATE. I LIVED WITH MY DAD WHEN HE WAS KILLED ALONG WITH MY 4 CHILDREN, APPROXIMATELY 2 WEEKS AFTER I PAID THE CONTRIBUTION FEES THEY TURN ON ME AND REVOKED THE LOAN THAT WAS ON MAY 1ST 2009,THEY NEVER SENT ME A LETTER OR ANY NOTIFICATION ,THE ONLY REASON I BECAMR AWARE OF THIS IS BECAUSE I CALLED THEM TO MAKE SURE THERE WAS NO MISTAKES OR ERRORS ON WHICH OFFICE I WAS TO SEND MY 1ST MORTGAGE PAYMENT TO,,I MEAN I WAS ACTUALLY CALLING THEM TO PAY MY MORTGAGE PAYMENT IM SO GREATFUL I DIDNT JUST SEND IT LIKE I WAS GONNA DO,,I KEPT HAVING AN INNER VOICE TELLING ME TO CALL,IM SO GLAD I DID!THEY TOLD ME IT BECAME REJECTED BECAUSE THEY MADE AN ERROR,IM NOT ON THE LOAN WITH MY DAD IM JUST THE HEIR AND THE PERSONAL REP OF HIS ESTATE. THEY HAD TO OF KNOWN THIS BEFORE THEY AGEED TO A LOAN MOD AND SENT ME ALLL THE PAPER WORK TO SIGN AND COLLECT ALMOST 4 THOUSAND DOLLARS FROM ME!I CALLED TO ASSUME THE LOAN AND WAS TOLD I COULD BE PUT ON THE LOAN WITH MY DECEASED DAD HOWEVER THE LOAN HAD TO BE BROUGHT CURRENT AND THE LOAN IS NO LONGER CONSIDERED CURRENT NOW THAT THEY ARE REVOKING THE LOAN MOD APPROVAL! IS IT TRUE THAT I CANT GET A LOAN MOD WITH OUT BEING IN THE LOAN? THE MORTGAGE COMPANY SAYS AFTER THEY CLEAR MY RECORD OF THE LOAN MOD THEY CAN OFFER ME A REPAY PAYMENT PLAN,,THERE IS ABSOLUTELY NO WAY I CAN AFFORD EVEN 1 MORE DOLLAR A MONTH ON THESE MORTGAGE PAYMENTS!IVE HEARD AMERICAS SERVICING COMPANY DOESNT EVEN REALLY EXIST ON ANOTHER BLOG ON THIS SITE AND WELLS FARGO AND ASC ARE MY SERVICERS !
 
WHAT CAN I DO TO HOLD ONTO THE ONLY PART OF MY DAD I HAVE LEFT AND THE ONLY ROOF I HAVE FOR MY KIDS TO SLEEP UNDER AT NIGHT?CAN I CLAIM BANKRUPTSY FOR THE ESTATE OF MY DAD SINCE IM RESPONSIBLE FOR THE DEBT? PLEASE HELP,I COULD BE ON THE STREET IN A MATTER OF DAYS IF I DONT FIND A LOOP HOLE OR A WAY TO STOP THESE COLD HEARTED PREDITORY ANIMALS!  THANKS CINDY (more…)

Damaging Debt Collection Inquiries

I am really beside myself.  I have been attempting to repair my credit for almost three years now.  Your website has been so helpful in helping me do this.  Thank you so much. 

My problem is this.  I only have two bad issues remaining on my credit report.  I’m just going to let them go because they will drop off in December 2009 and January 2010 anyway.  At this point its not worth the trouble.  My problem is this.  There is an old Ford Credit debt from over ten year ago I defaulted on.  Apparently they sold the debt to a collection agency recently.  Because of the age of the debt the collection agency cannot report it on my credit reports.  However I find out that this collection agency did a hard pull inquiry in March of this year and again in May of this year.  As you know because they are hard pull inquiries it damages my credit score. 

Is this what I’m going to be faced with the rest of my life from debt collectors?  I’ve noticed that several people complaining to you on this website about old “should have been forgotten” debts coming back to haunt them.  Is this whats going to happen with me?  I need help here.  Please tell me what to do. 

Again thanks for a really great website.  May God Bless you.

Terri (more…)

May 27, 2009

Sloppy Credit Reporting

A person is a beneficiary of an estate, in which the real property is in forclosure.  The beneficiary is included in the suit, but not liable on the debt instrument.  Would this be reflected on his credit report; if so, how?  And would it impact his credit score/rating?

Robert (more…)

May 26, 2009

Bungled Foreclosure

Filed under: Foreclosure,Mortgage

Paul, I was recently served foreclosure papers stating that a lawsuit has been filed against me. The first page references me as the defendant with my address, but thats it!!

The rest of the documents pertain to someone else, they actually served me with someone elses documents including copies of original loan documents.

I don’t know what to do. I’ve been reading your website and it’s by far the most knowledgeable of all the ones I’ve visited so I was hoping for a little advice, thanks!

Shaun (more…)

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