I beleive so as this would cover the admin cost to prepare the discharge documents and confirm that the file is indeed paid up.

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Condo in california, loan with indymac bank. if i am delinquent for 3 months and disapproved for a loan modification, how much longer will i have to attempt a short sale?

That is actually a question you need to pose to Indymac , as it is completely up to them as to how they wish to proceed. When you were denied a loan modification, did they offer the option of a short sale? Normally an investor will let you know if a short sale is an option upon denial of a loan mod. In this market, each bank/investor is in their own dire need and it really depends on how desperate their need to recoup this money. The longer they allow the process to drag out, the more costly it can become for them. Best advice is to contact the litigation department of IndyMac and ask them if a short sale is an option for you now that the modification has failed.

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We applied for a mortgage almost 3 weeks ago this friday. we still have not heard anything back. the lady we talked to at the bank said we should be fine and that there will be no problem getting pre-approved. what is taking so long? also do we have to wait again to be approved, as we only put in to be pre-approved for $21,000 and we want to be approved for $30,000. any help with what is going on ? thanks! yes im sure we didn't apply through a mortgage broker, i do know what a bank is. and i'm pretty sure that we went to a bank.

should only take an hour or 1-3 days at the most. I would get a second appoval from another mortage co. There is no reason for that.

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Hi, my offer on a home was accepted, and i want to get a mortgage. but as of yesterday, i am laid off for 3 months. (delphi summer lay-off, i still have a job) i have a "back to work date" in august. i was unpleasantly surprised to hear the bank wont approve me for a loan. i asked the officer if i could pay ahead on my mortgage 3 months (no), does it matter that i have a "back to work date" (no), and if i had a co-signer could i be approved. he has to get back with me on that. anyone out there able to give me a faster answer, as i can't wait any longer? thanks.

I think you already posted this question - my answer is pretty much the same. You need to wait until you are employed again with a few paystubs proving regular income. Banks are not comfortable lending money to people without current employment. A return-to-work date is not a guarantee of gainful employment.

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After waiting 4 months for this short sale with 2 mortgages deal to work, i am at a lost road as a buyer. 1st bank approved the offer with letter to also credit 3% to buyer for closing cost. after agreed verbal to accepting $4500 as a final payoff of $30,000 2nd mortgage seller debt, the 2nd bank decided to question the 3% credit and refuse to issued approval letter to close the deal. finally, 1st bank approval must be closed in 2 weeks, but 2nd bank playing hard balls. is there anything we could do the make it work, has it happen to any realtor out there.

There isn't anything. Short sales are too much of a problem. They are too many debt variables. Buying a short sale with 2 mortgages was looking for trouble. I would suggest you look for REO. There are bank owned real estate and Freddie Mac and Fannie Mae alone have thousands available. The only problems are more people want the house or the Realtor wont return your calls.

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Hi i have a simple but little tricky question. i believe there are three ways to purchase a house. 1.pay cash - if you are a millionaire.. 2.hire mortgage broker - they will contact with wholesale lender 3.contact with bank directly - bank has it's own loan officer. *if someone doesn't tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" . here is my story. year 2004 i met mr.kim who was a mortgage broker.he always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(he was acting that option #3 does not exist. that way he could get more jobs to sell.). *someone might say "why did you trust the mortgage broker? you are stupid..." you will be surprised to know how so many people have no knowledge about these whatsoever. anyway i trusted him and year 2005 i purchased my first house. i filled out loan application and prepared all the documents which was prepared by mr.kim. the loan was approved: both first and second lender was major banks. exactly 2months later, i received a check book by xx (also major bank) bank. i asked my mortgage broker about this and he said that this was a home equity line of credit by xx bank (3rd mortgage): it was issued based on the current value of my property (there's no loan application and no appraisal report..ect.) and my excellent credit. i had no doubt about this at that time (because it was issued from a major bank) and i used the money for home improvement. my mortgage broker, kim was sentenced for financial fraud for other cases(currently he is in federal prison) in the mean time, my mortgage payment was increased dramatically because it was a mta program which i had no idea what that was at that time... my monthly payment doubled after 2 years and i had reached a point where i could not make all three mortgage payment including the 3rd mortgage. as the real estate market crashed, the value of my house dropped greatly and i could no longer able to make payment. i knew something was not right. i heard about mortgage audit from internet one day and decided to do that. i requested all the documents (including original loan applications..) from the all three lenders. i was surprised to see that there were loan officer's name which i had no idea because i had never met any loan officers. not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer?? since the lender was not a whole sale lender, i had learned that the loan officer from the lender must meet with the borrower directly(patriot act?). what do you think about this whole loan process? i want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents?? * some of you might say, "you signed the documents at the settlement and it is your responsibility" however both the mortgage broker and the title agent are currently imprisoned. during the settlement, it is almost impossible to review every single document and sign them. i had to trust whatever i sign because it was conducted by title lawyer. who would not trust "lawyer" ?? do you think lender gave us a money because they are charity workers?

Your question gave me a headache. I would suggest strongly that you contact an attorney that specializes in real estate. To me it sounds like you may have a case based on fraud, simply on the basis that your broker seemed to have filled out and filed papers on your behalf with out your approval. Good luck.

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Hi i have a simple but little tricky question. i believe there are three ways to purchase a house. 1.pay cash - if you are a millionaire.. 2.hire mortgage broker - they will contact with wholesale lender 3.contact with bank directly - bank has it's own loan officer. *if someone doesn't tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" . here is my story. year 2004 i met mr.kim who was a mortgage broker.he always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(he was acting that option #3 does not exist. that way he could get more jobs to sell.). *someone might say "why did you trust the mortgage broker? you are stupid..." you will be surprised to know how so many people have no knowledge about these whatsoever. anyway i trusted him and year 2005 i purchased my first house. i filled out loan application and prepared all the documents which was prepared by mr.kim. the loan was approved: both first and second lender was major banks. exactly 2months later, i received a check book by xx (also major bank) bank. i asked my mortgage broker about this and he said that this was a home equity line of credit by xx bank (3rd mortgage): it was issued based on the current value of my property (there's no loan application and no appraisal report..ect.) and my excellent credit. i had no doubt about this at that time (because it was issued from a major bank) and i used the money for home improvement. my mortgage broker, kim was sentenced for financial fraud for other cases(currently he is in federal prison) in the mean time, my mortgage payment was increased dramatically because it was a mta program which i had no idea what that was at that time... my monthly payment doubled after 2 years and i had reached a point where i could not make all three mortgage payment including the 3rd mortgage. as the real estate market crashed, the value of my house dropped greatly and i could no longer able to make payment. i knew something was not right. i heard about mortgage audit from internet one day and decided to do that. i requested all the documents (including original loan applications..) from the all three lenders. i was surprised to see that there were loan officer's name which i had no idea because i had never met any loan officers. not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer?? since the lender was not a whole sale lender, i had learned that the loan officer from the lender must meet with the borrower directly(patriot act?). what do you think about this whole loan process? i want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents?? * some of you might say, "you signed the documents at the settlement and it is your responsibility" however both the mortgage broker and the title agent are currently imprisoned. during the settlement, it is almost impossible to review every single document and sign them. i had to trust whatever i sign because it was conducted by title lawyer. who would not trust "lawyer" ?? do you think lender gave us a money because they are charity workers?

You may find it impossible to read everything before you sign it, but it is not impossble. I have done it several times. We take a break of an hour or so and I read every word. If you sign stuff blindly, the conclusion is that the terms don't matter to you and you would have signed it regardless of the terms.

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Hi i have a simple but little tricky question. i believe there are three ways to purchase a house. 1.pay cash - if you are a millionaire.. 2.hire mortgage broker - they will contact with wholesale lender 3.contact with bank directly - bank has it's own loan officer. *if someone doesn't tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" . here is my story. year 2004 i met mr.kim who was a mortgage broker.he always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(he was acting that option #3 does not exist. that way he could get more jobs to sell.). *someone might say "why did you trust the mortgage broker? you are stupid..." you will be surprised to know how so many people have no knowledge about these whatsoever. anyway i trusted him and year 2005 i purchased my first house. i filled out loan application and prepared all the documents which was prepared by mr.kim. the loan was approved: both first and second lender was major banks. exactly 2months later, i received a check book by xx (also major bank) bank. i asked my mortgage broker about this and he said that this was a home equity line of credit by xx bank (3rd mortgage): it was issued based on the current value of my property (there's no loan application and no appraisal report..ect.) and my excellent credit. i had no doubt about this at that time (because it was issued from a major bank) and i used the money for home improvement. my mortgage broker, kim was sentenced for financial fraud for other cases(currently he is in federal prison) in the mean time, my mortgage payment was increased dramatically because it was a mta program which i had no idea what that was at that time... my monthly payment doubled after 2 years and i had reached a point where i could not make all three mortgage payment including the 3rd mortgage. as the real estate market crashed, the value of my house dropped greatly and i could no longer able to make payment. i knew something was not right. i heard about mortgage audit from internet one day and decided to do that. i requested all the documents (including original loan applications..) from the all three lenders. i was surprised to see that there were loan officer's name which i had no idea because i had never met any loan officers. not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer?? since the lender was not a whole sale lender, i had learned that the loan officer from the lender must meet with the borrower directly(patriot act?). what do you think about this whole loan process? i want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents?? * some of you might say, "you signed the documents at the settlement and it is your responsibility" however both the mortgage broker and the title agent are currently imprisoned. during the settlement, it is almost impossible to review every single document and sign them. i had to trust whatever i sign because it was conducted by title lawyer. who would not trust "lawyer" ?? do you think lender gave us a money because they are charity workers?

Charity workers? I doubt it. Greed is more like it. Sounds like you're reaching out for validation since only attorneys are qualified to give advice in your situation. Unfortunately, you are among the countless of others victimized by the unethical practices of predatory lending. Thankfully, some of those involved in your transaction are getting their just due now in prison. Sadly, too many others guilty of the same predatory lending practices are still amongst us. The travesty is their "crime" has resulted in this financial crisis ALL of us are now experiencing. If you're wondering what now to do, accept your situation, confront it head on and deal with it through those now servicing your loan. On the upside, the nation is sympathetic to those like yourself especially if your loan(s) is with one of those who've received bailout assistance. They are expected to work with you. Suggest a no-cost refinance at their lowest interest rate. If the payment(s) is(are) still too high at the lowest rate, request a longer amortization schedule, for example a 40-yr loan. Your anger is understandable, however, get past it and get help. I sincerely hope help comes to you quickly.

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I'm beginning the process of purchasing my first home, and have gotten pre-approved by one mortgage company already. i would like to also talk to my bank, as well as my fiance's to see what they have to offer, but if they both run credit reports will 3 inquiries in this short amount of time significantly impact my credit scores?

An application for a mortgage loan is a "hard pull" on your credit report. It does affect your credit score. Anytime that you are actually getting a loan or a new credit card, the lender conducts a hard pull on your credit report. This stays on the record. It also lowers your credit score by about five points for six months. For this reason, it is important to guard your credit report from too many hard pulls. Ask the lenders where you are inquiring if a soft pull will suffice since you are just shopping loans and explain the circumstances or at least ask if they intend to do a hard or soft pull as part of your inquiry. Then you can make an informed decision on how you wish to proceed. And please do make your intentions clear from the get go. Some overly zealous business may start the loan procedure when all you want is a quote. Don't just assume. We ran into that problem shopping for an auto loan.

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I was approved for a mortgage signed the paperwork, found a house and closing is 3 weeks away. i called to lock in my rate and now the bank is telling me i can not be approved for pmi and i have to put an additional 5% down. is this even possible or is the bank trying to get out of my mortgage (6%; 30 year fixed; 0 down payment) is there a way to get pmi without going through my bank?

If you score is too low, you can be denied PMI. You need to find a lender where you can pay for borrower PMI. They will just bump up your interest rate, or your loan amount will have to be under 80% of the value of the home.