The Broker should be your first call, most cases we know the answer to your question, are easily available and if we cant do it for you we can at least tell you who you should talk to. We are here to help you in any way we can before, during, and after your approval. Abraham Niyazi - Mortgage Agent - Easyrate.ca - 866-728-3708 x 115

Powered by

I am a relatively new homeowner. i signed up for 2x monthly mortgage payments to be deducted from my checking account. i was surprised on my notice to see they are holding the payment for the 15th as "unapplied" until the 1st of the month. my question is as follows... 1. can i call up to request that they apply this money immediately rather than hold it? 2. does it make a difference in terms of reducing the amount of total interest applied to my loan?

they are KITING to your detriment!!!! State in a certified letter, to apply the payments on the first and the 15th. And state that you expect retroactive payment assignations.........or...you want them to change how past payments that were APPLIED wrongly and to apply them correctly. Math has shown that doing nothing else cuts one's payments on a 30 yr mortgage by 7 YEARS. so, demand politely but demand!

Powered by

I am buying a house and supposed to be closing on august 27 which is only two and a half weeks away. i am not sure what getting a normal mortgage requires, but i am going through a government program that assists low to moderate income households (i am a single female 2 years out of college), so it requires renters insurance from the previous 3 years. the only thing left before closing is the renter's verification from my senior year of college apartment. my mortgage company has called several times with no return calls and has mailed the request as well, with no response. if this doesn't get handled in the next couple days it will throw the entire process off. the landlord company was a nightmare while i was living there, but i can't believe it has followed me to this point! does anyone know if this is an illegal activity? does anyone have any suggestions on what i can do? i should mention the apt company is in indiana and i am in georgia now, so going there in person is a last resort after seeing the first two answers, let me add this is not renters insurance.. my mortgage people could care less if my stuff and apartment were insured when i lived there.. what it is is basically a report from my previous landlords verifying that i did live there as well as that i paid my rent on time, wasn't evicted, etc. also i will add that it cannot be in the form of my records or paperwork that i have (i still have my lease). it has to come from the apartment management.

If your mortgage program requires verification of rent that usually means you don't have enough credit lines and have to use alternative forms of credit like rental history. There is no law that would compel a past or present landlord to answer your request, instead it is a favor. If you had a poor relationship with the landlord I don't see any reason why he would extend any favors to you so you either need to find another form of credit or offer the landlord some cash for the information you seek.

Powered by

Like most my payment is due on the 1st there is no late fee until after the 15th. so my question is whether or not 30 days late is the first of the next month(after the payment was missed) or the 15th of the next month since technically there is no late fee until the 15th of each month? i called my mortgage company and talked to two people and one said the 1st of the following month and the other said the 15th of the following month.

Since your due date is on the 1st, you would be considered 30 days late the next month on the 1st. The 15th is just a grace period for your payment to arrive before they charge you a fee for being late, but the 15th is not your due date, the 1st is.

Powered by

I applied for one at a local bank online last thursday. i haven't heard anything by the following tuesday so i called the bank and they're saying that they're experiencing a high volume of incoming applications and it'll be one week. it's friday and i still haven't heard anything. it's not as if i'm applying for the mortgage itself, i just need a dollar figure so i have a piece of paper to go house shopping with.

It depends on who you work with. I'm pre-approving clients within 24 hours.

Powered by

However, as things have changed the current market forces 1 to seek alternative ways of income. i happened to come across a group of investors who negotiate short sales n buy these properties in distress. they offer a 2% finder's fee of the settlement price reached through negotiations with the bank on deals up to $500,000 n the percentage changes if the deals are larger. i would like any advice available on a scenario that follows as such: i am cold calling my mortgage leads, n i come across a client in ny who's 4 months behind on her mortgage n facing foreclosure. so i get all the client's information gather his/her documents n take the client to these investors who have the liquid cash n whom would negotiate with the bank for the short sale. upon reaching a settlement price of lets say $500,000 i receive a check for $10,000. now remember i am not a licensed real estate agent. is this legal in any way?is there anything i can do to make it an acceptable practice?

Not legal, since you are receiving commission from real estate and you are not a licensed realtor. Check your RESPA guidelines You can get into some legal issues if a borrower feels they were taken advantage of and they come back on you.

Powered by

We have been trying to purchase a home for the last 5 months. we are being told by the seller's realtor that the seller's mortgage company is not responding to their repeated attempts to finish the closing deal. the seller's realtor is faxing the paperwork 2 times a day, calling and getting the run around, etc and getting nowhere with the company. two weeks ago the mortgage company did respond and said they were missing a form from the realty company, which has now been completed and still no response. are there possible reasons why this mortgage company is not responding? what do they have to gain by not following through with the sale? in response to the posting that said i was being misleading. yes, this house buying process has had many roadbumps--too many to include in this 1 post w/the amount of space i am allowed. many of the issues i had previously posted had been resolved (or so i was informed); the lis pendens (we were informed by the seller's realtor that it had been negotiated off); the sellers did owe $ over what they accepted on our house offer (we were told that they negotiated w/ their mortgage), possible foreclosure in progress (we were assured by the realty company that they had not received any notice that a foreclosure was in sight). that being said, these last few weeks what we have been told was that it was the lack of communication back from the mortgage co. that was creating the roadblock, not any previous issues. when i posted this question, i was merely trying to ascertain if there was a reason a mortgage co. would delay the closing (possible shady company?); thanks to those who answered.

You are being lied to for some reason or another. If you have a signed purchase and sale agreement with yours, the seller's and your respective representatives. Then there is nothing the seller's mortgage company can do to stop the transaction. In fact they have nothing to do with it. Once your lender has completed the loan packet and the appraisal, the approval, title searches and inspections are done. Then it's just a matter of drawing doc's. That is when the escrow company will get a hold of the current lien holder on the house and get the appropriate payoff's. So agree with what the other person said, that perhaps they are trying to hold out for another offer. However if you have a finalized purchase and sales agreement then they are putting themselves at risk for a law suit particularly if you gave them Ernest money with the P&S. It also sounds to me like you are not working with a Realtor who acts as your buying agent which is a huge mistake. Never ever under any circumstances deal with a selling agent without obtaining the services of a realtor to act as your buyers agent.

Powered by

In the fall of 2005, i made a large payment toward my principal on my home mortgage from my social security disability settlement. right after, i received a letter saying that i was being charged 298.25 for 'outstanding advances due from borrower'. i called and asked what it was for, was told that they did not have to tell me what it was and that i had no right to proof. i sent them a letter with laws about credit and debt collection i got online from the federal trade commission that said that indeed i was intitled to know what the amount was for and they needed to show me proof. in a follow up call, i was told the amount was for people in my city to 'drive by' my home in 2001 and see if someone lived here and to search online records to see if i still owned the house! i feel the mortgage company is wrong to charge me for this 3 years after the fact and not provide any proof to this day. what do i do and what agency can i talk to?

Hoo boy, I understand your situation. Problem is, there is likely very little you can do. My wife and I had a similar, but worse, problem with our bank years ago and they basically told us to go suck wind. You can try to pick a fight with them, but I doubt you will get anywhere, sorry :( Laurin Jeffrey Toronto Condos and Lofts www.jeffreyteam.com

Powered by

In november 2008 i apply for a loan modification i received the loan modification package in december i signed it and sent it back a week later i received a letter saying we have received your lm package now you have to pay a down payment of $xxxx before 12/15/08 to finalized the agreement i sent the payment on 12/12/08 on jan 13 2009 i called them to make my first payment but the representative told me my payment was not due till feb 01 because the modification was not active yet so i believed him i make my feb payment as planed but on march 13 i get a call from my mortgage company they i saying my house is on foreclosure that i need to pay $19000 to reinstate the loan if not my house was going to be sold in june i explain to this guy everything i just told you o top after 1 hr on the phone he tells me everything its squared he told me not to worry about anything he got everything resolved 3 days ago i get a call again from my mortgage company with the same deal as before i need to pay 1900 or my house will be sold again i explain everything she tells me shes going to look in to in and call me back today i get a call i’m thinking it’s probably a follow up from my last call no it’s another guy telling me that my house is on foreclosure that its going to be sold in june and that i need to pay 19000 to save it again i explain to him what’s going on he tells me he will find out and call me back in no more tha 10 minutes is been 2hrs and he hasn’t call i’m really scared and p off at this company i don’t know what to do any advice? thanks

I dont want to beat you down. But basically is what you are saying you have called at least 3 times and they have said we are all good. And never once you said okay send me an email or a fax. I will wait to makes sure we have the arrangements correct. You get that the person you are talking to is probably not even in this country right? Anyway, get everything and I mean EVERYTHING in writing. They will do it, they get paid the same either way. I would have a huge problem as well. But if they call you back and say its okay, get the damn thing in writing. You only mentioned that they received your package for the loan modification, you never mentioned you got a letter saying it was approved and these are the terms. Do you at least have that? If you dont you are trying to swim up a waterfall. I agree the bank screwed up, but you clearly havent been helping yourself during the process. Im not saying you should have hired somebody to do it for you (because you shouldnt they are rip off companies). But maybe somebody would have said dont make that damn payment until you have everything in writing. Now one really bad thing that comes to mind. Were these papers from the bank? Or did you hire somebody to do it and send it to them. It doesnt sound that way but if it is, then you might have been scammed out of your money. Ive really never heard of a bank charging a down payment to do a modification. The government pays them to do it. I wish you the best.

Powered by

So like the idiot i am, for the second time in about 8 months, i've forgotten to transfer money from one account to another in time for my mortgage payment coming out. and i've done it again today! i call the mortgage company and they said just to call them when it bounces next week and they will send the request again for withdrawl. is it really not as big of a deal as i think? last time when the same thing happened i called them the following week when i saw the 45 bucks decuction for it bouncing and they took it out that day. am i screwed?! or will it all be fine?? i have all the money +++ in my account now... aaahhhh help!!! (i live in ontario, canada if thats makes a difference?)

You're going to get dinged for the bounced check fee, so make sure you have enough in your account to cover it. Bounced checks and late payments aren't good for your credit score, but as long as you aren't 90 days behind in your mortgage, the lender isn't going to do much.

Powered by

We filed ch7 bankruptcy 3yrs ago. it was discharged. just recently i discovered our home mortgage was never reaffirmed. we're making payments, our mortgage company is happy. but our payments are not being reported to any credit agency (our credit report doesn't show we even have a mortgage.) a quick call to our lawyer who handled this told us that no assumption papers were signed. i know when i filled out the "so you want to file bankruptcy" paperwork that i checked that we wanted to assume our mortgage. our lawyer said the following: a) it wasn't a big deal but nothing could be done now b) the mortgage companies often don't allow mortgages to be reaffirmed (essentially saying it was their fault) c) we should seek other methods of rebuilding our credit. does any one know: a) is it really no bid deal? b) should i fight to determine who's fault this really was? c) is there anything that can be done to get our mortgage back in good standing? thanks frustrated in big

I'm pretty sure the bankruptcy can be reopened and the mortgage reaffirmed. Call the clerk of the bankruptcy court.