home lenders refinance mortgage

March 7, 2011

Foreclosure on my Report?

Filed under: Credit — Tags: , , , , , , — admin @ 10:55 pm
Melody8213 asked:


I have a 571 fico there is a Foreclosure on my report. It was the lenders error and an admitted mistake on their part I sued the lender and they settled and paid me a lg $ amount. They put the house back in my name, I refinanced and sold the home. Now this is showing up on my report as a foreclosure along with the positive of me refinancing and paying as agreed. How many points would my score go up if I can get the foreclosure removed? I have been disputing and now taken the extra step of sending the 3 bureas the court docs and settlement docs. I’m trying to by a house and now this is affecting me
How many points will my score go up if the foreclosure is removed?

Charlotte

January 10, 2011

How can I lower my new mortgage payment without refinancing? HELP?

Filed under: Credit — Tags: , , , , , , , , , , , , — admin @ 12:40 am
John asked:


I just got a statement in the mail that my property taxes were short approx. $3,000 for the year AND my taxes went up so the company which holds my mortgage has raised my mortgage payment up $500 starting in Feb. 08 to cover the back due taxes as well as the new escrow amount…one option they are giving me is to pay the past due taxes and my mortgage will only go up $250 to cover the new amount needed for escrow…either way wether my new mortgage payment is $1880 or $1630, I am budgeted and used to paying $1380…any increase is going to affect my finances big time and I am afraid of losing my home, what do I do? I am going to pay the past due taxes with a credit card but still I will have that debt to pay just on a credit card. Is it possible for the lender to lower my interest rate without refinancing so my payment will be more affordable? I’m sure lenders dont want another forclosure..please give me some advice on what to do
Oh and I forgot to mention that I do not have equity in my home..I bought my home last year in 06 for a great price at the time..since then the builder who sold me my home is selling the same model for $40,000 less..

Betty

December 20, 2010

Do all foreclosures appear on your credit report?

Filed under: Credit — Tags: , , , , , , , , , , — admin @ 8:16 pm
joeybuttafooko asked:


I own three homes. One conventional, one FHA, and one through hard money. The hard money was set at a baloon payment of the entire principal balance at the close of the 6-month term. I could not get the property sold or refinanced in the time allotted (damn changes in the Fed), so I’ve missed payments (they were entirely too high).

The entire thing was my fault, I did not have the reserves to pay for 6 full months (I only had three). I thought I would have refi’d out by now, but that hasn’t happened. The lender is now in proceedings to auction off the home.

My question is: Will this ever appear on my Credit Report? Nothing so far done with the company has, and I don’t think the company reports to the credit bureau. In GA, this is a non-judicial sale, so what is the protocol? Will I just lose the house, or will I lose the house AND 300 pts off my good FICO? The lender is incredibly uncooperative…

Daniel

December 11, 2010

Mortage scam or not?

Filed under: Credit — Tags: , , , , , , , , , , — admin @ 3:29 pm
BeeBee asked:


I recently got a postcard from a local mortgage lender / broker who listed some really great loans programs from FHA. ( My first home loan was an FHA and it worked well for me. )

My home mortgage is for a total of 263K. I have a first and a 15 yr second mortage ( that total was them combined)

I contacted the lender on the above post card and got a quote for both mortgages combined at 6% 30 year bringing my mortgage up a bit from where it was.

I looked at the fine details and the loan docs reflected a higher loan than I needed. Approximately 15K ! I asked about the loan being more than I needed and the mortgage broker did a song and dance telling me the 15K is fees. I have refinanced my home 5 times. I have never seen fees like this!

Brent

November 14, 2010

why am I getting declined for credt?

Filed under: Credit — Tags: , , , , , , , , , , , , , , — admin @ 12:09 pm
msbroker911 asked:


I have great credit. My 3 scores are 802, 783, and 766. Admittedly, I have several inquiries in the last year because I attempted to refinance my 2 car loans. For some reason I was denied on those as well. Recently, I wanted to transfer $3200 from a Discover card to a 0% interest Cap One card but they declined me too. Besides my home mortgage and small balance on a HELOC, I don’t have any other revolving debt. I do have a couple of high limit credit cards but rarely use them. The only thing I can think of is that my HELOC has a high limit ($175k but I only owe $20k) but was suspended over a year ago due to declining home values. I can’t take additional out on that line if I wanted to. Is it possible that this is hurting me? I don’t see anywhere on my credit report that shows it’s been suspended and it’s categorized as revolving debt. Nonetheless, I figured I was one of the good borrowers lenders look for. Any Ideas??? I appreciate your help.
Like I said…I have a great deal of credit extended to me but I only owe $3200 on one card and my mortgages. Never been late…not even 30 days.

Elmer

July 22, 2010

Who do Credit Bureaus work for?

Filed under: Credit — Tags: , , , , , , , , , , , , — admin @ 12:49 am
stoptheinsanity_73 asked:


I’m mad. Checking my FICO score from one of the 3 major credit bureaus, I see a score much lower than I expected. Upon review of the factors that impacted my score most, are 2 new factors I have never seen before. Both center around the idea that my home loan has too little credit available on the loan. Each just says it differently.

My home loan is a refinance. The financed amount does NOT reflect the value of my home. Therefore the “available” credit is technically much higher as you calculate my equity into the picture. In addition, as a refinance, there wasn’t a down payment. I did that on my initial loan many years back. Since they know many homeowners recently refinanced, it’s like they want to help credit lenders charge consumers more to borrow credit. They stack the chips against us. The fact I pay my bills on time and have for many years now and that I have zero negative marks apparently has less weight than my “newly refinanced mortgage”. It’s absurd and unfair.
Credit Bureaus, mandatory auto-insurance, the IRS, multiple overlapping taxes… these represent organizations & legal requirements that are proving time and time again that there are not enough protections in places for the average citizen. Remove the “power” given to them or put in place better consumer protections.
The age of the loan is about 2 years now. Since that time my score has gone up and now back down. I have no recent credit requests, no bad debt, and all payments are ontime. The only thing new is their 2 impact factors that didn;t appear previously 2 years ago when my home loan WAS new.

The different scoring methods sound far more complicated than it seems they should be, How would any consumer ever understand the impact on their credit when the playing field seems to change under their feet. Keep it simple: I pay my bills ontime. I have no bad debt. I agree, base it on available credit, but don’t add new reasons to lower my score conveniently around the time of the mass refinances in the past few years. Something is fishy.

Marcia

December 5, 2009

I need to refinance my home.Can someone to say yes to 85%LTV?

Filed under: Credit — Tags: , , , , — admin @ 4:54 am
mcoopd1 asked:


I worked with many lender and yet I can’t seem to find anyone to approve my loan for 85%LTV…I understand that I may have a difficult loan due to the fact my midscore is: 542..1X60day late; a reprossesion; collections;etc….but I have the equity in my home..and I have a decent income..so what is the problem?
I have been approve for 75-80%LTV, but I desprately need 85%..I want a direct lender to help…who can say YES?

AUSTIN
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