Quality Credit Solutions

Anyone dealt with First Franklin Mortgage for a foreclosure?

jedwan — Thu, 17 May 2012 16:51:47 +0000

The address says Pittsburg, PA and they are First Franklin Loan Services.
We are behind on our payment and don’t see how we can pay them due to my husband’s job loss and my hours cut at work.
We owe April and May’s payments. They called today and said if we don’t make a payment before the end of May we are in foreclosure.
They did a modification for us in Sept. dropped the percentage rate one percent which lowered the payment $ 60 a month which didn’t help us. I asked for help today and they said they can’t help us until Sept.
I can’t believe they won’t help us at all. Even when they do help us it’ll probably be $ 60-100 a month drop and that’s not enough.

So my question is, anyone who’s had a foreclosure with this company, how long does it take until you have to be out of the house?
Thanks!

Bank refuse to take title on home

jedwan — Thu, 17 May 2012 09:39:15 +0000

I purchase a home in 2005, but due to unemployment I fell behind the mortgage payments on March 2008, the bank WAMU started with foreclosure and send a inspector to my house every week, we try to do a loan modification but the bank did not even wanted to deal with us, my husband filled bankruptcy as a last resort to keep the home but the trustee remove the stay and my husband signed over the home to the Bank, we move out on August 2008. On January 5, 2010 I received a letter from the county stating that I have not kept my property in good shape and I need to fix some code violations. I research the title and indeed my name is still in the home title. The original mortgage company has disappeared and Chase bank has taken over. I have talked to Chase and they said that they are not foreclosing on the property and it my responsibility and that I have to either have a short sale or re-take possession of the property, which has been vacant for almost two years, I went to see the home and the basement has some water pump damage ( due to no electricity) that has caused black mold to grow, I had a mold/water damage inspector come and he estimated a cost of $15,000 to clear up the mold and do treatment. Why has the bank failed to follow through with the foreclosure?? Who is responsible for the damage?? Do I have to move back in?? I search the property taxes for 2009 and they have been paid by the mortgage company, which was a relief. I am very confused!

las vegas realtors is there any TIN mortgage loans in las vegas NV?

jedwan — Thu, 17 May 2012 08:50:05 +0000

trying to buy a house in las vegas nv is there any mortgage loans that i can get with my tax income number i dont have a ss#. please no smart a$ $ answersplease . just want to know if theres any TIN mortgage loans in las vegas nv . if your a realtor that can help me out finding one youll be my realtor thanks for looking not trying to buy a luxury home just something 80,000$ or less i have 20% dp and have a steady job can prove i have paid taxes and payed rent on time please help

Comparing VA Mortgage quotes – help!?

jedwan — Thu, 17 May 2012 06:50:18 +0000

My husband and I are first time home buyers. I’ve obtained a quote from two different brokers and I’m so very confused.
It’s a VA loan so:

-interest is currently set at 3.75%
-there is a VA funding fee of 2.15% that gets tacked onto the loan
-closing costs are taken care of by the seller

The first loan was offering a $ 3750 closing cost credit and gave me a total apr of 3.931%
The second loan had no specials and had an apr of 3.964%

The estimated payments worked out to be very similar (about $ 5 less for the top one per month). I don’t really understand how this is possible.

Why is there such a disparity on the apr vs. the note rate on the second loan with no discounts? How is it that a loan that is offering such a large discount is working out to be almost the same?

Question about Being "FLAGGED" for too many accounts.

jedwan — Wed, 16 May 2012 21:38:54 +0000

While checking my credit report the feedback section on the report that tells you what things need to me worked on is “FLAGGING” me that I have:

too many accounts with balances

and

too many accounts

I understand what needs to be done to fix the “too many accounts with balances” but the “too many accounts” is freaking me out. The report says I have 31 accounts showing as “Paid or Paying as agreed” only 10 of those accounts actually have balances. Then when I drill into those accounts with the “paid or paying as agreed” status, many of the accounts are actually showing closed.

If the account is closed and paid in full should I be trying to get it totally removed from the report? If so how do you do that? I’m concentrating on paying down or closing accounts with balances but even if I get down to 4-5 open accounts I’m still going to have 31 accoutns total. Does anybody have any suggestions?

Need real estate advice. Calling all agents, brokers, and attorneys.?

jedwan — Wed, 16 May 2012 17:49:15 +0000

Here goes. I bought a house 50-50 with my cousin with zero down. Recently she got into a car accident and doesn’t work. She gets some money from insurance but SHE said she can’t afford her half of the mortgage and wanted to refinance in my name and my fiances name. We got the loan and all the paperwork is complete. She hesitated BIG time signing the quit claim from the title company. She wants to get PAID! So we bought for 290K and the house appraised for 312K. Payoff was 292K. The quit claim fees are 2500 bucks for her to get off title. The closing costs were 7k. Once again she wants MONEY! Since we didn’t actually “sell” the house she doesn’t think she’s entitled to have to pay closing costs because I got the house. I don’t think this is fair. I don’t want the house but the market here is too slow and everything sells for about 10% under appraisal. Selling isn’t really an option. She eventually signed the quit claim and I wrote up a little letter stating she has to pay (taken out of her 10K “equity”)half of closing, half of the home appraisal, and her half of the quit claim. I offered her about 500 bucks more than the actual numbers shown – I offered 4k, the numbers showed about 3500. My questions is can she take legal action against me to get more money than I’m offering. She signed my little letter with the amount and my 12 month intention to pay. Not a legal document but I can’t afford legal fees. What can she do? I don’t trust her one bit. Once again, all paperwork is submitted and the loan should fund on Wednesday. Thanks in advance guys.
OOPS. Didn’t mean to put it here on small business.

SHOULD I REFINANCE OR PAYOFF 2ND MORTGAGE?

jedwan — Wed, 16 May 2012 11:49:17 +0000

I saved up 50k to payoff my line of credit but not sure if i should just keep the money in the bank and refinance. I was offered a 20 year fixed at 3.875% closing cost will be about 1k. the payment will be little more but im fine with that, i pay an additional 200 into the principle on my mortgage now. This is my current mortgage now

Account Overview as of 01/08/2012
Loan type and term:
30 Years Conventional fixed
Original principal balance:
$ 308,000.00
Contractual remaining term:
25 years, 1 month
Interest rate:5.75%
Current principal balance:
$ 281,468.03

then I have a line of credit that i owe 52k. the rate is 4.25% I have to 185$ of interest every month minimum. The reason i have this line of credit,was to payoff a 2nd mortgage i had at 8.8%. should i just payoff the line of credit and keep paying the additional 200 into my principle on the 1st mortgage?? or should i save the 50k in the bank and refinance? or I could payoff the line of credit and still refinance??
If you think you can get me a better deal, then please email me!!!(TONY45POWER) this is loan will be longisland NY.
thanks

Alan Grayson (High Quality Version): Is Anyone Minding the Store at the Federal Reserve?

jedwan — Wed, 16 May 2012 09:39:02 +0000

This is a high quality version of the Financial Services Subcommittee on Oversight and Investigations hearing of May 5, 2009. Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is. www.bloomberg.com Federal Reserve Office of the Inspector …

Savings and Loans Project?

jedwan — Wed, 16 May 2012 06:49:31 +0000

I’m doing a project for a money class and I need to know APR rates for savings and loans associations… Are there any savings and loans associations that do college loans, auto loans, credit card loans, mortgage loans, and vacation loans? Preferably in the NJ/NY area… Thanks!

Help on reverse mortgage HECM calculations?

jedwan — Wed, 16 May 2012 03:50:29 +0000

I used the calculator from the HUD FHA or something: http://rmc.ibisreverse.com/default_nrmla.aspx
The inputs are:
ZIP: 02452
Born: 04/11/1950
No wife
Home worth: 500,000
Mortgage and liens: 100,000
Monthly payments: 10,000
Other upfront: 0
Estimate any necessary: 0
Your desired line of credit: 50,000
Click calculate or something and it will take you to the next page. Please just look at the 1st column.
So lender margin is an assumption right?
How did initial total loan rate got bumped from 3.989% to 4.063%??
Where did the Lifetime cap on loan rate of 12.739% come from?
Where did The HECM Expected Rate of 4.580% come from?
Where did the Loan principal limit of $ 309,500 come from?
Where did the Monthly Advance come of $ 781 come from?
calculation guidelines pleasee
Thank you very much!!!!!