who sets the standard of ethics in the home mortgage field?
I did a refi on my home and now I have been advised that there is fraudulent activity in the processing of the loan, and the agent who wrote the loan also notarized his own work with someone else’s notary seal. The seal belonged to another employee w/ same company. She was never present at the closing.
Categories: Mortgage Tags: fraudulent activity, home-mortgage, mortgage field, notary seal, refi, standard mortgage, standard of ethics
How much should closing costs be on a refi of a $116,000 mortgage loan at 6.25%? No Money Down?
Considering doing an 80% refi, cash out and wanting to see if my lender is eating up too much of my equity in fees. The re-fi amount is $ 116,000 (loan amount)
Categories: Mortgage Tags: closing-costs, fi, money-down, mortgage-loan, refi
Big Mortgage Problem?
We bought our home a year and a half ago and got an 80-20 loan. Then last February we refinanced our 2nd mortgage (the 20 percent loan) to pay off our credit cards, etc. It was a HELOC. Then my husband lost his job and was unemployed for almost 4 months. Even with his new job we are not making enough money to pay everything. We live in Washington State and we can’t file bankrupcy because we did that 4 years ago and I’m hoping there’s some way we can keep the house? Our credit rating sucks now and we cant refi because were maxed on what we can borrow agenst the house. So here’s my question: What would happen if we stopped making payments on the 2nd mortgage but kept up on the 1st? Would we still loose the house? Any suggestions would be greatly appriciated.
Categories: Mortgage Tags: 4 months, big mortgage, credit-cards, credit-rating, Enough Money, heloc, mortgage problem, new-job, refi, washington state
refi
We started the process of refi in Jan, today we were just told that they are going with the lowest of the 3 appraisals.
Categories: Mortgage Tags: appraisals-done, appraiser-had, from-the-person, lowest, not-come, Person, refi, the-lowest, the-person
short term- new credit inquiry vs change to credit to debt ratio
As I mentioned in another thread a while back, I had a few hits to my credit which were based on false info, and have since been corrected. It didn't take long to correct, but in the mean time it did other damage like causing a credit card limit to be lowered by a lot (for me at least) and a closed LoC that I wasn't really using anyway. Now that the problem has been corrected, and i'm trying to do a refi on my mortgage soon, I'm wondering one thing. If I were to ask my bank to reinstate my former limit (about 8k more than it is now) would the boost to my score caused by the lower credit/debt ratio be worth the hit I would take from having them do a hard pull in the SHORT term (since I want to refi soon)- or any other hits I would take that i'm not aware of from that change? Do banks ever re-instate a limit without doing a hard pull if I explain to them the situation, or would they need to do the pull anyway to verify that the negative effects were removed?
Categories: General Credit Tags: another-thread, Banks, based-on-false, Credit, credit debt, credit-card, credit-inquiry, debt-ratio, increase, loc, maybe-the-fact, mean time, Mortgage, negative, refi, revolving, revolving accounts, score, situation, worth-the-hit