What should we do if bank messed up our mortgage loan?

Mar 202011
 
us bank mortgage loan rates
bymarsmet47

We finally found a property that we like, but it turned out to be a detached condo. Our bank gave us a great quote on the mortgage rate that we decided to lock, and two weeks before the closing and approval of the loan we were told that the property was wrong and the original loan won’t fit our property type, and in order to continue we have to pay additional 5% down and also a much higher mortgage rate. At this point we can’t afford the extra 5% and had to decline the loan, but we already paid the home inspection ($ 300) and the mortgage processing fee ($ 600). We will get the fee back with the bank declining our loan but not the home inspection. Our feeling is that the bank has messed up toward the beginning, are we entitled to the reimbursement of the inspection as well? Also now we had a declined loan and credit check on our record, will we get affected for our next mortgage application? Any help will be great.
The realtor did fax the sale contract to the loan officer stating it’s a detached condo. However the he assumed it was a house because of the total amount of mortgage to be financed and it was also detached. I guess there aren’t many detached condo out there…

a lender has offered us a 25% interest loan…isn’t that ususary in the state of CA???

Why do we need financial reform? Didn’t the free market operate just as it should have during the housing?

Jan 022011
 

bubble?

And now Obama wants to regulate the financial industry and stop people from making money.
I have a friend who was a mortgage broker and he made over $ 2,000,000.00 between 2004 and 2007. During this time he purchased two Mercedes, one for himself, one for his wife, a BMW Roadster for his daughter and a Lexus for this “secretary”. In addition to that, he bought a home in Miami and one in California.

And he was just one of thousands of mortgage brokers. The Wall Street Bankers made billions selling the loans he and others originated and fueled the economy, employing thousands of carpenters and Joe The Plumber.

Why does Obama want to monkey with a system that works so well?

My hubby and I spent two weeks in Miami, FL and loved it! We’d been talking about moving out the NY metro area (too expensive and we hate the dreadful winters) to California for quite some time, but Miami seemed wonderful and is much cheaper than CA. He has a union job that will transfer him wherever, but I would have to find something in my field before we make the move. I would love to continue what I’m doing here down there, but I am willing to go into another field if the pay is the same or better.

We also have a mortgage here and I’m pretty sure, with the current housing market, that our place has depreciated in value. We would love to rent this out and rent something in Miami until we found a place in Kendall, Coral Gables, etc.

Has anyone recently moved several states away? How did it work? Were you able to find a job in your field? I hear folks in Florida will hire New Yorkers quickly. Is this true?

(I work in marketing and we do not have children.)

Should I try to re-finance?

Jan 012011
 

I bought a Ford in the summer of 1909 and the loan with FMC and 10%.

It would be nice to get a lower rate … I’ve been cleaning up my credit card so I’m better off than

when I got the quote, but I also have more credit.

Would you like to give good advice to try to refinance, and if so how do I start?

TIA

local mortgage lender

caveat emptor! “This mortgage crisis will be history as more financially significant than Wall Street’s” Black Monday “in 1987, Long-Term Capital Management disaster of 1998, a massive international currency crisis” in the last 20 years … it will become even more economically devastating than 11th September attacks. “Reference sources include: -5 mins Agora Economic Forecast Center responsible lending FFIEC www.fanniemaefoundation.org Housing Board Institute ..

GW RESPONSE FROM SALLIE MAE!! WHAT SHOULD I RESPOND WITH?

Jan 012011
 

If they can not remove the whole tradeline, should I just request for removal of lates?

 

    They sent the letter secure via pdf and I can not copy for you to read, but in general they state that a guarantor are required to report to the CRA’s under the Higher Education Act for seven years from the DOFD. They state it could be updated but not deleted. The loan is considered satisfied so they will mark it as PIF. They can not guarantee that USA will report the same. What is your opinion? Should I then ask for the lates? These are the only major issues holding down the CR’s? It shows at eight negatives four under Sallie and four under USA Funds?

 

 

student loans
byB Rosen

I’ve become rather upset at the school I am currently at. I am looking to change schools very soon if possible. Does anyone know if student loans to another school as long as the new school is accredited? Or do I have to reapply for loans?Can you even transfer to another school that isn’t accredited but is the same course material?
I love mistyping. That should have asked whether anyone knows whether the loans can be transfered.

What credit card should I go for citi bank or bank of america?

Nov 292010
 

I have a credit score of 700 and wanting another credit card. I was thinking about citi bank or bank of america. What one should I get? I only have one other credit card from Wumu. I want a credit card that report to the 3 credit bureaus every month. Anyone has either one of these cards, if so, what one did you like and why?

How do I get the best deal on a mortgage? What kind of questions should I be asking the mortgage broker?

Oct 312010
 
Mortgage
by Dan4th

How do I get the best deal on a mortgage? What kind of questions should I be asking the mortgage broker?
My partner and I are first time home buyers. We have saved almost 20% of the property and both have secure well paying jobs. Unfortunately we do not know much about mortgages and want to get the best deal possible. Should we see more than on broker? Should we get our own mortgage quotes as well? Do we have to pay trailing commissions?

Best answer:

Answer by gabriele
Hello, do as much research as you can – brokers are great if you don’t have the time but if you do you are far more likely to understand what you’re getting into and find the best and most suitable product for you. These days, it’s so easy to get information from multiple banks – I’d recommend calling rather than going online as they can ask you questions about your specific situation and make recommendations, the information on the internet is onlyn broad.

You don’t have to pay any commissions to brokers – this is all paid by the banks. They pay an upfront commission then an annual trailing commission for each year you have the loan with them.

With your substantial deposit as well as strong employment you are also in a good position to negotiate with the banks – don’t be afraid to do this, you are stuck with this loan for a long time so spend the time now getting it right!

Be careful with what broker you choose – if you have to go with one only go with the mainstream broker companies (eg mortgage choice), there are some dodgy ones out there and lots who will just sign you up and then you’ll never hear from them again. To be honest you’ll often get the best deal going direct through the bank – they have more specific knowledge about their own policy/procedures whereas the brokers only have basic knowledge of maybe 10 – 20 different banks.

If you are borrowing over 0K, look for a package – this will involve an annual fee but the cost for this will substantially outweigh the costs saved in interest rates and fees on your home loan as well as all your other banking.

This site may help you to compare many mortgage companies at once http://easymortgageadvisor.blogspot.com/ fill the form and you can get a free quote from top banks, brokers and mortgage lenders

Good luck! Remember, the more research the better. Don’t just trust one specialist – if you are fully educated and informed then you will be the best specialist on your particular financial situation.

Hope this help,

Know better? Leave your own answer in the comments!

Which credit card should I go for citi bank or Bank of America?

Oct 252010
 

What credit card should I go for citi bank or Bank of America? I have a credit score of 700 and wanting another credit card. I was thinking about citi bank or Bank of America. What should I get? I only have one other credit card Wumu. I want a credit card to report that three banks each month. Anyone who has one of these tickets, if so, we? which one do you? like and why? best answer: Thu response by Chocoholic
Give your answer to this question below!

How many credit cards should you have to rebuild credit?

Oct 152010
 

How many credit cards should you have to rebuild credit?
I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any credit reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my credit. Thank you!

Best answer:

Answer by bstonge
You only need one to do that. Don;t let anyone sucker you into debt.

What do you think? Answer below!

When asked what my mortgage payment is, should it include escrow or just principal and interest?

Oct 042010
 

Question by John: When asked what my mortgage payment is, should it include escrow or just principal and interest?
I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?

Best answer:

Answer by Steve D
Everything, PITI – the goal of asking is to get an idea of your monthly outgo – plus, they will get they info anyway when they pull your credit report, so it looks better if you are completely honest.

Give your answer to this question below!

Appraisal value of a home and the rebuild value given by your home insurance, should they be close in value?

Apr 012010
 


Are usually close? O is a universal, higher than the other?

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