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About kiakia123

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  1. liverichly, I understand the 3 day right to rescind, but what I don't understand is that the customer has 3 days to make a final decision on whether or not they want to go forward with the loan, and the mortgage company can take as long as they darn well please to fund it. That doesn't make sense. There has to be a set of rules dealing with funding a loan. Why should the customer have to wait forever to get their money. It's not right. She is in PG Maryland. Thanks for responding.
  2. I have a friend who has been waiting to receive her cash from her refi cash out for 2 weeks. Is this normal? She was under the impression that she would receive it in at least 4 days. What is the law on this? Also, she spoke to a lady at work and she said that she and her hubby dealt with the same company and they got their money back in 4 days, but it was less than what they expected. How normal is this? Thanks.
  3. I'm back and I really appreciate all the help you guys have given me in the past. I couldn't have gotten through it without you. We are trying to take about $75000 out of our house for various reasons. Our home is worth $380,000 and we currently owe $218,000. My score is 620 and my husband's is 588. We have no lates on our mortgage for over 12 months and the worst thing on our credit reports is a current judgement on my husband's report for $4400. Countrywide is willing to work with us. We were offered an interest rate for a 30 year fixed at 7% and 3 points, or a 3 year ARM at 6.3% and 3 points. I asked if they could do any better than that and I'm waiting for their answer. He also asked if we wanted to do a second mortgage instead of a refi cashout. What is a second mortgage? Just the thought of making two mortgage payments scare me a little. Any advice would be appreciated.
  4. Thank you all for responding. I have the $9000 check from my title company ready to send to Household for my car payment. Household said that they would report it to the credit bureau as "settled' if I make this payment. The full amount is $10,300 with interest, so they can't report it as paid in full. I wish that I could deposit this check into my bank account, but my name isn't on it, just my car account number. How should I handle this?
  5. Hi All, I recently had to include a charged off car loan in my mortgage refinance. The title company sent the $9000 payoff check to me to send to the car company. I really don't want to pay it because it's in charge off, but I know that if I don't it's going to come back and bite me in the butt, and I also know that it's the right thing to do because it is my obligation. Having said that, I will be sending the check, but the $9000 is only for the principle, there is another $1300 for interest that I am not going to pay. When I send in the check, is it appropriate to write on it "PAID IN FULL IF CASHED", or something like that? Do they have to honor that if the check is cashed.
  6. Chingasaholo, I see you're from D.C. So am I. We might have used the same company!
  7. Ok, now I am nervous. I was nervous from the very beginning because I've heard so many negative stories about these subprime lenders. You said there are no guarantees on the funding date or that the loan will fund at all. That really makes me more nervous. We did not get our money today. We closed on Thursday, not Friday (I put the wrong day) and we gave them a voided check. Our money should have been wired to our account by now. I'm freakin out because we need this money like yesterday. Has anyone else experienced this?
  8. Thanks for the reply. You said the loan can fund anytime after the 3 days. Is there a deadline on when our money has to be sent out, or can they take as much time as they wish? We were told it'll be in our account on Wednesday, so we are really looking forward to it.
  9. How long after you close on a cash out loan should you receive your money? We closed on Friday. We are expecting the money wired to our account on Wednesday. Is this how it works? I understand there is a 3 day recission period.
  10. We are suppose to close on our refinance cash out tomorrow. The Mortgage company called today saying that the underwriters want the bars removed from our windows because of safety reasons. We have bars on three basement windows and four back windows on the first floor. They were here when we moved in. I don't understand how they could do this the day before closing. Is this common?
  11. When my husband and I first started looking into refinancing we thought that we would probably never get a decent rate because of our credit. We went through a ridiculous ordeal with Ameriquest and got out of it right in time, thanks to the people on this board. Well, I think we have finally found something decent, at least I hope. New Century Mortgage said they would give us 7.5 and 2 points with a credit score of 511 and two 30 day lates and one-60 day late on mortgage this year. This is a 2 year fixed ARM (I really don't understand this completely). Our present interest rate is 7.0 on a 30 year fixed. We are doing a cash out of $50,000 on a $177000 loan amount and our house pay off is $119000 and was appraised at $225-255000. We inquired about a home equity loan but were told that our credit score is way too low to qualify. Is this a good deal for our situation? Again, we are not expecting the best, because our credit is shot, but we are expecting the best for our situation. We expect a fair and legal loan. Thanks
  12. cash out refinance, or home equity loan? Is it even possible to get either with a score of 520 and lates on mortgage within the last 12 months? If so, please tell us where. We have over $100,000 in equity in our home. We are trying to get a loan to get back of track, once and for all. HELP PLEASE!!!
  13. With Ameriquest, you don't pay for the appraisal report. It is included in the loan. And if you don't go through with the loan, you don't have to pay. Ameriquest called us yesterday. The guy said he was shocked that we canceled the loan. He told us that we were crazy for listening to people that didn't know us or our situation. He said if we get a better deal anywhere else he would give us $100. That's how confident he is that we are not going to find a better deal with less fees, lower interest rate. etc. I told him we will see. We are now looking into MortgageStar and New Century. Anybody know anything about these companies?
  14. There are no bankruptcies or foreclosures, but there is a $3000 state tax lien. As far as the mortgage, we have been late several times in the last 12 months. We need a loan to get caught up and back on track. We don't have that much debt and we make $85000 together a year, but we are so off track that it's hard to keep up with everything. We want to start over and get back on track, and $30,000 would do that for us. Our house pay off is a little under $119000, and the house was appraised at $225000 - 255000. I'm ready to start. Thanks