Quartermoon

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About Quartermoon

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    500 posts and hasn't been banned yet....

core_pfieldgroups_99

  • Biography
    Simple Hearted and Honest
  • Interests
    Jack Russells and Kids, not always in that order. Proud mom of an 2nd LT in the USA Army
  • Occupation
    Application Developer, Graphic Artist

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    East Coast

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  1. I think the graph can be found in the history of the score. Click through the scores.... and it will show in that area. It also appears to the right when you log in. It's provided to me on Score Watch.
  2. Thanks everyone. I have not been late on anything in nearly 3.5 years. I tried the GW letter... but it's providian.. and I had an over draft protection account iwth the bank I worked for. When they laid off people, my unemployment did not kick in that month and it tried to pull from my bank account and there wasn't any funds in the account. Both are four years old. *sigh* that's the only mark in a long time. Thanks.. trying to boost my score for a refi
  3. I searched but could not locate a resource here that I saw in the past that answers questions such as how long can a 30 day late remain on your CR? Thanks for any steering.
  4. I received this response to from the lender about the 'buy back' request from the lender... I inquired if they were able to help us. We are currently paying outrageous interest but I don't know if it's 9.35% or 11.75% ... Tila says one thing... docs say another percentage.. We have NEVER been late on a payment.. not once in two years.. why do we need a hardship letter? I would like to do a FHL secure. We also believe they over escrowed among other things. If there was fraud, if we refinance would it null and void a fraud case? If there was fraud they would have to return the money we spent thus far in interest.. 37,000. What would you do? Here was their response: Okay we will need the completed application and all the required documents to come along with it..need hardship letter, (what will happen to your budget if the payment increases) 2 paystubs from each income source in the household..verification of any other income, copy of last income tax which was filed (1040s front and back)..do not need property tax info that is already part of your payment..then and only then can we determine if we can modify or freeze the interest rate..we are anxious to help especially our current customers but we do need all that in writing, also could you please send a copy of the "buy back letter" which you received? please send all to my e-fax# 412-927-3032..I will make sure it receives priority attention..It will come directly to my computer from any fax machine...thanks, Flo
  5. Wow what a blessing for some people.
  6. IT's a refi I should have said that, mia culpa.
  7. Can you finance downpayment and your closing costs with your mortgage loan? Is the downpayment 3% of amount? Is is possible to have it in your loan so you have less costs at the refi? Pennsylvania FHA.
  8. Hello, We received a letter 2/8 We believe we were victims of predatory lending. We provided all the information correctly to the broker but later they inflated our appraisal and inflated incomes to approve loans. We received the below letter from the lender to validate a loan. Possibly they are obligated to do a mortgage buy back. I would like to respond to the lender. They also sent a letter to our broker (who we refuse to ever do business with again.) obligating them as well under their contractural agreeement with the lender. Background: We were never late in two years. Prepayment penalty expires this month, broker was deceptive. inflated appraisal and validated from nearly taking a short sale on first property that was over inflated. I am asking them to validate the loan that was underwritten by the Broker/Lender and to validate that documents were not altered or incomplete for income stated loan. If I complete a debt validation request would it be appropriate to add the following: • What determined the credit worthiness of the borrower? • How was the borrower’s income verified? • How was the monthly housing expenses and monthly debt obligations calculated? • What documentation supported the monthly income and was it supported by historical documentation and likelihood of continuation? • Income to Debt Ratio - if spousal income was included in this credit worthiness, was spousal debt obligations considered? • What were the total monthly expenses and obligations considered? • Existing property, how was the value substantiated? • How was the appraisal reviewed? • What was the length of time living at the previous home as owner • Were TILA disclosure prepayment and other key areas left unmarked on the loan application or provided? • Were loan documents prepared before the condition has been satisfactorily met? • Was the Mortgage Underwriter licensed? • Was the underwriting performed by technology? Here is the letter the firm representing the lender addressed to us. The second letter is the copy that was included to the broker from the lender's represenation. First letter to us: Dear 'Borrower' (us) Enclosed please find correspondence which our office sent to the loan broker who submitted your loan documentation to First Franklin Financial Corp. “First Franklin” with regard to the above-referenced home loan FF made to you. Although FF sold the loan, it may have an obligation to repurchase the loan, or otherwise indemnify the buyer, for any losses. Based upon FF’s determination that your loan file contains material misrepresentations as set forth in the accompanying correspondence, we hereby demand that you contact your loan broker to arrange to resolve this issue. This demand is currently premised upon the material misrepresentations FF has discovered regarding your loan. Nevertheless, to the extent this communication may be deemed an effort to collect a debt, please note that the following: any info obtained may be used for that purpose; the law allows you thirty day period; if you do dispute the debt, or any portion by notifying this office within the thirty day period that the debt, or any portion is disputed, we will verify the original debt and will mail you proof of the debt. FF considers the existence of material misrepresentations in the original loan package to be quite serious and looks forward to having this matter resolved. Signed Law Firm __________________ CC to broker from lender letter Dear 'Mortgage broker who provided service to the borrower' Our office represents the interest of First Franklin with regard to the above-referenced loan which your company WFS acted as the loan broker. Material Misrepresentations The above-referenced loan was funded on or about 3.15.06 in the principal amount of 155,000 based upon WFS representations that the subject loan was suitable investment and did not contain any material misrepresentations. FF has recently discovered that the loan package contains misrepresentations with the regard to, among other things, the borrower’s income. Specifically, the borrower stated on his loan application that he earned a monthly income which a re-verification of employment revealed to be substantially overstated. These material misrepresentations have now caused FF to determine that the subject loan is not suitable investment quality, and as soon as FF secondary market investor is apprised of the info, it will demand that FF repurchase the loan, or otherwise make it whole for its losses, which it will be required to do. Mortgage Broker Agreement On or about 12.8.04 you on behalf of WWF, entered into a Mortgage Broker Agreement with FF, whereby WWF made certain warranties and representations to FF with regard to the quality of loans WWF would submit to FF for funding, as well as WWF obligation to indemnify FF for any losses incurred thereby. Pursuant to the Agreement, WWF represented and warranted to FF that none of the statements or information set forth tin the loan docs submitted to FF will contain any untrue statement or omit to state a face necessary in order to make such statements or info not misleading whether or not broker has knowledge, or reason to suspect, any inaccuracy contained therein. Demand by FF Base upon this agreement, as well as the above referenced misrepresentations surrounding the loan, FF hereby demands that your office immediately refi the loan or make some other arrangement to remove this loan from FF’s books. You have 30 days to date of this correspondence to satisfy this demand. You should be aware that in event FF is force to file a law suit in an effort to recover any losses incurred by way of loan, fF will be entitled to recover its attorney’s fees, costs vs WFF, pursuant to the agreement. Lastly, I filed complaints with Department of Banking which the broker is licensed with, the DA and the Department of Realestate. I believe from the above letters that I have 30 days to request the attorneys to validate the debt am i correct??? I am under the impression, if this debt is void, the lender would be obligated to return 37,000 in interest to us which I would apply to a new refi. Any thoughts would be greatly appreciated.
  9. We received a letter 2/8 We believe we were victims of predatory lending. We provided all the information correctly to the broker but later they inflated our appraisal and inflated incomes to approve loans, I am requesting an example doc to validate a loan for mortgage for a buy back. I would like to respond to the lender. They also sent a letter to our broker who we refuse to ever do business with again. I am asking them to validate the loan that was underwritten by the Broker/Lender and to validate that documents were not altered or incomplete for income stated loan. I need an example of mortgage validation. Here is the letter we received. First letter to us: Enclosed please find correspondence which our office sent to the loan broker who submitted your loan documentation to First Franklin Financial Corp. “First Franklin” with regard to the above-referenced home loan FF made to you. Although FF sold the loan, it may have an obligation to repurchase the loan, or otherwise indemnify the buyer, for any losses. Based upon FF’s determination that your loan file contains material misrepresentations as set forth in the accompanying correspondence, we hereby demand that you contact your loan broker to arrange to resolve this issue. This demand is currently premised upon the material misrepresentations FF has discovered regarding your loan. Nevertheless, to the extent this communication may be deemed an effort to collect a debt, please note that the following: any info obtained may be used for that purpose; the law allows you thirty day period; if you do dispute the debt, or any portion by notifying this office within the thirty day period that the debt, or any portion is disputed, we will verify the original debt and will mail you proof of the debt. FF considers the existence of material misrepresentations in the original loan package to be quite serious and looks forward to having this matter resolved. Wolfe & Wyman LLP We have sought advice on the mortgage threads.. I just am looking for a doc to review and tailor to our own. Thank you kindly
  10. I looked over my loan application tonight when I came home from work. We did not give them our bank account information. They just typed it in. Also, it was paystubs we sent in only. Also, the loan application states 8% interest for 360/360 and then the Good Faith Estimate says 8.5 360/360 But the TIL Disclosure states 13.081% APR and Prepayment is not checked.
  11. The link is fairly accurate. Bi-weekly Gross Pay $ 972.56 They had 7,000 a month down for my husband's salary. I remember we questioned after we review the papers and they tallied up the new monthly payment which was aprox 200 more than the original documents we signed as well. They said it was combined income since were were married. We brought aprox home about 4500.00 a month then. We lost 400.00 a month from my husbands pay after we had to take a loan on his 401K. We still manage but it's been very tight for us. 2 kids in college, one leaving next year and my son who graduated college with two degrees just leaving for Afghanistan this week. Then I received that document. I was lost Charles. Thank you for your insight. I have watched these boards for a good while. I knew of your name. I wished I only had known you before this all occured. The Lord knows what we went through, how we worried and feared with two mortgages for 5 months we never missed a payment once. He's a good one to trust. I should validate this like a normal debt then? That is still what confuses me? How do I proceed. Find a realestate attorney? I'd be so glad if they had to return that interest and put it on the principal! I would rejoice rejoice rejoice. Thanks again. I am so thankful.
  12. Have you talked with the mortgage broker that you got the loan from? No, I don't want anything to do with this company. I would not trust them as far as I could throw. I trusted them and they inflated my appraisal, they influenced us to refi a home that we had 20,000 in equity. I paid them so many outrageous fees.. "email fees?" I lost nearly 20,000 with them as my trusted officer or agent. hey had a fudiciary responsibility and let us down. If the loan is a stated income loan, and your interest rate indicates that it was, How can I tell if the loan was stated income or otherwise? If I gave them the information they requested. ( I am trying to recall, but I have electronic photocopies of my husbands paystubs in the folder but I do not recall nore does my husband the broker asking for any other income verification. They state where he worked, length of time and job description. There was no verification from the employer. Nothing about mine at all) I am the main wage earner in my family. I earn aprox 60 a year. He earns 30. One thing you might consider is to make them an offer that if they will change the loan terms to not have a prepayment penalty (and they CAN do this) then you will CONSIDER refinancing the loan. In my complaint to the AG they asked what resolution I wanted as an outcome. I stated that the interest be applied to the principal and that the loan come back lower rate and I would consider refi with the lender. It has been two years to the date next month. I have no prepay any longer.
  13. Charles, what we obliged them were our paystubs from the previous month. They misstated a few things on the application. They said we have zero dependents but we had three at the time out of four. One was graduating from college out of the four. They stated we owned our home for 4 years. We owned it for 1 year. We lived in it rent-to-own for 4 years and owned it 1 year. They are including assets that we did not have access to liquidate. ie: They id it as Stocks and Bonds: Our 401K we had to take loans on that money. We had no savings at the time, the week before they refi'd our cottage and inflated the value to 100,000 and one week later they show this as an asset on our new application for a new home. But the house was actually worth 80,000 and later when we nearly took a short sale on that house, We had two appraisers sent by the lender who agreed that was correct. One appraisal that was three months prior to this refi that appraised it of the same value 80,000 not 100,000. It also states the application was taken over the internet. It was a local broker but being a technologist, I used the internet to send our application in. Information Disclosure Authorization Portion states: for verification purposes, I disclosed employement history, dates, titles, income and hours worked banking, savings, assets, we had a cash out check which we paid off bills from the appraisal they instructed us to do that but the bank saw that the cash from the refi was in our savings. Mortgage loan Just trying to sort out this mess. I know they must have included child support but I would have never included that because it was nearly over. 2 years later (now), all my kids are college age.
  14. I know we provided them correct information. I did file complaints with the proper organizations. AG, Dept of Real, Banking Does a person validate this debt the same way you validate any other debt? We were victims of predatory lending. I am certain of that.