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Everything posted by 2ndTimeAround

  1. I understand what you're going through. A few years ago a friend in Queens (NYC) who didn't want to use an attorney tried her own modification. At three years behind in payments asked me come over to check what was going on. We called the customer service in India, saying I was her brother. Everytime wanted to ask a question, you could tell they were reading for a scribe and started repeating what they said earier. Her sitution was different, though she did finally get a mortgage attorney and received a modification. The differrence betweeen home owners doing their own modification, they
  2. It depends on the day of the month - submitting early good chance the following month changes could appear. Waiting late month - will most like take till the following month to see any changes.
  3. Filing bankruptcy is normally the “last Band-Aid” you can apply to stop debtors from coming after you. Through Chapter 13's the debt is paid over a 60 month period though a trustee. Typically a motion for "Relief of Stay" is granted only if you defaulted on your trustee payments. If you have been making your trustee payments on time you should be OK.. As for loan servicing errors - don't waste your time. I do not know your situation - talk with many people (before, discovery, set-up, currently in, and after) bankruptcy’s. Realize you don't want to hear this - not trying to
  4. . Unfortunately you do not have many options - the best is trying to catch up on the payments, working out a payment plan with the bank. California is one of the four states we do not do modifications in, specifically due to your state ruling "Senate Bill 94". I could write an essay explaining it, in short homeowners in your state borrowers cannot pay a 3rd party to modify their loan, including attorneys. I know there has been a big repeal against that which I have not been following. There is a common misconception between a Hardship Letter and a QWR. A Qualified Written Request is
  5. Is your loan a conventional, or and FHA loan? You need to first determine what modification programs are available for your type of loan. Simply sending a hardship letter to the lender will most likely be trashed because they do not care. Sending a QWR (qualified written request) to your lender is not valid because it's you loan. The word "Qualified" means a person qualified to represent you. An attorney sending a OWR to a lender is more efficient because they are not part of the problem (they are not on the loan). Most of the time lenders are not going to tell you the real reason why you
  6. https://support.google.com/websearch/answer/173733?hl=en This has been around awhile it is a benefit. Searching via https encrypts data that between the your computer and Google search so that third parties cannot spy on the to find out what you are looking for. The main issue with "http" - personal information, passwords, what you're doing online is stored in cookies. Cookies allow websites to load faster and speed up surfing. But through sniffing tools it easy for anyone to capture personal information. ...
  7. .. Big sister is correct - by disputing your credit report first, this is going to take 30 to 60 days to get a response. During this time you can be negotiating your debts. Then when your get your revised report - the accounts you settled, you a send settlement letters with a 2nd request to scrub your report. Doing it this way over all will take less time. Again agree with our Big Sister - It is important to tell them when you settle, you want it reported "settled as agreed". So it is your best interest for your future. Not saying anything, it's going to show "settled for less". How
  8. . I'm going to be the devil's advocate - nationwide work almost daily with people that are deep in financial trouble, looking to grasp anything to help them. A person can seek out information by reading books and studying cases easily found on the internet. There are many people reporting misunderstand or are misrepresenting the key points of a mortgage. Either by their lack of knowledge or trying to sell something. You'll never be able to predict 100% of the outcome if the mortgage payment isn't made, other than being foreclosed upon. My point is every situation is different. When the indi
  9. I think that is a very conservative number. 5 years ago when I originated mortgages. Read 65% of the credit reports in America had errors, enough to disqualify somebody for new credit. Disputing credit back then was also like clock work, today trying to fix credit is like throwing at a dart board hoping to hit yellow or black. My $00.02
  10. . Recently have had unlisted calls from people claiming to be Microsoft technicians. I am well aware what they are claim doesn't happen. Today had another call and I played along until they hung up. "We are receiving an I.P. alert from your computer, we need to check it out". I asked how they have my telephone number, they said your computer is registered to Microsoft. He wanted me to look at my error messages of my computer, did a search for event viewer, saw a few error messages. They wanted to me go to a website so they could log onto my computer to check it out my errors....... G
  11. Tom, The years I have worked in mortgages, I can honestly say every situation is different. Looking at the USDA Credit Requirements concerning your credit history. A credit history reflecting any or all of the following is considered unacceptable credit history: * More than one 30-day late within the past 12 months. * Bankruptcy or foreclosure discharged less than 36 months * Outstanding judgments within the past 12 months * Two or more rent payments 30 days late within the past 3 years. * Outstanding collection accounts with no payment arrangements * Outstanding tax liens or delinquent f
  12. , The years I was a loan officer reviewed many credit reports, personally help many resolve past debts. Once the balance is paid, the status will be updated to show “Paid Charge off” or "Settled" and the balance will be updated to zero. When qualifying for a mortgage many times (depending on the individual underwriter as preclosing conditions) the borrower would need to provide an additional settlement letter showing that the account had been settled. Your two trade lines that are charged off or sold? The items that show sold - most likely was sold to a collection company's at penny's on
  13. I grew up in Austin, back in the 1980's owned a duplex renting it out. Having a 2 bedroom, 2 bathroom apartment paying less than $750 a month is a good deal. If you truly have an income issue - think about applying for a section 8 apartment. Link http://www.tdhca.state.tx.us/section-8/
  14. Saw this recent link about BOA - http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458
  15. This is a little off topic in the mortgage section. I had a similar scenario with Cable-vision here in New York. In August 2010 Long Island got hit by Hurricane Irene, we were out of power for two weeks lived off a generator. We lost service from Verizon, found out Cablevision customers still had service. Cablevision offered a special promotion a free package for 30 days.Called them and switched internet carriers. By the 2nd day noticed many inferior differences between them and Verizon. The following week called Verizon and reestablished our account with them. I waited to the follo
  16. . I do not agree this money owed is going to magically disappear. At least a few times a month, speak to home owners in a simular situation looking to get out of money owned. The secured loan was a second mortgage in 2nd lien holder's position, they cannot foreclose upon you because the first lender (mortgage) is in 1st position. If the 2nd lien holder release's themselves from the deed, they can then seek a judgement in civil court. Lite case in the future inforcing a judgment, your banking accounts can be frozen. Worst case - you could be dealing with a sheriff knocking at your
  17. An analogy of your credit report is compared to a beating heart. You need information going into your credit report to keep it alive and healthy. If you stop information from going into your report, it can dry up and have a "N/A" score (I witnessed this multiple times). Yes the number of inquiry's on a credit report between soft pulls and hard pulls can bring your score down. Credit Inquiry's only make up 1/5th of the total credit score. When applying for a new mortgage the key thing that is looked at, is recent transactions between your installment and revolving debt. If you haven't
  18. It depends on how much equity you have in your property. Years ago as a LO, the main requirements for a reverse mortgage was 62 or older, plus the LTV score 50% or lower. Spoke to many people about them, though I never sold one. Also discussed with many children after a death of a patent that had a reverse mortgage. If you have family, do not recommend reverse mortgages because it is a nightmare for your siblings to save your home. My $00.02 ..
  19. Working in mortgages for over 13 years - my experience with issues with appraisals. There's a cost to cure, which is subtracted from the appraised value. The borrower has to complete the repair(s), have in appraiser reinspect the repairs, then can get the full value. Wells Fargo is one the better conventional lenders. Reading your notes so far, I don't think you will have a problem. My $00.02... .
  20. What you want is called an asumption (adding somebody to the loan). Many banks will require the loan be brought current before that happens. Since nobody can qualify for a new loan, there are two options: 1st) do nothing and the bank will foreclose sometime in the future. When the bank forecloses, you get nothing. 2nd) the only option you have that benefits you is sell the property yourself. That way you get you get the equirty.
  21. There are two sides to every story. I could write a book here, deal with these type of issues everyday. As for the lender changing, in the closing documents the home owner gave premission for the loan to be reassigned. Years ago as a loan officer/ loan broker - cannot count how many loans I originated in Florida. At the time Florida laws did not require attorneys to be present at closing, sat on the telephone though countless of closings. Point at every mortgage closing - three copys of the closing documents are genrated- 1 set went to the home owner , the 2nd set went to the lender, and
  22. Received this email - good read, passing it on..... A Truckers Story - If this doesn't light your fire, your wood is wet! I try not to be biased, but I had my doubts about hiring Stevie. His placement counsellor assured me that he would be a good, reliable busboy. But I had never had a mentally handicapped employee and wasn't sure I wanted one. I wasn't sure how my customers would react to Stevie. He was short, a little dumpy with the smooth facial features and thick-tongued speech of Downs Syndrome. I wasn't worried about most of my trucker customers because truckers don't generally car
  23. TILA provides that when a loan is based upon a consumer’s principal dwelling, that the consumer has a right to rescind the loan whenever the consumer protections in the law are violated. These include: The bank’s failure to tender to the consumer copies of the “Right to Rescind” notice at the closing; The bank fails to properly disclose the interest rates and interest payments the consumer will pay over the life of the loan; The bank fails to properly disclose any finances charges built into the loan. The statute of limitations for a claimant with the right to actual damages and s
  24. Thanks for you post - good luck in the future.
  25. In Florida within five years it is legal for the lender to go after the homeowner when a deficiency judgement is awarded. In your particular situation; signing a promissory note, if you don't pay, you could easily end up in civil court. A judge can instruct a sheriff to confiscate any personal property you have now and auction it to pay towards the judgement. To protect things you have now, the only legal option is to file bankruptcy. My advice to you is to drop of the radar for the next three years, since you are living in another state. Hopefully when you contacted them, you didn't give