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    In the business since 2004.
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    CA Department of Real Estate licensed Loan Officer

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oompaloompa's Achievements

Impressive 100+ postings

Impressive 100+ postings (5/6)



  1. OK- this relates to an account with a County Government as the creditor. A person at the County informed me that she posted a "universal delete" into the E-Oscar system on their end. I've done some research, and apparently this is not an instantaneous process...more like 3-5 days. Does anybody know what I am talking about here and can advise realistically when it will hit the credit report? Does it matter this is a government agency? Bear in mind this is not a dispute or rapid-rescore we are talking about here. Is there any way to accelerate the update on the Bureau end? Money is not an object (within reason).
  2. If 9K is really what it will take to pay off the balance of the 2nd mortgage, after the new loan at 80% goes through...then it should be a simple matter of your father bringing the funds into close. Paying down the balance like he wants could delay or screw things up. Better to bring certified funds into the title company when closing.
  3. You may as well apply and see if you can get by with a refinance. There is something called DU Refi Plus that you may want to look into. And automatic values from the likes of Yahoo and Zillow lag market value 6-12 months and even then suffer from 5-20% inaccuracy. FYI, loan modification is not the same as a refinance. A refi is a new loan, a modification is improving your rate/terms with existing lender. Your declining income would actually help you greatly in obtaining a loan modification, as some sort of hardship is required to qualify.
  4. OK few points here. 1. You currently have an FHA loan, so you wouldn't be able to obtain another. You'd need to go conventional financing. Even if this wasn't the case, the rule you are asking about applies, AKA the "buy and bail" rule. HUD wrote a mortgagee letter detailing the equity requirements etc download here. Note that there are some exceptions, see point #3. 2. With respect to conventional financing, here is a guideline from August 2008, I can't find an update but this is still in effect. Here is an excerpt from page 6: Conversion of Principal Residence to Second Home or Investment Property "Fannie Mae will continue to permit up to 75 percent of the rental income to be used to offset the mortgage payment in qualifying if there is documented equity of at least 30 percent in the existing property (derived from an appraisal, AVM, or BPO, minus outstanding liens). The rental income must be documented with: • a copy of the fully executed lease agreement; and • the receipt of a security deposit from the tenant and deposit into the borrower’s account. If the 30 percent equity in the property cannot be documented, rental income may not be used to offset the mortgage payment. Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction; and 6 months of PITI for both properties is required to be in reserves." 3. In other words the key similarity (on Fannie/Freddie/FHA) is whether or not you get to count the rental income in your debt to income ratio. This is determined by whether you have the equity requirement or not. 4. If you can A) qualify for both mortgage payments without offsetting with the rent, or have enough cash reserves; you can skate by this one. I have successfully funded more than a few loans in this manner.
  5. oompaloompa


    Seems like you are treading water at the very least. I would look into Tbills, word has it that they will be doing some price gains here shortly....as of now we are into 8.1% unemployment official numbers anyway :shock: I am doing quite well now thanks to the lower interest rates...everyone and their brother wants to do the FHA/VA Streamline refinance, we are literally getting 2-3 leads daily on our website for it(thanks to some extensive Search Engine Optimization - SEO- I did). Business was thin, so I diversified into this SEO stuff which has paid in spades. As far as Charles, I hate to say it but that's textbook out-of-biz behavior...lord knows I've seen it with countless numbers of my peers/competition. It is a very ruthless market out there now.
  6. You would actually be able to obtain a FHA streamline refinance even if you had missed payments, so long as you were current at the time of refinance. A FHA Streamline is not the same as a loan modification FYI. A loan mod would be extremely difficult to get done in your situation as it is FHA paper. Regrettably, you are not misinformed on this one. We have high hopes though for Obama's new plans.
  7. A loan modification is NOT the same thing as a forbearance agreement. Wells Fargo is NOT helping you. They are tacking fees onto the loan, screwing your credit and not providing any real relief. A true loan modification reduces your principal balance, reduces rate as low as 3% fixed for the life of the loan, or both. Loan mods are permanent, lasting relief. Forbearance is a horrible option.
  8. Mortgages are bundled into several different types of very complicated securities. Any given loan could be one of thousands in a "pool", and this pool can have thousands of owners. Normally though, paperwork for prepayments and foreclosure would be fast. The problem is the system was never set up for this type of volume. Asking to Produce the note works if the system is overwhelmed, because the people in charge of foreclosure may target easier loans first. This advantage as noted doesn't work with everyone and is something every bank is working to fix(not in their best interests). There was that story of a woman who fought foreclosure successfully for 5 years with this tactic.
  9. oompaloompa


    post history indicates Charles last appearance on the site was January 8th. his website still works(the one in his profile). I was actually curious to see how he had weathered the current storm in the mortgage biz. I don't know if you remember me, I've been on a 6 month "sabbatical" from the site lol. I am still in the biz, busier than ever before. Unfortunately my deepest fears about the economy have been realized and then some. I know that you were pretty exposed to equities, how is your portfolio holding up?
  10. Yeah, I knew that Phillip Cohen etc was debt collectors; the frustrating part is whenever we get ahold of someone in US Bank who can actually reference the account, they say "we cannot speak about this account, all commuinication must go through our attorney blah blah blah". Yet, oddly enough the attorney isn't reporting anything to my clien'ts credit. Since they(attorney) doesn't have my client's social attached to the file, I can only assume US Bank is to blame for this. MY client gave US bank her social when she applied for the checking account; when the credit line went delinquent they must of figured it would be a sweet idea to slap it on her credit too. Such an irritating catch 22. "Hi I need information on this account, it's being reported to my credit" "are you on the account" "no, thats the whole problem" "well then sorry we can't release any information" The other issue is that there [apparently] 8 different divisions/telephone numbers at US Bank that handles these types of accounts. Each claims it's another's responsability. Some can or cannot access the account. All are equally surly and unwilling to help. I will try your suggestion loanshark and escalate it as high as we can; this is also a violation under FCRA, FDCPA etc.
  11. Hi all- I am a loan officer and I am working on a client's file that has an extremely critical situation. Background: Client had a joint US bank checking account in 1999 with her boyfriend at the time. Later, boyfriend applys for and opens a credit line in his name with US bank. They break up, Client closes the account, and is never told about the credit line, which of course the BF walks on. Fast forward to present. They are tyring to buy a house and the FHA underwriter wants a creditor letter to explain the chargeoff, now about $5,000. The client and I have probably spent about 10 hours on the phone with US Bank and their designated Attorney Phillip COhen and Associates. US Bank refuses to speak with anyone regarding the account, stating that "it is in chargeoff/recovery status". Recovery department will not release any info related to the debt and refers to Phillip Cohen. Everyone with access privledges to view the account states that my client's name does not appear on the account as a cosignor or gaurantor, just as a reference. She even offered to pay the collection to the attorney who said they could not accept payment, due to her not being on the acount! What we cannot wait for: Disputes. The client already disputed the account, but the rate lock we have for him expires soon and cannot be extended due to the volatile market (was already extended once). We don't have 30 days. We've tried calling 8 different numbers at US Bank, 3 for Phillip Cohen, faxing, emailing, going to the US bank branch it was opened with...came up with nothing. Suggestions?
  12. hey, I dont know if this will help or not, but I too had a delinquent account with sprint some time ago and a following encounter with Cavalry portfolio. This was prior to me finding this site, of course so I didn't validate, etc it. The collectors called and I settled for about 60% of what was owed. COme to find out that paid collections are worse than unpaid to delete...supposedly. I put in a written dispute about 30 days after I paid it, and all the bureaus removed it. tl;dr Cavalry didnt confirm when i disputed. It has never came back since. Oh and they refused to negotiate a PFD, even at face collection amount. The chick told me though that they most likely would not verify though after I paid.
  13. Hi- this is for a client of mine. Underwriter's kicked the loan for a US bank collection US BANK LINE OF CREDIT REV ACCT SUBMITTED TO COLLECTION COLL 03-08 CHARGE OFF CHRG $5045 CHRG 10-07 LINE OF CREDIT My client had a joint checking account with her ex bf in 1999. Unknown to her, ex bf opens a credit line at US bank, but only in his name. US Bank has her social due to the checking account application and puts a collection on her report. I just conference called them(US Bank Credit Line department) and they found the old credit line account, and verbally confirmed her name or social isn't on it. However, they declined to give us a letter confirming as such or a printout, stating that the account is in "recovery" and apparently locked from their end. Well, recovery was closed and I will be trying them tomorrow but what I am looking for is someone who has had experience with getting this type of thing from US Bank or similar situation. How did you do it and how long did it take? Thanks!
  14. Hi i have a relatively new car note (bout 4 payments made) with Capitol 1. finances are very tight this month, I am commission only. My payment is due on the 13th and it will not be in by then. I will probably have the cash in about a week, two at most. I've paid early and over every month until now. My question is, what is the best way to work this out with my lender? I assume of course there is a late fee, but how long do I have (about) before the late payment is reported to my credit, 30 days?
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