Do mortgage companies have a legal obligation to report 30
Do mortgage companies have a legal obligation to report 30 days late to credit bureaus and are not allowed to remove a late report if the circumstances are reviewed and the late payment was found to be not at fault of the borrower (but still late)?? In other words, do mortgage companies have no autonomy over whether a late report may be removed from the credit bureaus?
Counselor at Law
House in Harrisburg - lease option from October 2013 for
House in Harrisburg - lease option from October 2013 for $1200.00 per month with $300 to be held in separate account to be used as down payment or if lease is broken, then it be retained by myself. Appraisal came back at the market value of the selling price. However, came back that the $1200.00 per month was not fair market value and the tenant could not use the funds as the down payment. The bank, Wells Fargo, claims there is a Federal Regulation that states the above is correct and therefore we cannot close on the house - the tenant's application has been denied. Is this correct??
REȘ FHA Mortgage Loan question Is a money gift(for down
REȘFHA Mortgage Loan questionIs a money gift(for down paymnet) from my Mother in Law acceptable?(NOTEȘI am gonna be on the Mortgage myself,without my spouse).If yes,the my mother in Law will wire me some money from a country in Europe.What else would I need from her,beside the wire?Does she have to make a declaration that she is Gifting me the money?And then translate to English,and Apostillate it and mail it to me in the US in original?Or will the Fha Loan offier ask for her bank statemnet?Thanks!
While I was married, both of our names where on our FHA loan
While I was married, both of our names where on our FHA loan and on deed of property. I have since divorced and my name has been removed off of property deed. AT the time I was married our loan was through Bank of America as an FHA loan. Since my divorce, my ex has revised the loan and now is a conventional loan without my signature on the loan, and is now appearing on my credit report. How can he modify an FHA loan to a conventional loan with out my signature? Can a bank do this?
To you. We are holding a 15 year note on property in
Good afternoon to you.We are holding a 15 year note on property in Southern California. It is going on 4 years and the tenants have paid monthly on time. We received a letter from First National Acceptance Company to purchase the note from us.What are the pitfalls/benefits of selling the note? I am 84 years old and having health issues and would really like to sell the note but don't want to make it difficult for the tenants.thank you
I have an issue with a refinanced mortgage I had done with
I have an issue with a refinanced mortgage I had done with Quicken loans. My wife was promoted, and we wanted to rent out the house to her mother. The mortgage was a WHEDA loan, which is an owner-occupy only loan. We needed to refinance to a different loan. I called Quicken Loans and they set me up with the refinance. It took 10 weeks to close, and then when I started the next process of getting a loan for the house we wanted to purchase, the new lender is running into issues due to how the refinance was set up. Quicken Loans set up the loan as an FHA loan, which means I have to occupy for at least 12 months before I can rent it out. Now, not only did the bank reject my loan due to potential mortgage fraud, My wife may need to step down from her position as well. Her job requires a lot of hours, and she is starting to break down from the driving 80 miles each way. Her boss has offered to look into options for her with the company, but one of them is moving back and being demoted. We did e-sign the prelim document of residency for 12 months, but we were not prepared for the mortgage banker to send us a loan that would do this. We assumed they had our best interests, and would have known better, since that was the only reason I refinanced. Is there any legal action I can take against Quicken Loans?
My husband was approved FHA Loan (bankruptcy ch 7---3 yrs
My husband was approved for an FHA Loan (bankruptcy ch 7---3 yrs ago) and recieved the letter of approval to purchase a home. We were suppose to close today!!!The lending company said 2 days ago that the home my husband surrendered in the bankruptcy wasn't sold and or recorded with the county recording in 2014...Basically, I know that when surrendering a home in bankruptcy, the house does obviously goes into forsclosure...and for the mortgage company to have full ownership of the property to resell!!! Our discharge letter is dated 2013...We have a family of 8, our house is halfway packed...im a combat veteran, while my husband is still serving...all this happened while my husband was in training...Im pretty sure he thought I was stupid! The lending company will not reply to any of my questions after I stated that I read the FHA LOAN Requirements...my legal docs all state 2013...What are my options...or husbands options?All the time and money into buying this home waisted??? To be told he wanted more money down, 5% and go with a different lender...Ummm not happening something us wrong and my he knows he messed up!!!
Haven't received a bill on new mortgage in my first 7
Haven't received a bill on new mortgage in my first 7 months. I have asked several times, plus utilizing my 1 emergency payment for that I received in my closing package. Now I'm receiving property tax bills at the house. What can I do?
I have an FHA loan since 2014. I would like to know how in
I have an FHA loan since 2014. I would like to know how in the event of my death my significant other for the past 30 years would be able to stay in the home and continue to pay the mortgage. In other words can I will him the house even though it is not mortgage free?