Mortgage Company
Mortgage Company questions and answers
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Q: Mortgage Company?
Looking for a very good mortgage company, I am trying to buy a condo in New York. Can anyone give me some suggestions?
A: Contact the institution that handles your checking and savings. Ask friends and family for recommendations of someone they have used successfully.
Q: Can a Mortgage Company hold your insurance check for the repair of your building?
My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can't finish the repairs needed. My mortgage payments are up to date.
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?
A: Ask the mortgage company if they'll release the funds directly to your contractor.
OTOH, MOST contractors will do the work, and THEN let you pay . . .
But yes, they can do that.
Q: What benefits would a mortgage company have to delay the closing of a home sale?
We have been trying to purchase a home for the last 5 months. We are being told by the seller's realtor that the seller's mortgage company is not responding to their repeated attempts to finish the closing deal. The seller's realtor is faxing the paperwork 2 times a day, calling and getting the run around, etc and getting nowhere with the company. Two weeks ago the mortgage company did respond and said they were missing a form from the realty company, which has now been completed and still no response. Are there possible reasons why this mortgage company is not responding? What do they have to gain by not following through with the sale?
In response to the posting that said I was being misleading. Yes, this house buying process has had many roadbumps--too many to include in this 1 post w/the amount of space I am allowed. Many of the issues I had previously posted had been resolved (or so I was informed); The Lis Pendens (we were informed by the seller's realtor that it had been negotiated off); the sellers did owe $ over what they accepted on our house offer (we were told that they negotiated w/ their mortgage), possible foreclosure in progress (we were assured by the realty company that they had not received any notice that a foreclosure was in sight). That being said, these last few weeks what we have been told was that it was the lack of communication back from the mortgage co. that was creating the roadblock, not any previous issues. When I posted this question, I was merely trying to ascertain if there was a reason a mortgage co. would delay the closing (possible shady company?); Thanks to those who answered.
A: You are being lied to for some reason or another. If you have a signed purchase and sale agreement with yours, the seller's and your respective representatives. Then there is nothing the seller's mortgage company can do to stop the transaction. In fact they have nothing to do with it. Once your lender has completed the loan packet and the appraisal, the approval, title searches and inspections are done. Then it's just a matter of drawing doc's. That is when the escrow company will get a hold of the current lien holder on the house and get the appropriate payoff's.
So agree with what the other person said, that perhaps they are trying to hold out for another offer. However if you have a finalized purchase and sales agreement then they are putting themselves at risk for a law suit particularly if you gave them Ernest money with the P&S. It also sounds to me like you are not working with a Realtor who acts as your buying agent which is a huge mistake. Never ever under any circumstances deal with a selling agent without obtaining the services of a realtor to act as your buyers agent.
Q: Can our mortgage company require us to go with their insurance company?
We are in the process of trying to refinance with a new mortgage company. We currently have homeowner's insurance through Farm Bureau Insurance, as well as boat, automobile, and life insurance. The mortgage company we are refinancing with is saying that we must have and escrow account and pay their OWN homeowner's insurance, instead of Farm Bureau. I don't want to do this because we get a multi-line discount at Farm Bureau, and I like them. Can they do this?
A: Absolutely not. Matter of fact, by law, they are required to have you sign an "ainti-coersion" disclosure. It states that they have NOT instructed you to, or required you to use a specific insurance company, to guarantee the closing of your loan. BIG no-no. The law was put in cto protect consumers from companies offering each other kick backs. "send me business, and I'll send you business". It is fraud. You are encouraged as a consumer to shop for the best deal. That applies to the insurance company, mortgage company, title company, etc. Kick backs and "steering" is seriously frowned upon by the Department of Banking and Regulations. They are risking their license.
Q: What does it take for a mortgage company to set a closing date on a home sell?
My problem is that we have a contract on our house, the person who offered on the house has submitted all the necessary paperwork to their mortgage company, and has received her commitment letter back from them; however, a closing date has yet to be set. My realtor tells me that the ladys application is through with the underwriting, the commitment letter from the bank was received last week and we are just waiting on the mortgage company to get all of the numbers together and email that info to the title company. We have been waiting a week today, why can no one give us a closing day? How long should this take? We feel like something is wrong but no one will tell us? Any opinions?
A: I use to do closings in an attorneys office for purchases and refis. there are a million possible reasons for the delay, but I am sure that none of them are acceptable.There is no reason why you should be waiting on the mortgage company if there is already a commitment letter. 99% of the time when I was doing closings it came down to the seller or the title company being the hold-up for the closing, not the mortgage company. I would call and seriously complain! As a seller I am sure you probably have your own deadlines regading your new residence. Your real estate agent needs to be sticking his/her neck out and bugging the heck out of someoen to get the ball on the move!
Q: Our mortgage company is not applying our payments and have sent us to collections, where can we get help?
We have documentation to show all payments were made on time and in excess of the amount due. Our mortgage carrier is not applying the payments. Our bank has records to prove payment has been sent and cashed. Our mortgage company has now sent it to collections. Who can we contact for help?
A: Get a lawyer, show him the information if you can convince him that it is what you say odds are all he will have to do is write a letter to your lender's legal council. He can also stop the collection company.
Q: How do I find out the mortgage company of a condo in foreclosure?
I live in a three unit condo. The second unit is vacant (the owners moved out 2 years ago) and the unit is in foreclosure. We (the condo association) needs to contact unit 2's mortgage company for back payment of unpaid condo fees. How do I find out their mortgage company?
A: Probably there are back taxes too. You could contact the court house and ask about the deed. Also, the Tax authority should tell you where the tax bills go.
Q: What can I do about a mortgage company checking my credit without my permission?
Ok...I get a call from a lady saying my mortgage company assigned her my file and that she could get me a lower interest rate. Well great, I said to tell me what she could do. Never did I give her my or my husbands social security numbers or any info. Well, she checked our credit without my or his permission. I called my mortgage company and they said they never give my info to anyone....yet this lady says they did and that this is how she had my info. What should I do?
A: I would ask the lady for the name of the person at the original mortgage company who gave her your information. Someone is lying here. If she won't tell you, then you know it's HER (or her company). She might be pulling your leg about having your social security number AND about checking your credit.
Q: Why is my mortgage company not paying my tax bill when I have escrow?
My mortgage company (CITIMORTGAGE) is not paying my tax bill. The money is in escrow, the error has been spotted and documented in a case number by customer service.
I paid the bill myself, because it is over six months late and I risked being put on the TAX SALE foreclosure list.
Should I be worried that they are going out of business? Or is this a computer glitch?
A: Are you signed up with the tax agency to use the escrow account? The company has to receive the tax notice to pay the tax. If you received the bill directly, then the tax agency isn't sending the bill to the right address.
Q: Can our 2nd mortgage company attach our wages once our home is sold as a short sale?
Our 2nd mortgage company is suing us for $25,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted paperwork to attach 25% of our wages until it is paid off? Is their any legal way out of this?
A: It will be up to a judge to decide if it is legal or not. Now that they no longer have their security, they are entitled to get their money back in other ways.
You may need to get an attorney to protect your interest, and even then, you may not be able to stop it. He might be able to negotiate a payment plan in lieu of garnishment.
If you miss any payments, though, the garnishment will be re-instated.
Q: How would I start my own mortgage company?
I recently graduated with a BS in accounting and am looking to start my own company. What steps should I go through to start my own mortgage company. I have a partner who would go in with me who has the finances I believe to make this happen.
A: Go to http://www.score.org/ to find the nearest SCORE chapter. In the upper left hand corner is a box to enter your zip code. Your nearest SCORE chapter will be on the next screen. Contact them to arrange for a free one on one meeting with a SCORE counselor about starting a mortgage company.
SCORE is a nonprofit organization. They provide a public service by offering small business advice and training.
SCORE's 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.
Q: My Mortgage company added 3rd party services without my consent, what recourse can I take?
I took a close look at my mortgage statement and found $20 in some type of shopping an travel discount membership added on. I called the company they canceled the membership, but they said they couldn't refund it because it wasn't done on a credit card and I would have to get it through the Mortgage company. The mortgage company says I have to get it though the other company, though they said they would investigate it and get back to me, and they haven't.
A: You should not have to do the legwork to recover funds for something you did not approve. Complain to your state attorney general and provide details.
Q: Can a mortgage company take your tax returns?
I had to move from one state to another. I have been trying to sell my old house for about a year. Finally I am going to have to do a short sell (I have a couple offers to pay less than what I owe on the home). I should probably get some money back on my tax returns and would like to use it to pay off the large credit card balances I have acquired over this period of time. Can the mortgage company seize any returns I may get because I am having to do a short sell?
A: No, I do short sales for a living. They cannot take their tax refunds.
Also, because of the holidays I have not read up on it completely, but President Bush just signed a law taking away the tax burden on the balance owed after the sale. Make sure you do your sale in such a way as to comply with this law.
Q: Can a mortgage company change a loan to interest only for a 60mo period to attempt to help a cust in trouble?
My mortgage is behind and the company say they want to help me be making my loan interest only for 60 months and adding the delinquent amount to the principal. This seems to help them the most considering the company has filed for bankruptcy. I was wondering if this is legal and the best step in preventing me from losing my house.
A: It is not a great idea, but legal. If they are willing to stop foreclosure on you with this new plan then it may be all you can do. It gives you 60 months to refinance, which is the good part.
Q: Can the mortgage company just keep the insurance money?
I purchased a foreclosure on August 29th. After we had done a final walkthrough. Once we moved in we realized that there was hail damage to the roof from August 26th, (our new neighbors told us a hail storm came through) We had the roof checked out and sure enough the roof was damaged. (Not visible from the ground or at walkthrough) We contacted the Mortgage company's insurance, they came out and assessed it and aproved a payment for repair. Now the mortgage company is refusing to pay, they are keeping the money to cover what they lost in the short sale on the foreclosure. Is this even legal?
I had an inspection prior to the hail storm. I did not know a hail storm had came through until I had moved in and found out from the neighbors. There was noone living in the house so the sellers were not aware of the storm either. During the walkthrough there was no way from the ground I could tell there was any damage to the roof. Even when up there recently I could not tell without the roofing inspector pointing out what the hail damage looks like.
A: They probably are not keeping it to cover what they lost. I really doubt this is legal. Most mortgage companies will hold the money for the job to be completed. Then they will pay. Also, if they held the insurance policy they can do what they want with the money. You bought "as-is".