Refinance Mortgage

The only negative items that I have on my credit are medical bills that my wife and child acummulated when we did not have health insurance. Thankfully we now have health insurance.

I have indicated this to my mortgage lender and they are asking me to write a letter of explanation regarding this.

Since I want the letter to be ‘perfect’ and completely what the lender wants, can you point me to a sample letter on the net or suggest ideas?

There is really not a perfect, just a truthful letter. Explain to the lender that at the time your wife and child were ill and had to be under doctor’s care you were not able to pay the medical debts that were accumulating because you did not have health insurance nor were you covered by a HMO.

Since then I have not acquired health care for my family, this problem should not exist again.

If this is the truth of what happen something along this line would work.

Most lenders know and understand that individuals will go to the hospital or medical center to get well even if the have no money or health insurance.

If you are in contact with the medical people to pay this debt,or make payments on the debt say so, if not then leave this out.

I hope this has been of some use to you, good luck.

"FIGHT ON"

I am a first-time buyer and I want to find a good
mortgage lender that will work for me, not against me
I have spoken to 2 already, and they seem to have
a large range in price for the same property…I dont
want to get taken

If you are not impressed with the first 2 quotes you have, get a couple more. Ask family, friends, co-workers, etc… who they have used in the past and how their experiences with those companies were. Look up the companies on the bbb.org or ripoffreport.com to see if there have been any complaints against the companies that you are considering doing business with. Once you get to the point of having 4 or 5 quotes you should have a fairly good idea as to how much everything is going to cost you. If one quote of the bunch is way less than everyone else, then chances are they are just trying to get you interested and then the numbers will change in the end. Best of luck and if you need a reliable person in New York I do have some colleagues in the mortgage industry that do a great job in the state of New York. If interested email my email in my profile.

My fiance and I are first time home buyers who would like to permanently reside in Massachusetts.

Seems like so many people are getting screwed with their mortgages these days and I’m scared as hell to start looking.

Can anyone help that has done a lot of research recently and recommend a good mortgage lender?

I would go through a mortgage broker. They approve you and then they sell your contract to a service provider. If the rates get better they will inform you of that and transfer service for you.

Also, credit unions have good rates, check there.

Check Union National Mortgage. I am not sure if they are regional or national but they are really helpful.

I am looking into a foreclosed home. However it needs some work. Can we ask a mortgage lender or a bank for a higher loan amount to fix the problems as long we qualify for that higher amount? Is this allowed?
Ok Thank you for answering that question. I have another. Which is easier and smarter to use a bank or a mortgage lender?

Heather is correct. The only way to get this done is with an FHA 203K loan. The repairs will have to be done by an approved contractor so don’t go in thinking that you can do the work yourself.

Edit: You should look at using a broker. When you use a bank it’s like going to McDonald’s, you get what they have on their menu at their price. When you work with a broker it’s like going to an all you can eat buffet, you have more options.

I am trying to change my mortgage from my 1st lender but there seems to be a query on how long I have my 1st mortgage because I bought from the council. I am not trying to sell judt move to a better lender

Sure! We moved to Geico, owned and run by General Motors Corp.
Quick easy and saved a bunch of interest.

I live in the UK and have a Mortgage with Northern Rock. I am around 5 months in arrears and the house is becoming a huge burden. I need to get rid of this house quickly but nobody is buying for the amount I owe on the mortgage (which is less than the house is worth).

Can I surrender the house to the lender? I do not want this to go to court as we have a baby on the way and need every penny.

You are probably neglecting your mortgage because of paying other debts, it is they that are the burden. Credit card and personal loan debt taken out before 1 April 2007 may not be legally enforceable, so get that checked asap. It may save you some monthly outgoings. Part of your Northern Rock mortgage may also be affected. Don’t do anything hasty until you’ve visited the website and got help.

i havent received my 1098 from my mortgage lender, but i got a 1099…do i still get a 1098 or is the 1099 all i’m getting?

Your supposed to get both of them, I would call the mortgage lender just to make sure and I would also contact my CPA or tax preparer for 100% confirmation.

When applying for a mortgage, how far back does a mortgage lender look? Do lenders weight issues from 6 years ago, the same as an issue from 1 year ago?

they look at the last 12 months mortgage history only. bankruptcies and foreclosures they look back 4 years and most times and open judgement or collections need to be paid off. that is for conforming loan products. with subpirme the guideliuines are much looser but the rates are much higher. there areotherissuesthey look at as well like debt to income ratios and laon to value

My now ex-girlfriend let her house go into foreclosure, even though she is sitting on an 80,000 dollar bank account. Could the mortgage lender sue her and win the money she owed them on the home loan?

Yes. The lender foreclosed. They sell the house, if the amount is less then what she owes, the lender will sue for that amount.

If I have a mortgage on my house and my lender becomes insolvent, what happens?
Do I still owe anybody money?
Who owns the title to the house (in my case mortgage is 20% of purchase price)?

Jon

Of course you still owe someone money. The lender went bust because the lender owes someone else more money than they have. Accordingly, that someone gets your mortgage and you pay them.