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Will the servicing company reduce my rate just by asking?

Here is the reader question… What relief (with the new mortgage plan) or options (without refinancing) are available to those of us out there that have good equity in our home, high beacon scores, and have made our payments on time? I recently contacted Countrywide (my lender) and asked them this questions, unfortunately, they transferred […]

Will the Obama plan help if I have a subprime mortgage servicer?

Here is the question… I have a mortgage with Carrington Mortgage Services LLC, but am behind on my payments. With this government bailout, can I get help? The problem is that I do not know who the backers of Carrington are. When I called and asked if they were part of Freddie or Fannie, I […]

Can I convert home equity loans to unsecured loans?

First I will print the visitor question and below it I will answer. I have a first mortgage and two home equity lines of credit. I have never been late with a payment. The value of my house is worth far less than the amount I owe, and I would like to sell it because […]

What is the process and proof a mortgage is paid in full?

Here is the question reprinted below followed by the answer. I recently paid my mortgage in full, but the country records office has no proof. How do I show them I don’t owe the mortgage company any more money? What is the process and proof my mortgage is paid in full? My Answer: Once a […]

How do divorced borrowers qualify for an FHA loan?

The question is reprinted below followed by the answer. I am applying for an FHA loan with my fiancee who is divorced and still owns a home with his ex-wife. The divorce decree says that this ex-wife is responsible for the mortgage payments and the house is to go on the market when their son […]

What is mortgage interest credit?

The question… Can anyone explain to me about mortgage interest credit? I have read many documents and just need it in simple term. Any help is greatly appreciated! My answer: Mortgage interest credit is a credit for days of interest if your mortgage closes and funds within the first 5 days of the month. It’s […]

After locking can I get the lower rate if rates drop?

Here is the question… My wife and I are purchasing a new build and set to sign closing papers in December. The mortgage company wanted to try to get me to lock in at 6.50 and i told them that that rate was much higher than the going rates for an FHA at 6.00,two days […]

When is a lender required by law to redisclose a loan?

Here is the question…When is a lender required by law to redisclose a mortgage loan? This is a great question because I will bet a $100,000 not one mortgage broker in a thousand knows the answer to the question or abides by the rules. My answer: Lender Redisclosure Requirements Redisclosure rules are set down in […]

Who is more responsible for the mortgage the borrower or co-borrower?

Here is the question… My ex-boyfriend and I bought a home together and now he has skipped at least 2 or 3 payments. He will be moving in a few days, it was to my understanding that since he was the “Borrower” on our mortgage, and I the “Co-Borrower”, that he would no longer have […]