Here is the question: T Smith asks: “Does an electronically initialed loan application entitle the lender to charge a fee if no wet signature is ever submitted? Quicken Loans is charging me $550 based on my electronic initials even though they told me I was under no obligation unless I submitted the wet signature.” My [...]

The question: “I hear a bunch of news stories about how there is a credit freeze and mortgages are harder to get these days. So, is it true that mortgage borrowers are getting denied more often now?” My Answer: In a word…”Maybe”. With the mortgage meltdown in full swing, it might seems logical to believe [...]

Melissa asks, “What are the penalties for lying on a mortgage or refinance application? Claiming that you are married…when you are not. What if the ex-wife forges the signature? What are the ramifications?” Lying on a Mortgage Application My answer: Falsifying information on a mortgage application is a form of mortgage fraud. You must know [...]

Here is the question: Ken asks, “Does YSP apply to government mortgages as well creating higher than necessary FHA and VA mortgage rates?” “I have a friend who swears that FHA rates are FHA rates because of the assistance aspect- no more, no less. I am fairly confident that it does not matter and those [...]

Here’s the question: Rachael asks, “I am going through Echo Loans to do a loan modification. They advised me not to pay my mortgage this month. I am not behind on my mortgage, but owe more than my house is worth and my second mortgage is 12%. They advised me that my credit would be [...]

Here is the reader question: Sean says: “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, [...]

Here is the question: Christina asks: “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 [...]

The question: Bill asks: “Hello. 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 I’m now unemployed. Is it possible to convert [...]

Here’s the question: “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 borrower has paid the mortgage in full, [...]