MORTGAGE VIOLATIONS…Please help !! - Posted by Daniel Levy
Posted by Daniel Levy on January 25, 2005 at 24:03:54:
Hi all,
First i really want to thank anyone who takes the time to write some lines and help other people (newbies most of the time!
I’m buying my first property and the bank has change the terms over and over again (almost 5 times in 3 months).
Finally tomorrow we’ll have the closing, but it seems that they are trying to come up with a really high “Closing cost” more that TRIPLE what they’ve said to me.
Which are my rights? I don’t want to loose the deal…
Re: MORTGAGE VIOLATIONS…Please help !! - Posted by mary lou
Posted by mary lou on January 28, 2005 at 16:31:14:
i have a mortgage in my ex husbands name he took out after our divorce and was told to sell the house and split the proff with me 75/25 me being the greater end after the mortgage payoff, instead he took another loan on the house giving himself an extra 10,000.00 and adding this to the pay off, he then left and i am paying the mortgage. the mortgage company wont deal with me cause the loan is in his name, but they take my check, he quick claimed the deed to me 1 year ago, and i am being told they can forclose the loan because the deed and loan are not in the same name, i dont know what to do, i know the pay off is now, 15 years later, higher then the purchase price. i dont want to loose my property and i have paid a lawyer to help me but he tells me to put the mortgage in my name, the divorce left me ugly credit and even if i had great credit the mortgage company wont send me the payoff statement because they dont recognize me as anyone on the note.i am afraid as last time they chose to not cash my check, they stsrted to forclose and demanded money for there lawyers or they would take the house. I had to pay them 3500.00 to reinstate the mortgage what happens the next time they try this to me I have no idea where i stand or my rights
Re: MORTGAGE VIOLATIONS…Please help !! - Posted by River City
Posted by River City on January 25, 2005 at 08:59:40:
Many times during a mortgage loan application, the terms will change for several reasons. When the lender received the credit report, they might have had to change the terms. Verfication of your employment and funds to close could also affect the terms. When the loan terms change, then the closing costs could also change.
What you need to compare are items such as origination fees, discount fees, processing fees, underwriting fees. If these are the items that have been changed or added, question the loan originator as to why they were changed or added.
When changing the loan terms, sometimes the bank has to look to another investor. Different investors charge for different things. Without seeing your GFE and your current HUD-1, it is difficult to say exactly why your closing costs change. If your bank portfolios their loans, then they can probably come off some of the items they have charged you for. You can ask the loan originator which items are controlled by the bank, and which items are controlled by others.
Ask them to come off the items that are controlled by the bank (within reason).
Just remember that banks and mortgage companies cannot do loans for free. They have to be able to pay their employees.
Re: MORTGAGE VIOLATIONS…Please help !! - Posted by River City
Posted by River City on February 04, 2005 at 12:32:00:
The $3500 they charged you for reinstating the mortgage just caught up back payments and paid attorneys fees, so the lender is not “trying” anything on you.
As far as your rights, if the Note was in your husband’s name alone, you do not have any rights. It sounds like the lender is enforcing their due-on-sale clause.
If the court ordered your ex-husband to sell the home and split the proceeds with you, then he is in violation of the court.
Fifteen years is a long time to blame bad credit on your divorce.
