I began the process to refi my house with usbank they charged me $75 up front with my visa credit card an appraisal was done. One week prior to closing they called and changed the terms of the loan saying that because the home is a manufactured home the terms were different. When the original appraisor called I asked if they knew that the home was manufactured, they said no but would contact us bank for another appraisor to come out. Which they did. Our original loan was with us bank. They had this information.Needless to say we did not continue the transaction w/them. We refied with another bank i have now discovered that us bank charged my account the $500 appraisal fee without notification.We would have continued with the loan had they not changed the terms from 30 year fixed 0pts to 20 years 1pt. I don't believe they are correct in doing this as THEY changed the terms of the loan! Help I want my $500 back!
211339
Get a lawyer.  I don't know what the legalities are here, but something doesn't sound right.
243779
The safest thing to do is contact them ASAP and make a payment that will bring you below your limit.  Many things happen when they calculate your statement at month end, they assess extra fees and penalties, they adjust your limits and they re-categorize your risk profile.  All these thing can have an effect on what your cost will be, so don't wait. \n\nWhen you call them take the opportunity to ask for a credit increase if you are going to hit your max periodically.  \n\nNever forget that in the hands of undisciplined users --CREDIT CARDS ARE PURE EVIL.  DO NOT LIVE BEYOND YOUR MEANS.\nYour choices now will have an effect on your credit needs in the future (like buying a home.)\n\nGood Luck ~The Renegade Banker
276364
There are three aspects:\n\n1. Asking for paying difference: Bank get the agreement in such a way that if they sell property and the same is not sufficient they can sue for remaining amount and get that from other personal property of the loanee. So the bank can definitely ask your husband for difference.\n\n2. Going after you: They cannot as you were not party to the loan.\n\n3. Bank disposing off the property at lower rate - If bank have advertise the auction properly and have sold that house in the auction then I am afraid you may not be able to do anything. However if you can prove that bank has not taken proper care to sell like they would have done for their own property then you can definitely sue the bank.
72225
Hey Ryan~ You asked quite a few questions so I'm going to break my answers up so here it goes:\n\n"After I have paid off a collection and my credit report states that it is closed and paid in full"\n \nAre you SURE you owed the collectors? You may not have had a contractual or legal obligation to pay them. Did you ask for validation of the debt before paying? If not, even though you have paid them it is not too late to ask for the validation. If they cannot validate the debt, even though paid, you may be entitled to a refund of said monies as well as they cannot validate or verify the information with the credit reporting agencies.\n\n"do granters look past this." \n\nFor scoring it will not help your credit score. HOWEVER, if a creditor does a manual review of your credit then yes they may look past it as it has been paid especially for a mortgage. \n\n"On my current credit score I have 6 negative marks, 4 of the 6 are paid in full and closed."\n\nRemember what I said above about the paid accounts. For the 2 that are not paid; send them a debt validation letter by certified mail return receipt requested. You want them to prove to you that you have a contractual and legal obligation to pay them and not the original creditor. \n\n"From what I have read on here it seems to be a lengthly process of trying to get that mark removed before the seven years are up"\n\nIf they do not respond to your validation request send a copy of the certified letter along with a copy of the "green card" you get back from the post office for the certified mail to the credit bureaus along with a dispute of the tradeline in question. You have proof the debt cannot be validated therefore it must be removed according to the FCRA.\n\n"Is there any I can do to improve my credit score to get me great interest rates?"\n\nI don't know what your current scores are but yes there are several things you can do like continue paying your bills on time, lowering utelization on any accounts currently open. Do not seek further credit. Each inquiry can hurt you. With as many derogatories you currently have it may be difficult to get new credit. If you have a good history with your current creditors then you may want to consider calling them and asking them to lower your current interest or wave annual fees.\n\n"Also I have presented offers to the original creditors to pay the accounts in full if they will pull them back and none have taken any of the offers."\n\nThat is not uncommon. Try to work out a doable payment plan with the original creditor (OC) to pay off overdue balances. Do whatever you can to keep the OC from sending your account to a collection agency if at all possible. If you insist on continuing to make "offers" to the OC then make sure you're sending them in writing.\n\n"Correct me if i'm wrong but from my understanding once an account is sent to collections the original creditor is paid the unpaid balance in full from the collection agency and the agency comes after you and tacks on an agency fee?"\n\nOk I'm correcting you. In my opinion you're wrong. Some collection agencies may actually be "in house collectors" which means the collector is a paid employee of the original collector. Outside collectors are known as third party collectors or JDB's (junk debt buyers). In many contracts and states a collection agency may not be permitted to tack on additional fees which is why it's important to ask for validation so you will know what the fees are for if they are in excess of the OC. Many JDB's purchase debt for pennies on the dollar.
388735
Im sure you know that the refinance percentage is based off of your credit history/score. I would recommend to wait at least 12 months. Any inquiry on your credit will last for 2 years, so you dont want to run the risk of having them run your credit at the 6 month mark and them not approving it because you dont have an adequate length pay history. If they did deny it, then you would have to run it again at the year point. Also, by waiting at least 12 months, you are showing the credit union (or bank) that you have made 1 years worth of monthly ontime payments. Hope this helped!
203006
They should have told you when you refinanced what interest rate they were charging you.  It is legal to change the interest rate.  You should also have asked what rate they were charging.  You didn't read the contract carefully.
159885
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
421166
That is the biggest problem in Real Estate today. You were not qualified to buy this home probably with an income of only $27,000. Were did you get a mortgage company to loan you the money for the home? Most won't. What people dont realize is that is costs money to refinance a certain percent and it can be $1,200 to $3,500 in cash to do the refinance but it does get your payments lower. But you have to quality with the new mortgage company first.\nIt seems your agent who sold you this home was not looking out for your best interest. You should talk to the agent and tell them you can not refianace if they told you that you could. If agents and brokers are not straight up with you they can be held liable. They can not bend the truth or lie to you and they have to be open and honest at all times. If they told you that you could refiance and this information was wrong go see the agent. If you get nowhere go see his Broker (he is the boss). Ask to speak with his broker and tell him or her what happened.\nHere are your choices:\nSell the home asap to get out of the mortgage payment.\n\nIf you can rent it out for $1500 to cover it, move out and get an apt with lower rent. Make sure homes bills are covered. Depends on area you live and cost of living there. Talk to a Property manager.\n\nGet a second job\n\nDont file bankkrupcy or miss a payment. It will hurt your credit so bad that it takes years and years to recover.\n\nIf you list with ERA, if they dont sell it they buy it (check it out though)\nRun add in paper for someone to buy it off you then get an attorney or pay and agent to write up the papers.\n\nHang on and dont do anything foolish. Make you payments on time. But I think it is best you sell.
287749
Its really hard to tell how much you can get anyway with paying. I use to do this kind of work. So it depends on how long you have owed them, was you credit good (always made payments on time) until this happened or it was a little rocky sometimes,then what kind of finance company was it ( automobile, private loan from a bank or credit card co, home buying) & has it gone into collections yet?? All these things sometimes makes a difference. But you can always make them an offer. Cause they have told you what the debit was, what they would settle for. So now I would make them an offer. Maybe start with whatever $ amount you can pay right now..then if that fails then offer a little more but it will take you a little bit longer to pay that $ amount. And just go from there. If all else fells, make 1 lump sum, & payments on the rest. BEST OF WISHES, I KNOW ITS HARD!!
226603
This is not likely to be helpful, and could result in you increasing your debt.  When a loan is processed and approved there are almost always fees to be paid. This lender may be planning to add the fees onto your loan balance.  He is trying to make a buck off of you. Be wary. \n\nThink of lenders as sales persons.  They are pushed either by greed or by management to "sell" and ethics are rarely their top priority.\nAvoid taking financial advice (or any other sort of advice, for that matter) from someone who stands to gain from one of your choices.
216718
actually I would recomend a known bank.  For me I made the mistake of going through a mortgage company and ended up refinancing less than a year later. Wachovia is a good bank, Chase I know a few people that have mortgages through them and there are other banks even small local banks that usually give you a great deal and the great service.
557153
Questions to resolve...\n\nHow much is the house worth? - Get an appraisal\n\nIs the 1000/mo applied to interest only?  Does it cover the entire amount of interest?  Will the balance at the end of a year be lower, higher, or the same?\n\nIs there a clause that will allow you to get out of the whole deal completely if you change your mind, or find out that the property is bug infested, or has mold damage, or is falling down, etc.?\n\nAsk the seller for a current title search evidencing the property is free and clear of all liens etc, except for the seller's current mortgage.\n\nThis could be very complex depending on the terms of the land contract (lease purchase).  I would contact a real estate attorney to make certain you understand and agree with all conditions.
503105
There is a specific loan product for your needs.  Not all lenders have access to it because it is what is called a "portfolio" loan product.  \n\nWhat happens is that you get the plans and specifications for the improvements and they are submitted to the appraiser so that the property may be appraised based upon completed value.  \n\nThe loan is treated the same as a construction loan in that funds are disbursed based upon work completed.  There must be a licensed general contractor overseeing the project.\n\nI am a mortgage lender with more than 20 years experience and my bank, a national bank not a .com, offers this product as its specialty.  I can loan in all states and will be happy to answer any of your questions.  My name is Nancy, my toll free number is 800-971-4638 ext. 223.
132580
I got an equity line of credit through my current lender and there were no closing costs or appraisals.  It was fast and free, basically.  I have a $49,000 line of credit and just use it like a checkbook if I need it.
671789
Let me break this down for you.\n\nWhen you refinance the loan, the finance company needs to find someone to buy the loan.  However, they also want the money that you bring at closing to pay their own bills  ==> so what some businesses do is that they close you first at the agreed-upon rates and then they gamble that they can sell the mortgage at a profit to another mortgage company in a relatively short time frame (Fannie Mae, SunTrust, Bank of America, Countrywide,  Wells Fargo, etc.).\n\nI want to be clear.  Once you sign documents at closing, it is your obligation to make the mortgage payment ONLY -- even in instances where the refinance company can't sell the loan.  \n\nYou are NOT responsible for correcting their poor business judgment. If you closed on the home, both YOU and THE FINANCE COMPANY signed a legally binding document.  \n\nYou must make the mortgage payments . . . \n\nIn turn, the refinance company is responsible for servicing the loan until they can find a suitable buyer of your mortgage.  Then, when they sell your mortgage successfully, they are legally required to inform you of your new mortgagor\n\nIf the refinance company is NOT in the administrative business of servicing loans, that is THEIR problem -- not yours.  It only becomes YOUR problem when you relieve them of their obligation by signing NEW documents for a new refinance!!\n\nDon't do that . . . \n\nOnce the refinance company fails to pay your property taxes and insurance as documented in the papers you signed at closing, they have violated their duties as fiduciary of the money that you are paying in escrow on a monthly basis.  \n\nThey are also in breach of contract!  And this is a material breach of contract!  They probably are also in breach of several Truth-in-Lending laws as well.\n\nYour mortgage payment should include (principal, interest, taxes, and insurance).  The taxes and insurance portion of the mortgage payment is the amount that should be placed in the escrow amount on a monthly basis and paid to the appropriate parties when due. \n\nYou have to take care of business now, because they are in big trouble:\n\nFirst, make copies of:\n\n(1) the settlement statement you received at closing and/or Good Faith Estimate (hopefully, you should have both).\n(2) the insurance cancellation letters and deliquency notices, if any, from the county tax assessor's office.\n(3) any checks or money orders you made to the refinance company when you brought money to closing. (front and back copies)\n(4) any checks or money orders you paid for property taxes and insurance (front and back copies).\n(5) The truth-in-lending disclosure that shows the annual percentage rate (APR) of the mortgage and your payment schedule.  \n\nNext, contact the Attorney General of the state in which the refinance company is domiciled and report this immediately. \n\nPlease be sure to send a copy of this letter to the refinance company putting them on notice that you are on the case like Magnum P.I.  \n\nBe sure to send the letter to the refinance company CERTIFIED (no-need for return receipt) and keep copies of the receipts from post office.\n\nThe Attorney General will assign a case worker who will review all of the above-mentioned documents you sent them.  The Attorney General will contact the refinance company on your behalf and demand that they will respond to you and him usually within 30 days.\n\nNow, if this company is a big bank, like Wachovia, N.A., SunTrust, N.A., or Bank of America, N.A. or a federal savings bank, you can also send a letter to the COMPTROLLER OF CURRENCY for the state in which the refinance company is domiciled.   Google to get the address.\n\nThey will assign an investigator, who will get down to the truth of the matter.\n\nAnd lastly, do NOT sign any more documents.  They have screwed up big time and they want you to sign more documents to cover up their errors.  \n\nAnd worse come to worse, make a copy of this e-mail and take it
166102
I bought a foreclosed home last year.  We found it in the MLS, just like the other homes.  Our Realtor showed it to us.  There was a bunch of extra paperwork.  The home had been vacant for 2 years, and was not well maintained prior to that.  It took 6 weeks from the bank accepting our offer to get a closing on a cash deal.  When we got the power turned on the fridge, furnace, and hot water heater did not work.  We are still renovating, but it will be nice one day.  My best advice to you is to locate a Realtor.  Happy house hunting!
194696
No, they are not scams in any way.  I have instituted hundreds of these for my first time home buyers and you don't have to pay them back.  \n\nIf you would like more detailed information on them, please contact me at timothy.kazee@americanhm .com and we can talk.  These are great options for someone in your shoes.\n\nTalk to you soon!!!!