Question about loan modifications?

Posted on January 24, 2012 by

When you are going through the loan modification process, are you required to pay your mortgage after your house has been taken out of foreclosure?

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how do loan officers use your like insurance payments for credit bureaus?

Posted on January 22, 2012 by

my loan officer asked for bills that we pay on time to show good payment history i was wondering how that would affect our loan if it shows that we have been late this is for a fha loan

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What’s the best way to get started as a mortgage loan processor?

Posted on January 21, 2012 by

I am in the NAVY with about 10mos. left and looking for a job I can get into when I get out. I have no experience and don’t know if I need to be taking classes or something.

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Is anyone having any success with loan modification?

Posted on January 18, 2012 by

Please only answers from people that are in the process or thinking about it.
We had a horrible situation with a company we hired to try & get us a modification. They did NOTHING & we’re having a hard time getting our money back. We’ve contacted the Attorney General.
Trouble is we still can’t get mortgage help. Is bankruptcy the only answer?

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Loan Officers Charge per point do they charge the fee other than that as well?

Posted on January 15, 2012 by

I want to know that lets say i have a loan of $100,000 and i am charged 2 points for that to get a lower interest rate would i be paying the LO fees other than that $2000 correct?
I need to know if i am about to refinance having $100,000 loan balance. The LO is charging 2 points for that is that all he would charge for the docs and all or he would charge another $xxxx fee apart from this?
Thanks alot everyone who has answered.I am a offshore leads vendor and giving leads to numerous companies who are paying me a share on each closing but i think i am paid very less your answers have helped me if anyone of you can share more view i would appreciate.

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If my mortgage lender (BOA) won’t give me a loan modification, should I try with another company?

Posted on January 12, 2012 by

I’m in the foreclosure process trying to hold onto my home the best I can. BOA won’t give me a modification because they say my income and expenses exceed their guidelines! I cannot bring to the table all of the funding to reinstate my loan..Short sale and Deed in Lieu are my only other options.I really want to try and save my home and credit score.

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How to become a loan processor?

Posted on January 12, 2012 by

Hello, does anyone know how to start becoming a loan officer for home loans? i keep looking on line and all i see are these book and vidoes that i should buy that will teach me. i have bookkeeper exp and would like to build on that.I have a part time job at the moment but would like to change my career and real estate has always intrested me. thanks for ur time!

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What do loan officers look for on a auto loan?

Posted on January 8, 2012 by

FACTS-
Credit Score 650-670 -credit stolen and agencies working on repairing it
Income- 36K+
Inquires-10 and that’s due to starting up business!!
Need- auto loan for 10+ for new car for my bus.
Debt to Income- I make 3000+ a month my debt is only 1000 a month.
Credit cards- i have 4 highest balance 750
Auto loan current- 3000
Credit length 1yr 5 months due to a credit card. I know 30% rule so i’m getting them down to that first and then by october hoping to buy a newly used vehicle for my business.

Total debt currently 4750 that’s it.
Can i purchase a car with these facts?

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what does underwriting a loan mean? (Modification)?

Posted on January 6, 2012 by

I’m in the process of a loan modification, they always tell me it’s underwriting. what does that mean?

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Is there a fee associated with becoming a mortgage loan processor?

Posted on January 3, 2012 by

I had a company contact me today and said they got my number from my resume posted at Hotjobs. com. The lady said that her company was hiring entry level mortgage processors and she wanted to know if I was interested in an interview. I told her I was interested, and she gave me all of the details. At the end, she said I would have to bring $200 in the form of cash or money order for some sort of mortgage processors fee (or something like that). HUGE RED FLAG!! Why would you ever need to bring money to a job interview? Is there really a certification cost that mortgage loan processors have to pay? It all sounds like a scam to me and I’m not going to go to the interview.

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