Using Mortgage Note To Determine Original Loan terms
What is a mortgage note, and what is its purpose?
Once you are done completing your loan application and all of your paperwork is approved and ready for closing, you will be provided your mortgage note. This document is legal evidence that you as the borrower promise to repay the debt in full. In this document you will find the exact interest rate you will be paying, whether it is a fixed or adjustable rate loan, and the amount of time you are required to repay the debt. If in the event you fail to repay the loan, or fail to make your monthly payments on time, this document will explain all the penalties and procedures that will come from this event.
Can’t find my mortgage note what should I do?
You can typically obtain your note from the local title company, or your current mortgage holder should definitely have a copy on file. Contact your lender or title company and request that they send you a copy of the note along with any additional riders that come along with it. Sometimes you will find that your lender does not want to provide you with this information and you may be required to send then a Qualified Written Request(QWR). This letter will give your lender 20 days to respond to any requests.
How to determine if my loan is a fixed or adjustable rate mortgage?
It is very easy to determine whether or not you have an adjustable rate loan. On the note at the top of the page it will state “adjustable rate note” if it is indeed adjustable. Also if in the note or riders you find verbiage about a margin or index, this will verify that the loan is not fixed.
How to determine if there is a pre payment penalty or not?
You will find information on this event disclosed in your note, or the riders that should come along with it. If you are not sure as to whether or not you have a pre payment penalty while looking through your note, request from your lender all the riders that should you should have received along side the note.
What will happen if my mortgage note is sold?
Even if your note happens to be sold to another servicer while you are still making payments, it will not affect the loan too much at all. The main difference you will have is you now have to make your payments to another company. Your original loan terms should not change at all. There are certain laws in place that will allow you time to figure out who you will be making your payments to, and to make sure they do not change the terms of the original agreement.
How to Take Name Off Mortgage
Whether you went through a divorce, broke up with boyfriend, or no longer want to share a mortgage with a family member, you will want to figure out a way to get you name free and clear from the loan. Well there is a harsh reality to this situation and hopefully you are in good standings with the other owner. I say this because really the only way to get your name of the mortgage note is to have the other borrower refinance the property into their name only.
This is a lot of times very difficult to achieve because many times both the borrowers no longer want to pay the mortgage because problems they are facing with the other person. People will sometimes deliberately quit paying the mortgage when the other borrower moves out just so they can purposely destroy the others credit. This is an all to common event and I feel sorry for any borrowers stuck in this terrible position. In this position there will not be the option to refinance because now both of the borrowers on the loan have terrible credit and cannot qualify for a refi.
But if you are in good standings with the other borrower on the mortgage and are just looking for a way to move on without that person, than have that person apply for a refinance right away. If they do not have all of the needed funds in order to do the refi, it would be wise of you to help them out with extra cash to get your name off as soon as possible. As long as the other borrower has decent credit and can afford to pay the mortgage on their own, you should have no problem removing your name from the title and mortgage.
Can I Refinance My Car Loan With Bad Credit?
With our current economic crisis not showing any signs of recovery, many debtors have found themselves in a position where they can no longer properly manage their finances. So because of this banks are now much less willing to lend out money than they were in previous years. Now most lenders will require that the customer has a great credit rating before they will even consider lending that individual money. This is especially true when it comes to financing a home or car.
Other than our current mortgage crisis, car loans are another form of debt many borrowers out there are struggling with. Many borrowers out there have begun missing payments on some of their debts because they were trying to keep up on other debts, therefore the borrowers credit is not what it used to be. Everytime you are late, or do not pay a payment, your lending company is going to report this to the credit bureaus.
Your car payment is most likely your second largest payment each month next to your mortgage. If you are in a similar situation and are in need of some financial assistance, you may want to look into refinancing your vehicle. Many people do not know that you can actually refinance you car even if you have poor credit. There are many lending companies that offer this assistance including Citifinancial Auto Finance, Wells Fargo, Capital-One, and many others.
If you decide that you want to go for a refi on your vehicle you can request from the new lending company to pay off the remaining balance to your original lender and negotiate new terms with them. Some lenders may be hesitant to sign off on the refi because of the bad credit situation and may require there be a co-signer on the loan. Remember you are considered a risk to these lenders because of the poor credit history and therefore they may require you have a co-signer with good credit.
In many cases you can easily fill out an application right on the lending companies website. This will make the process much easier and save you a lot of time as well.
Four Tips to Help Reduce Credit Card Debt
Many borrowers around the country are up to their necks in debt. Whether this be credit card, medical, bills, or your mortgage it is very important that you try and keep your it under control. One thing many of us out there are guilty for is sliding them credit cards. Before you know it you have obtained three cards form different companies and have three separate bills to pay each month. This can quickly add up to a ton of cc debt, and if you did not manage your expenses wisely then you may have found yourself in a tight spot. Below we will discuss four tips to help you reduce the amount of debt you have obtained.
1.Try to pay off any deliquent bills first. If you have been late on your payments or started to miss payments this is going to have a negative impact on your credit rating. It is wise that you try and payy off any deliquent bills first to keep from ruining your credit score further. But your score is not the only penalty that you will face, you will most likely see a significant raise in interest rates as well.
2. Find out the annual percentage rate(APR) on all of your current cards. Figure out which card has the highest APR and try to pay it off as soon as possible. To do this you should begin by starting to pay the minimum amount for all cards besides the one with the highest rate. You can use the extra money you save to go towards the highest APR credit card. This should definitely help to start reduce your total amount of debt.
3. Contact your bank and try to negotiate a lower interest rate. A lot of times this can be done with very little effort or follow up calls to your bank. Just give your customer service department a call and let them know that you are in need of a lower interest rate. Tell the representative that if they cannot provide you with the assistance you need then you may turn to another card for a lower interest rate. If your rate has raised because of late payments or they just happened to raise it out of nowhere, then negotiating a lower rate can be fairly simple.
4. Try to find ways that you can pay more on your monthly payments. Think of it this way, if you are only making your minimum payments each month then you are only contributing a majority towards interest, and not the overall principle balance. It will take quite a few years to pay off the cards if you continue to only make the minimum payment. Even if you start to pay just a little bit extra each month you will find that your payoff time will begin to shorten. Find ways to cut out any unnecessary events you have a habit of doing, like eating out all the time.
Behind On My Mindland Mortgage Payments
Midland Mortgage Co. is based in Okalahoma City,OK and has been serving hundreds of thousands of customers around the United States since 1950. Ever since our economic downturn in the beginning of 2007 more borrowers than we could have imagined our delinquent on their mortgage payments. Most of these homeowners who can no longer afford their mortgage are in serious danger of losing their homes. If you are a homeowner in need os assistance modifying your current mortgage its time to pick up the phone and contact Midland right away.
No matter what type of loan you have, if you are struggling with your monthly payments and are in need of assistance it is crucial you pick up the phone and call your lender right away. Midland Mortgage has loan modification programs for pretty much any type of loan including FHA, VA and RHS loans. The first thing you might wanna do is find out who owns your mortgage. Loans owned by Freddie Mac or Fannie Mae can possibly qualify for their Making Homes Affordable Modification Programs. If you find that it is owned by one of these two investors than you should apply for this program when you contact your lender, if not than you are going to request a traditional modification from Midland.
To determine if your loan is backed by Fannie Mae or Freddie Mac you can visit these two sites:
https://ww3.freddiemac.com/corporate/
http://www.fanniemae.com/homepath/homeaffordable.jhtml
Now that you have figured out which program you are applying for it is important to examine and fully understand your financial situation. You need to figure out if you can really afford the home with a little help on your mortgage payments, or not. Midland is not only going analyze your entire financial situation and decide if a modification will be beneficial both to themselves and the homeowner. After sitting down and analyzing your situation if you find that there is no way that you will be able to afford the home in the future even with a lower payment, than you may want to pursue other types of assistance such as a short sale or deed in lieu.
So now that you have decided that a loan modification is right for you it is now time to pick up the phone and give your lender’s loss mitigation department a call. The representatives in this dept will tell you everything you need in order to apply for a modification.
Midland Loss Mitigation: (800) 552-3000
If you are trying to send a QWR or have credit disputes send use this address:
Qualified Written Requests and Credit Disputes
Midland Mortgage Co.
P.O. Box 268959
Oklahoma City, OK 73126-8959
Definition of Underwater Mortgage
Today, in our economic crisis the term “underwater mortgage” is being used more than ever before. When a homeowner is left with more debt on their home than what it is worth on the current market value, they now have what is called an underwater mortgage. This type of event can happen for several different reasons. Generally, when a homeowners takes out a first mortgage this situation usually does not occur. Most of the time this condition comes about when a homeowner takes out another loan on the property, or possibly even factors in the neighborhood causing the homes in the area to depreciate in value.
One of the most common ways a borrower will get into this situation is when they choose to refinance their existing mortgage. Once the property starts to build up in equity many times lenders will allow the homeowner to borrower money from the equity they have built up. In some cases if the homeowner has been in their home for a while and has built up a lot of equity, than a refinance can be very beneficial. However, if they have barely started to build up their equity this can easily lead to a mortgage becoming underwater.
Another way a mortgage can easily become upside down is when when properties begin to shift in value. When changes in the surrounding area occur such as rezoning, there is a high possibility the home will will began to lose much of its value. Therefore leaving the homeowner with a higher mortgage balance than the property is worth. In some rare cases an underwater mortgage will occur because the borrower choose obtain an extra mortgage on their property. As long as the borrower has a secure job and great credit many lenders are willing to offer a third mortgage. Having this many mortgages can easily lead to default on one or more of the loans.
But due to today’s economic struggles the value of the housing market has greatly depreciated in value. Therefore, the majority of homeowners across America are now stuck with an underwater mortgage and are dying to find a way out.
Identify Black Mold In Your Home
Many people are not aware that there may actually be black mold growing in their home. This mold is a quickly spreading fungus that infects buildings around the world. This disgusting fungus thrives in damp, musty, water damaged areas such as bathrooms, ceilings, basements, walls, and especially inside of air conditioning units. This substance has been proven to be harmful to your health, and therefore it is crucial that you try to identify the mold and remove it as soon as you possibly can.
Once you have identified the source in which this substance is coming from it is now time for black mold remediation. This process can generally be done by anyone as long as they use the right safety precautions. If the infestation is too large for an individual to handle, then you may need to hire professional remediation services. These services will require a group of experts to enter the home and completely eliminate the problem.
It tends to be quite simple to identify this mold in a home or building. This substance is usually black or very dark green and will more than likely show up in areas of the home that have been exposed to flooding or excessive humidity. Once you have found where the mold is located, it is very important to try and remove it as soon as possible. If you are going to try and remove the fungus on your own it is crucial that you wear heavy rubber gloves and clothes to cover the entire body to keep away from potential exposure. While being handled this substance can easily become airborn, and therefore professionals suggest that individuals use goggles and a respirator to keep this harmful substance from entering the eyes and/or lungs.
If you happen to find mold that is till in an area that is very damp, it is wise to try and dry the area as much as much as you can. You can remove large pieces of mold by very carefully pulling it off the wall or floor and disposing of the fungus. The small patches that remain can be removed by using a razor blade of putty knife. Once you have successfully removed a majority of the fungus you need to thoroughly scrub the area using hot water and disinfectant soap. To finish of the job you can use pretty much any kind of cleaning product that is made for mildew removal.
Compare Rates For Auto Insurance Online
Many people just do not know exactly where to start when it comes to looking for affordable auto insurance. Well thanks to our lovely friend the internet, finding the best rate on car insurance is easier then ever. There is nothing better than finding the best deal in a matter of minutes, right? It is very easy to get cheap quotes from insurance companies online, but you need to be aware of some factors.
When you are on a website getting trying to get a free quote every company is going to ask for information on your driving record and also on the car in which you are trying to insure. Since every company is going to ask for similar information it can greatly increase your chances of getting the best rate by going through a third-party website that will provide multiple quotes. By filling out one single form on a third-party website you can compare rates without hassle.
If you are one of many drivers that has a very good record, numerous insurance agencies are more than willing to offer special discounts. If you are online and the website you were getting a quote did not disclose information about these discounts, you should get on the phone and contact the insurance company. You do not want to make the mistake of not asking about these discounts, because most of the time the rep at the agency will not even bring this option. There are several discounts offered including multiple car discount, good driver, good student, etc, can make your monthly payments on the car insurance much less.
Please do not feel pressured or rushed to make a decision on your auto insurance, just because you can get an easy quote in a couple minutes. Remember this is a very important decision and you do not want to rush into the first low rate you see, this can cause problems in the near future. Make sure to do a whole lot of research and get as many quotes as needed be. By researching and learning all you can, you can almost guarantee you will find the best deal.
So remember that it is crucial you compare as many insurance quotes as needed be to make sure that you are getting the best rate and overall deal. By doing this you are not only saving money, but you are saving much time as well. Due to our economic crisis it is more important than ever to make sure you are getting the best deal.
Below are links to websites that will allow you to compare auto insurance rates instantly:
Settle Your Second Mortgage With Bank of America
Over the past two years Americans have been hit by a major mortgage crisis. This crisis has caused the foreclosure rates across America to skyrocket higher than they ever have before. Foreclosure is especially common with homeowners who have obtained a second mortgage on their property. In the recent past many borrowers obtained this second mortgage through a refinance because the market seemed great. No one knew what was to come in early 2007 when the value of homes began to drop dramatically throughout the states.
One of the largest mortgage holders of all is the popular Bank of America(BofA) and it services countless 1st and 2nd mortgages throughout our country. So because this major lender holds so many mortgages their foreclosure rate is extremely high, and it is very important to contact them right away if you are struggling to pay the monthly bill. As everyone knows loan modifications are not the number one way for a homeowner to prevent foreclosure and remain in their home. But if you have a second mortgage that is killing your pockets each month a modification might not be enough, as it seems much easier to accomplish a modification on your first mortgage. There is not much a lender can do with seconds besides lower the interest rate, and because seconds are generally a small amount this might make very little difference in your payments.
Many people are not aware that BofA actually will sometimes allow a borrower to settle a second mortgage for about five to twenty percent of the loans remaining balance. For example, you may be able to settle your $70,000 mortgage for only about $7,000(possibly even less). Most lenders are now offering this type of assistance because the fact that homes values have dropped a significant amount, and in the event the home goes into foreclosure the second mortgage holder will get nothing from the proceeds.
In order to accomplish this you need to contact your lender and try to negotiate a fair settling price for the loan. It is wise to start out with a low offer at about five percent of the balance and slowly start to work your way up. many times the lender will end up accepting about 10-13% of the balance. Once you have completed the settlement you will be free and clear of your second mortgage and no longer have to worry about making that extra payment each month.
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