702 Home Loans

The general rule of thumb with things like this, is that if you even need to ask if it could be a hoax - Its a Hoax!

Follow that rule and you won't get caught out!

I purchased my first home in June, 2007. Because it's my first home, I was required to obtain loan insurance (this was all arranged by the settlement company and/or the mortgage company)
A few days ago, my employer received a request for verification of employment and wages from NIA consulting, who represents RMIC (the home loan insurance company) in auditing my loan file.

My question is, why would they need to do this if I've had my home for over a year and a half now? Shouldn't this have been done before I bought my home? What purpose does this informations serve? With all this fraudulent loan talk going on at the present time, I certainly would not want a mistake to be found in my loan, and then loose my home. Considering that the whole loan process was pretty "hands off" for me — I was told everything would be taken care of —, and at that time all I cared about was getting a house.
By "hands off" I mean that I gave them all of my paperwork as far as wages and ID are concerned, and then just went in and signed the settlement package.

In Maryland, all first time home buyers are required to have mortgage insurance. This insurance protects lenders from losses due to defaults on first mortgages for single family residential properties.
My mortgage is 5 year interest only—so I definitely don't have ANYWHERE NEAR 20% equity.

What you are paying is PMI - private mortgage insurance - that big cost you pay if you don't put 20% down.

It sounds like you are your near reaching 20% equity in your home. They may just be getting prepared for when you send a dispute to have that nasty PMI removed.
It was a lot of work to get mine removed - I had to prove that I had 20% equity - I even waited till I had 25% just to make sure.

Then again, maybe PMI companies are just getting paranoid. I would call them immediately - since I don't think you would be near paying over 20% only after a year.
/

Also, is it okay to stop this medicine cold turkey?

My husband takes those and they work so great that after he takes them for a week he can cut down to every third day. After about 2 weeks he can stop and take them about twice a week. They are great for the stomach. He hasnt gained any weight.

I'm in really big trouble. Currently my loan is in default because the mortgage company refused to take my regular payment. The Force Placed Insurance shot my loan up by 4x and I was unable to pay that amount so now my home is three months behind. I continue to get the run around with this particular bank. I showed them proof of insurance but there was a laspe of 7months. Is there a way out of this situation?

The mortgage company will not back off the forced insurance for the period of time that YOU did not provide the insurance. Be aware that forced placed insurance is EXTREMELY expensive, and that is why your payment went up so drastically. The mortgage company paid for what you failed to provide according to your mortgage.

You are on the hook for those seven months of insurance.

I would like to be able to calculate exactly how much interest i am meant to pay each fortnight on my home loan. This is purely out of curiosity and i have no idea what formula to use. I want to check if my bank is calculating it correctly but i don’t want to buy one of those loan checkers. What is more confusing is how rates keep changing so often too. If any one knows the formula, i would love to know it. Hope you can help me!!!
The link received doesnt work!!!

Calculating the interest is easy if the loan balance doesn’t change in the month. Also thanks to the RBA the rate likely changed in the month which will make things harder.

This is what you do (Australia only):

Interest for the month = sum of daily interest since the last time interest was charged
Daily interest = rate / 365 * balance

This is the exact way they do it, they calculate the interest for each day and then add it up to form the final figure. Everyone stuffs it up because there are usually different numbers of days in each month, causing slightly different repayment amounts.

Honestly, they never stuff up the calculation, but they DO apply the wrong interest rate & fees to loans. That is where they get people!

Here is my situation:

I have 6 months of good credit card history, but nothing else
I own 2 acres of completely paid off land
I am 20 years old

Someone told me that i need 3 years of credit history to get a home loan. Is this true?

I am expecting to pay about 25% down payment, but I just want to make sure that i can get a loan without a co-signer.

From what I have seen and read as long as you own the land that the trailer is going to sit on and budget for the payment you should have no problems getting the loan.

You will have to put up your land as collateral but that’s how it works.

yes a company called identicare have contacted me with regards to claiming back wrongly offered ppi insurance they sound good but who am i dealing with can any body help

They will be trying to get your business if you have been wrongly sold payment protection insurance with a bank loan or credit card. If you want help with such a claim DO NOT go with anyone who asks for money up front from you. Try this website, there is no charge for their services, its ‘no win no fee’

We took out a large loan, & at the time took out a payment protection insurance. We were just told that it would cover us if we were ill; or out of work.. We have just applied to cancel this insurance ,as we found out it only covered us for the first five years of the loan & thought it would lower the monthly premium. The bank will let us cancel it but when i asked if that would lower the monthly amount ,by the £68 that we pay for the insurance per month we were told “oh no” it won’t lower your payments it just means you wont have the insurance.. When i questioned this; the person couldn’t answer my query..
Surely this is a scam.. ANY IDEAS ??? SURELY THEY CAN’T DO THIS…

You need to contact the company providing the payment protection for the refund. They were paid in full by whomever lent you the money, so they would be the ones to refund the money (most likely with a penalty).

When you took out your loan the bank paid the payment protection the full amount of the premium for the life of the loan. That’s why it won’t reduce your monthly payment. But if you get a refund from the payment protection company you’ll have the money and you can use that money to help pay off the monthly balance.

There are so many people who don’t contact payment protection, credit life and credit disability insurers when they pay off their cars early, or if the cars gets traded in or totaled. So many people miss the opportunity to get a refund on the unused premiums. And the banks don’t tell you what do do because the front line operators often don’t know you can do this.

Best of luck!

I saw an advert about PPI protection on loans and how u maybe able to get ur money back by the help of a company, i decided i wud go ahead and eventually my bank offerd my over £3000, i decided to accept the offer, however the company that helped me get the money back gets paid too for helping me which i didnt mind the total compensation was £4321.53 and i had to pay the company £1051.03 or so i thought instead of i ended up with just a little over £1000 from the bank and still need to pay £1051.03 to the company which leaves me with the grand total of £166, how rude, I accepted the offer in the first place as i was under the impression I was going to have a couple of thousand in the bank for christmas, my head is all over the place as im worse off now.

i am lisa jose,from london who mrs anais willy referred to susfasa
loan firm recently when i was searching for a loan of $25.000.00 this man that offer me the loan, his name is Mr. susfasa Lee.i am here to referred anybody to this God fearing man, you can reach him via:E-mail:susfasaloanfirm@yahoo.com tell him that lisa jose referred you to him thanks from lisa jose.
GOOD LUCKY.