NLIC.org

Dwight Said:

Are lenders required to send advance notification in CA when the interest rate will adjust in a mortgage?

We Answered:

no not at all it is nation wide rule

Ann Said:

Is the listing of a CA house for sale a defense to invocation of an acceleration clause by a mortgage lender?

We Answered:

No. You should work with the lender to sort out the issue they used to invoke the acceleration clause.

Sally Said:

Is it illegal for a mortgage lender in CA to tell me to miss or stop paying before they'll talk short sale?

We Answered:

One, it's not illegal for them to quote you policy.

I seriously doubt that the lender TOLD YOU to miss a payment. I believe that the lender probably told you that they ONLY help those who are missing payments before discussing options.

That is a big difference.

You won't find a law like that because it doesn't exist.

A bank isn't required BY ANY law to work with you on a loan modification or short sale...whether you skip payments or not.

You signed a note at closing...you are in default if you don't pay as you agreed to in writing...anything more the bank offers you is a FAVOR.

Bobbie Said:

Are there any mortgage lenders who will finance someone on a retirement fixed income in CA?

We Answered:

Sure, lenders cannot discriminate because of age or source of your legitimate income. You are still going to have to qualify as anyone else would. Good credit score, good debt to income, etc..

Danielle Said:

Does a hard inquiry from a CA affect my credit score? Is a hard inquiry from a CA seen by mortgage lenders?

We Answered:

Unfortunately if the collection agency owns the account, then they have permissible purpose to pull a hard inquiry.
If they pull hard inquiries often then you may be able to get them for poisoning your reports.

The FCRA isn't going to be much help in this case, unless they actually report the account.
You need to look through your states debt collection laws to find out if it is illegal in your state for them to pull a hard inquiry on a 10+ year old account.

A person should never overlook their own states statutes when dealing with collectors or the CRA's - or basically anything credit related.