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Ricky Said:

How do I write a letter to a mortgage loan company explaining bad credit and late payments?

We Answered:

I don't know if it will help to give them reasons you didn't always pay. If you think it will help explain that you couldn't get your mail out due to being in a war. If you didn't have a support system at home like parents that could handle your accounts while you were deployed explain why.
You may have to wait to buy a home until you have good credit and are out of debt.

Jerome Said:

What are the benefits if I resort to a mortgage loan modification company?

We Answered:

The benefits of hiring a loan modification company is basically saving yourself alot of time from research and actually doing the the loan modification process. Its important to understand that their is nothing a loan modification service can do, that you cant do yourself. If you have the extra money and choose to hire a service, then great. The only real benefits is the time saving and they have knowledge about the industry. It simply is a service. Such as a housekeeper. You can clean your house yourself but its much easier to hire someone else to do it for you... (granted they have experience and may do a better job than you can, but its pretty marginal once you know how to do it)If you do decide to choose a service make sure you hire a legitamate company. In my experience I have seen WAY to many homeowners bieng ripped off and losing thier home becuase of some scammy loan modification company. If you choose a good company they can do great things for you. If you choose to do it yourself just keep in mind that the loan modification proccess requires alot of time and patience. You can download a FREE Do It Yourself Loan Modification Kit from the website I have listed in my resource box below. Check it out if you want to learn a little bit more about doing a loan modification yourself before you decide to hire a company. Hope this helps..and good luck to you!

Gail Said:

Will the mortgage company possibly consider a Loan Modification?

We Answered:

I doubt it, you are asking for a modification to improve your profit.

If you do not want to pay for it you are allowed to do a deed in lieu of foreclosure. It will not effect your credit at all, as it was not your loan in the first place.

Christina Said:

Can a previous mortgage loan company foreclose on a home?

We Answered:

I had a similar situation, but my loan was sold 3 times in 3 months. B and C had no record of the payment to company A.

I finally ended up getting the supervisors from all three companies on a conference call and had them notate the file and start working together to track the money down.

It took 3 months to resolve! BUT, company C removed the late payment report on my credit within 24 hours of it appearing and it all worked out in the end.

You need to get both of them on the phone NOW with your payment information.

An no, if they sold the loan, they transferred their foreclosure rights...

It does sound like you missed a loan payment though. If you paid company A in March and company B in May, who did you pay in April?

Stay on them all!

Good luck!

Eddie Said:

What is the best mortgage loan company?

We Answered:

Different loan companies will be better then others for different people
Normally though a house will go to closing easier if you use a local mortgage company. Using a online/remote company may be harder because it's more difficult to get a hold of the loan officer or underwriter and when problems arise it could take longer to get them worked out.

Sandra Said:

can you request your original mortgage loan company to buy back your loan if they sold it to another mortgage?

We Answered:

You're stuck. If the situation is intolerable, the way to deal with it is to re-finance. Lenders sell off loans all the time, and the servicing rights also, and the two have nothing to do with each other as far as the borrower is concerned. I would bring complaints to the attention of the original lender; they should know about such things.

Holly Said:

Looking for a Large Quality Mortgage loan company with no surprises?

We Answered:

So you think that you're ready to buy your own home? Hopefully you've done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever<!--It's also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?

http://mortgages-finance.awardspace.com/First-Time-Home-Buyers-Loans.htm

At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage-->loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.