Jump to content


  • Posts

  • Joined

  • Last visited

Everything posted by JokeStyles

  1. Would you mind sharing where you obtained this?
  2. Pretty sure you can finance in the 1.75% upfront MIP
  3. Due to a chapter 13 BK discharge that is only 1 year out one of my only good options is an FHA Refinance. I hear a lot of people saying you only need to be in that for 1 year and then you would obviously refinance into a conventional loan but I'm not so sure about this so I wanted to get some feedback. With the fed probably increasing the rates 1/4 of a point every 4 months over the next year, at least that seems to be what people think, it would be optimistic to think one could get in a conventional loan that actually does better than a FHA loan if I was to refinance today. I'm seeing rates at 3.5% for FHA if costs are rolled into the loan and 4% with lender creditscovering the costs including the 1.75% upfront FHA MIP. My situation is that we have enough equity in the house we would qualify to have annual MIP removed after 11 years (unfortunately this was 5 years until a few years back) since our LTV is far less than 90%, it's closer to 40%. To those who say you can't have annual MIP removed, which many lenders seem to think because they do so few FHA loans that are less than 90% LTV, that is not true, it's 11 years for people with less than 90% LTV. This often does not get factored in when determining if you should refinance or not from an FHA loan. So my question is based on what is expected from the market doesn't it seem to make sense at this point to roll the costs into the loan, lower monthly payment, and not expect in the future to be able to refinance for a rate under what I can get if I roll the costs in? Maybe even see if I can pay down some additional points and roll it into the loan? I have calculated it out and with annual MIP I would be paying the equivalent of 4.78% for the first 11 years (includes annual MIP) and 3.64% for the next 19 years. The break even point for the difference in monthly payments vs costs seems to be around 7 years and I plan on staying in the house for much longer than that. Over 30 years with fees rolled into a $417,000 loan bringing it to the $424,000 range I would be paying about $685,000 plus $37,000 in annual MIP for the 11 year period totaling roughly $723,000 over the life of the loan. If I take the 4% option with no costs rolled in I am paying abou $753,500 over the life of the loan. If I don't pay anything up front and refinance I would pay $27,000 over the course of year 1 at 4% interest including annual MIP and then based on amortization schedule I would be looking at refinancing at $410,000 loan left into another 30 year since I don't think I can do a 29 year for example which means I also reset my amortization schedule. So I would be paying $705,000 over the course of the refinance, let's say 4% loan if i'm lucky, which puts me at $732,000 over the course of the loan which is more than if I just initially rolled costs into a $417,000 loan as described above at the lower 3.5% rate FHA has even including the annual MIP. Based on these calculations I would need to get a rate of under 3.9% when refinancing into a conventional which seems quite optimistic to count on over the next 7 years. Maybe I am missing something? Based on my situation or possible inaccuracies in what I am presenting I would appreciate any suggestions. Maybe there are some other options I have not thought about or come across for either lowering my overall amount I am paying on the loan or creatively minimizing the interest I pay on the loan. Thanks for any input
  4. I've followed the exact steps and it worked for a couple since I got a return letter as not able to be delivered but it did not work for one pesky CA that has verified the debt. Do you have any suggestions on how to proceed with a CA for a debt past the SOL that is still on my credit report for another year?
  5. Got one account still sitting there that comes off 4/2017 but is the only baddie left (however it's been closed out), everything else is off and credit utilization is at 0%-1% every month. AAofA at 1.1 years. Payment history showing at 100% and 2 or less credit inquiries on each report. You guys got any additional info on bringing my scores up and keeping them up moving forward?
  6. With the information on CB I was able to go from 590-620 credit scores to over 760+ on all my scores within 3-4 months time. Special thanks to WhyChat and Breeze.
  7. I recently disputed some things on my credit report had a Transunion jump of 601 to 604 only but an Experian jump from 670s to 790s. If I had something in dispute would that increase my score while the CRA was getting the information verified with the CA or is that most likely just a cause of other things getting deleted off the report?
  8. Roughly 1 year. Any issue with using WhyChat's SOL letter if they verify with the CRA's? They're letting you off the hook legally. Don't pay them. Yes I know, Just trying to get it removed from my report if at all possible.
  9. I got probably the most detailed validation I have ever seen from a CA. It had every single signature in regards to the debt disputed. The only option that seems reasonable is Why Chat's SOL process but skipping the first step since I have already sent a DV to the CA and verification letter to the CRA's regarding the trade-line. Here is what the letter stated as maybe someone can find a loophole or incorrect information that was sent during the validation process by the CA. Dear Customer, Enclosed are copies of the documents that support the debt owed to Scumbag Enterprises, Inc. Then shows the # they claim is owed and who to contact. The following page states: Your debt is unenforceable due to the expiration of the applicable statute of limitations. For this reason you are hereby notified that we do not intend to initiate any legal action to collect this debt. This letter is sent solely in response to your recent request for verification (weird that use the wording verification, when I asked them for validation) of the account. We believe the applicable laws regarding the statute of limitations as to credit reporting are as follows: 15 USC 1681c 604(a) and 604 © (1) (a) "Except as authorized under subsection ( of this section, no consumer reporting agency may make any consumer report containing any of the following items of information: (4) Accounts placed for collections or charged to profit and loss which antedate the report by more than seven years." And © "Running of reporting period. (1)......"The 7-year period....shall begin....upon the expiration of the 180-day period beginning on the date of the commencement of the deliquency which immediately preceded the collection activity, charge to profit and loss, or similar action." However, we are not authorized to practice law or to give legal advice. We suggest you contact an attorney to advise you of your legal rights in this matter. Any suggestions?
  10. To better explain they have 10 years to foreclose or put a lien against the property but only 6 years to sue on breach of contract.
  11. A lawyer in Michigan just told me covenants don't apply to the promissory note that was signed to pay back the loan.
  12. Any good recommendations for Michigan? Specifically Detroit
  13. I'm confused on what good this would do?
  14. California’s One Action RuleAccording to California's one action rule, the lender can only pursue one form of action for the recovery of a debt or mortgage (Cal. Code Civ. Proc. § 726[a]). This means that a mortgage lender is only allowed to: conduct a nonjudicial foreclosure (a trustee’s sale) judicially foreclose, or sue on the promissory note for the balance of the debt. Security First Rule. The one action rule seemingly gives the lender the option to sue the borrower personally based on the promissory note and forego foreclosure. However, courts have interpreted the rule to mean that a lender must pursue the secured real estate first. This is known as the “security first rule”. This means the lender cannot sue on the promissory note as the first method of collection. Have any idea how this would play out since they never tried to foreclose first and a CA just purchased the debt probably for a fraction of what was owed?
  15. Would it poke the bear if I try to get accounts deleted in the last 6 months within the SOL for that debt? Or will credit agencies just remove them for the most part with no questions asked and the CAs will be non the wiser
  16. Why should you not ignore a dunning letter as mentioned earlier in this thread? If you have no plan on paying the debt why should you not ignore the dunning letter?
  17. Sorry for the confusion. I am a California resident, always have been and this was for a mortgage loan for a property in Michigan with a company that does business in Michigan. The loan was then passed on to another mortgage lender who I defaulted with and now 6 years later is in the hands of a collection agency. The property was charged off and NEVER foreclosed on by the lender and purchased by a collection agency I believe. Eventually the city foreclosed on the property and took ownership to sell. I originally thought the SOL was 6 years at the longest but I recently found the following: REVISED JUDICATURE ACT OF 1961 (EXCERPT) Act 236 of 1961 600.5807 Damages for breaches of contract; specific performance; fiduciary bonds; deeds; mortgages; surety bonds; appeal bonds; public obligations. Sec. 5807. No person may bring or maintain any action to recover damages or sums due for breach of contract, or to enforce the specific performance of any contract unless, after the claim first accrued to himself or to someone through whom he claims, he commences the action within the periods of time prescribed by this section. (1) The period of limitations on actions charging any surety on any bond of any executor, administrator, guardian is 4 years after the discharge of the executor, administrator, or guardian. (2) The period of limitations is 10 years for actions founded upon bonds of public officers. (3) The period of limitations on actions founded upon bonds executed under sections 41.80 and 41.81 of the Compiled Laws of 1948, is 2 years after the expiration of the year for which the constable was elected. (4) The period of limitations is 10 years for actions founded upon covenants in deeds and mortgages of real estate. (5) The period of limitations is 2 years for actions charging any surety for costs. (6) The period of limitations is 2 years for actions brought on bonds or recognizances given on appeal from any court in this state. (7) The period of limitations is 10 years for actions on bonds, notes, or other like instruments which are the direct or indirect obligation of, or were issued by although not the obligation of, the state of Michigan or any county, city, village, township, school district, special assessment district, or other public or quasi-public corporation in the state of Michigan. (8) The period of limitations is 6 years for all other actions to recover damages or sums due for breach of contract. I also found the following for California: In some of these states, a special statute of limitation applies to non-judicial foreclosures, such as in California where the statutory limitation period is either 10 or 60 years depending on the terms of the deed of trust. I'm guessing the best course of action at this time is no action at all unless I receive a summons? I'm thinking trying to verify or validate to get things removed off my report could poke the bear? Maybe someone has experience with this and can share.
  18. No, why? He is a consumer protection attorney that was well recommended.
  • Create New...

Important Information