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Forget_the_Odds

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  1. Please review this GFE. It is through the Colorado CHFA program. THis allowed for a 99% loan with a 580 FICO...This assumes a $255k loan at 5.625%...Thank you in advance for comments! 800 ITEMS PAYABLE IN CONNECTION WITH LOAN 801 Loan Origination Fee (1.000% + $0.00) $2,460.75 803 Appraisal Fee to $400.00 804 Credit Report Fee to Other $22.00 808 Loan Processing Fee $400.00 810 Underwriting Fee $200.00 816 Flood Certification $25.00 1100 TITLE CHARGES 1101 Settlement or Closing to Other $230.00 1105 Title Document Preparation to Other $0.00 1109 Lenders Title Insurance to Other $150.00 1111 Endorsements to Other $225.00 1113 Title Wire/Courier/Email Fee to Other $55.00 1114 Real Estate Closing Fee to Other $100.00 1200 GOVERNMENT RECORDING AND TRANSFER CHARGES 1201 Recording Fee to Other $85.00 1203 State Tax/Stamps to Other (0.000% + $0.00) $0.00 1300 ADDITIONAL SETTLEMENT CHARGES 1301 ILC / Survey Fee to Other $150.00 1314 Realtor/Broker Service Fee to Other $0.00 Estimated Closing Costs $4,502.75 900 ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901 Prepaid Interest to (30 days at 5.625%= $38.59 a day) $1,157.70 902 Mortgage Insurance Premium- UFMIP to HUD (1.750% + $0.00) $4,306.31 903 Hazard Insurance to Other $720.00 1000 RESERVES DEPOSITED WITH LENDER 1001 Hazard Insurance to Other ($720.00/yr $60.00/mo 2months) $120.00 1002 Mortgage Insurance to Other (0.550 % $1,345.32/yr $112.11/mo 0months) $0.00 1004 County Property Taxes to City & County of ($850.00/yr $70.83/mo 9months) $637.47 1008 Aggregate Adjustment to ($201.66) Estimated Prepaid Items/Reserves $6,739.82
  2. If I am reading this right, you can use the $8k toward the 3.5% downpayment. This is as long as you don't go option 2 and sell the credit (?). The $8k has to be less than the cost of the down payment and closing costs. This is a little confusing. Can sellers still pay closing costs under FHA? Could this $8k loan, coupled with seller consessions, mean almost a 100% FHA loan (or 99.5%)?
  3. Search 'Asset Acceptance' on this board! I know there is someone here that has a lot of history / info on them. Contact the MI AG, from what I have read he has them on speed dial. Good luck...
  4. I think my point is being missed here. I am not on any 'moral high horse'. I am glad that you brought up mortgages. This is another example where someone made a 'deal with the devil' and can't stay in when the time comes to pay up. These people are scrambling to find a way out. Some, perhaps many, do walk away and face the consequences of that choice (although I am not sure they would recommend it to others). From what I have seen, many are looking for ALTERNATIVES. Be it a refi, short sell, etc. They are DEALING with the issue and walk away as a LAST RESORT. I parallel this to payday loans. There are ways to DEAL with the issue. I outlined my ideas (and what worked for me) in my original post. Please advise what is objectionable, so that I can learn. I don't believe I represented the PL industry as honorable. They are scum, just like the loan officers that encouraged homeowners to borrow too much or sold products the client could not afford. However, if I sign a contract it is on MY honor to fulfill the contractual agreement that I signed and make darn sure I understand what I am signing. I apologize if this is not clear. It would be sort of interesting if you could just walk into a place, take cash and then disappear. Please understand that I am in no way disrespecting you or your point of view. We disagree, but I still respect you (that is what the US is about).
  5. Well, what is your definition of a contract? Why is what I wrote judgmental by any stretch? If you sign a contract, the honorable action to take is to fulfill the terms you agreed to. It is fairly black and white (unless some fraud was involved). I suppose if the OP can accept the consequences of walking away, that is their choice. BUT. There will be some consequences that could create larger problems down the road. If you read my original post I explained many ideas for dealing with the issue in ways that ended the situation without running away or paying interest forever. Are you telling the OP to just walk away?? If so, you are exactly right, we do disagree and I think it is absurd and reckless (nothing personal, I usually enjoy your posts). I want good credit so I can have choices when life happens and I need some money (like a high cl from NFCU). That way I can stay away from the payday loan places that are on almost every corner here. I have been a member here for a long time. If there is one thing I have learned it is to avoid credit issues in the first place. Walking away only creates new problems whether it is from a loan shark or a credit card. If you try to first work out a plan with a credit grantor perhaps you can avoid all the lates and other ugly marks, etc. I am not trying to judge you or anyone. I just saw a subject that I am unfortunately intimately familiar with and I do feel my suggestions are valid options to overcome the problem.
  6. Sure, perhaps the interest will stop. BUT: 1. You will be reported to Checksystems 2. They will try very hard to collect...ie phone calls at home and work, phone calls to refrences you listed. 3. Penalty fees. 4. Legal violations?? 5. In-person visits to collect 6. In CO the businesses maintain a database of these transactions. If a loan goes bad you will probably not be trusted for future loans (perhaps that is good!) 7. You made an agreement to abide by those terms I do not work in that industry. I think they are predators that prey on people in desperate situations. However, I think that by not working with them, or getting creative, to solve the situation the whole thing gets worse. My point is to not keep digging a bigger hole. Find a way to deal with your problems honorably and then STAY AWAY from them!! I would still like to know what state the OP is in. That makes a big difference.
  7. Hi-- There is a good sticky for this over in the automotive forum. Also, Marv is an excellent resource. Here is a link: http://creditboards.com/forums/index.php?showtopic=313924 Good luck!
  8. Hello- Payday loans can make life a pure hell!! I have been there. Fortunately the state that I live in (CO) instituted a payment plan option to give people a way out. What state are you in? Who are your lenders? Are they members of the CFSA (http://www.cfsa.net/)? If so, the CSFA has a payment plan program where you payoff over four payments. If your lenders are not members, perhaps you could acquire new loans from members to payoff the other loans so that you can get on a payment plan. Other ideas & advice: 1. Please don't disappear or stop paying. 2. Talk to the Manager of the shop. Tell them your situation and that you need a way out. There have been times in my past when exceptions were made because I always paid on time. 3. Set up your situation on a spreadsheet to keep track. I was able to project payoffs and make plans by simply paying an extra $20 or whatever. 4. Shop around for the best terms. In CO, the max terms are set by law. However there are places that lend for longer periods of time, thus reducing interest (more $$ that can go toward reducing principle). 5. Look for other sources that charge less (credit union, bank, family). 6. Earn more to tackle this (short term job). 7. This industry is continually under regulatory pressure. I would consult the state governing body that regulates them IF they refuse to work with you. 8. Again, PLEASE do not just walk away!! Pay on time, do what you can to keep a good credit rating!! Hang in there. Get through this then stay away from these places!!!
  9. Hi, Marv-- Sure. Please move to the credit forum. Thank you!!
  10. Unfortunately I fell behind on payments and my car was repo'd almost a year ago. The lender is Cap 1 and I have only received a few letters from them. The deficiency is about $6500!! I want to get this taken care of ASAP as a mortgage broker told me that this is what is keeping me from an apporval. Does anyone know if the lender might settle for a portion of the debt? Perhaps 60% ($4K)? I want a house soon and really don't want to get sued / judgement filed... Thanks for any feedback!!
  11. I know someone in the mortgage business. Just to preface, do CRAs give credit repair classes? He recently advised the following: "I recently took a credit repair class provided by one of the major credit reporting agencies. One of the biggest things they said for paying off collections is that when you pay off the debt, you need to get a “letter of deletion†from the creditor. Then you need to send that letter to each of the credit reporting bureaus. By removing each item your score will jump significantly. That process is much faster than challenging the item through credit repair. They said the success rate is high that creditors will provide that letter to you". I am curious what the fine people of this forum think about the statement? I know that there are times when a PFD can be used but this seems a bit different. How much weight would a letter like this hold with a CRA?
  12. How are utility collections considered as it relates to SOL? Are they 'open accounts', similiar to to credit cards?
  13. I don't think this works with Excel 07. I get some message about VBA converters.
  14. OP~~hang in there!! I am currently working my way out of a payday loan mess. One thing that has helped me is asking for a discount (can't hurt). Also, in Colorado, if you are 'rolling over' a loan (extending it), you can go in up to a week early and they will reduce the interest rate by about $4 for every day early (it adds up). This has been a very tough and extreamly costly lesson / mistake. These places prey on some of the most vulnerable in society (love their marketing signs in the lobby, always includes kids). It is sad to see the number 1 rated stock in the IBD 100 is one of these sharks (ezpw~dated 9-5-06 issue ranking). These places are growing like crazy in CO, one or many more in every busy location. There should be a fair and equitable way to get off this treadmill.
  15. That is completely crazy. Hearing this stuff makes me happy I got out of the Detroit area. I know this went down in Philly, but the same garbage goes on in Detroit. Just a couple weeks ago an innocent young girl was abducted in SW Detroit. A few days later her burnt body was discovered a couple miles from where I used to live. Some people have no regard for anything at all...

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