Emergency Input Needed - Posted by propertmanager

Posted by proprtmanager on June 13, 2005 at 15:26:19:

Problem solved–voice system coughed up my on-time deposit and all is well. pm

Emergency Input Needed - Posted by propertmanager

Posted by propertmanager on June 12, 2005 at 22:04:00:

I have a refi loan which is going along smoothly, probably close next week.

Due to several mistakes in my landlording business (due to screening tenants to start out with) I have been riding ALMOST 30 days late on two personal mortgages . . . but always pay them before the 30 days are up.

I often pay by phone so I called the company to pay the mortage. They would not give me the automatic choice of pay by phone because it was late, as it had been in past months. The attendant who answered the phone advised me that there is a penalty fee that and sent me over to the pay by phone on my request. The pay by phone gave me the normal amount due. I thought it was a little unusual, since no penalty fee was mentioned. But I paid it, and went on with my day. I?ve got the verification code

I have not had a single late fee on anything, even hospital bills, since my bankruptcy 3 years ago, and we have been to the emergency room many times with my son?s unpredictable asthma. I am totally interested in restoring my credit. It?s all in good faith. The loan I am about to close on depends upon a clean slate.

  1. What?s going on? Is it the fee?
  2. Do you think the company would generate a letter for me to the mortgage company on my refi. 3) Do you think the letter would be accepted?

I have only communicated with the mortgage company on the 30-day period. I have not communicated with them each month until that time.

It is Countrywide.


Re: Emergency Input Needed - Posted by rdlazo

Posted by rdlazo on June 13, 2005 at 10:03:10:

If you have access to your recent credit report the only thing to watch is 30,60, 90 days late column.
If nothing is showing there the past 12 months you might be OK depending on what kind of loan you are applying for. Also more critical is your middle FICO score though all 3 are important. Don’t volunteer your info to your broker because you might give them reason to charge you more rate or fees which might not be justified except to help themselves. In this issue the only thing that count is what is showing on your credit reports.


NOT THE WAY I HEARD IT - Posted by proprt manager

Posted by proprt manager on June 13, 2005 at 10:24:59:

My mortgage broker explained that just before the closing on the loan I need, the title company will be calling my old mortgage company to see if I have paid on time.


It’s Called A “VOM” - Posted by Randy (SD)

Posted by Randy (SD) on June 13, 2005 at 10:30:42:

You are absolutely correct. It is a common practice for a mortgage lender to request a VOM (Verification of Mortgage). I Don’t Understand Your Questions (in the Original Post) What Are Your Asking?

Re: It’s Called A “VOM” - Posted by rdlazo

Posted by rdlazo on June 13, 2005 at 23:30:00:

Lenders nowadays rely on what’s in credit reports when it comes to mortage rating.
If yours doesn’t show 12 months rating lender will or brokers will get your mortgage rated for 12 months in form of credit report supplement and they do this now instead of waiting for written (VOM) verification of mortgage which accomplish the same thing.
That is how it is.