Mortgage Lenders

As the founder of Bello Mortgage, let my 11 years of experience and hundreds of resources find the best mortgage for you.

For Installment 3, I will be going over what you should know about Mortgage Penalties (ie. if you want to switch mortgages to take advantage of a lower rate) and a look at some examples.

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Last wed I Deciced not to go back to work. I had the job for about 6 mos working 28 hours a week and was Junior Processor (mortgage corp). My job was stressing my out. I am a FT college student. I was paid 7 an hour and I started at 6. I did so much and I felt used I couldn’t take it anymore. I wasn’t even treated like a real employee. I was paid under min. wage (off the books). I am a very hard worker and when I asked for a raise and the broker said she didn’t feel I deserved one and she made a rude comment on why my parents didn’t help me if I was in need of money. She also commented that my summer trip was not convenient for her even thought it was w/o pay. On Tuesday night the secretary was blow9never late)ing up my cell phone to tell me to be in at nine when that is the time I go in every day this was the last straw I couldn’t take it. It was an invasion of my time they have my school schedule. Do you think I was wrong by leaving this pathetic job w/o notice???

well regardless of the time factor you been with the company or if the job was under paying you or not it is very unprofessional to leave a job with out at least a 2 week notice. you just never know because you will need it as a job reference when you apply at another job. it was bad enough it seems like they didn’t like you, but now when you apply at another place i wouldn’t even use them as a reference. but what is done is done the best thing to do is find another job that is willingly to pay what youre worth.

I posted a question about the choice between using funds to support our efforts in the tribal war in Iraq and the crises in sub prime mortgages. I got a slew of answers all of which ignored the question in the haste to proclaim how smart they were and how stupid were the people with the mortgage problems as it was all their own fault.
Since we have seen the firing of the CEO of Citi Corp (the largest financial institution in the world) over the losses they took, the firing of the CEO of UBC a multi hundred billion dollar bank, the demise of a dozen other CFOs and CEO of financial institutions for not anticipating this problem, how come these super know it alls are sitting home typing and not running these institutions. Clearly they were much smarter than all of these multi millionaires.
Of course they did buy the WMD sales pitch of the Bushbaby, or that we are winning (whatever that means) in Iraq. How pathetically arrogant are these cretins? .

It is so much easier for them to sleep at night if they think that the mortgage crisis comes down to personal responsibility. Truth is, predatory practices of lenders is what caused this crisis. The lenders were telling folks that they could afford the terms of these mortgages for the short term and then they would be able to convert the loans into fixed rate mortgages. When they tried to do that, they were denied. Sound like ethical business practices to you? Not to me.

Countrywide Could Cut 12,000 Jobs
By JAMES R. HAGERTY, The Wall Street Journal,
Posted: 2007-09-07 19:03:10
(Sept. 7) – Countrywide Financial Corp. announced plans to reduce its work force over the next three months by 10,000 to 12,000 jobs, representing as much as 20% of the current total.

The largest U.S. home-mortgage lender also expects that its loan originations in 2008 will be about 25% lower than this year.

In a letter to employees, company executives called the current down cycle "certainly the most severe in the contemporary history of our industry." In the letter, executives also pledged to "do whatever we can to help borrowers who are facing difficulty because it is both good business and consistent with our core values."

I dont think there are any secure jobs anymore…………. I have worked for the largest company in the world for 17 years now……but they could tell me tomorrow that I dont have a job……. plain and simple………. its getting very scarey out there……. I think we are in for a rude awakening in the US…..

what will happen to us? bankrupt co-op? we are a poor corp. ratio of owners to renters bad.

Yes probably. Fate is bad, be strong.

I applied for a home loan. I’m a first time home owner wannbe I applied for a home loan & was denied. The letter said I was denied by Dept of Housing & Urban Development & Federal Home Loan Mortgage Corp. Can anyone tell me what that means? My bank won’t be open tomorrow & I can’t find anything online. Thanks for any help.

poor credit, low income, too much debt, bank overdrafts. The list is endless.

their application and got a mortgage they couldn’t afford?
From what I read on AP after his speech, I’m worried:

From the speech tonight on TV (2/24)

OBAMA: "We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values."

THE FACTS: If the administration has come up with a way to ensure money does not go to home buyers who used bad judgment, it hasn’t announced it.

Defending the program Tuesday at a Senate hearing, Federal Reserve Chairman Ben Bernanke said it’s important to save some of those people for the greater good. He likened it to calling the fire department to put out a blaze caused by someone smoking in bed.

"I think the smart way to deal with a situation like that is to put out the fire, save him from his own consequences of his own action but then, going forward, enact penalties and set tougher rules about smoking in bed."

Similarly, the head of the Federal Deposit Insurance Corp. suggested this month it’s not likely aid will be denied to all homeowners who overstated their income or assets to get a mortgage they couldn’t afford.

"I think it’s just simply impractical to try to do a forensic analysis of each and every one of these delinquent loans," Sheila Bair told National Public Radio.

what can you expect? You can expect your taxes to go way up after your little weekly stimulus. I along with others are thinking about not paying our mortagages just to see if we can get a bailout. If all these obama voters want to pay my mortgage they can have it>

I’m self-employed and an owner of an S corp. Our CPA makes us file extensions with the IRS each year because we always get our K-1s for the corporate income later than April 15th. Anyway, my wife and I are applying for a mortgage and they want my 2007 1040 however it isn’t filed yet. I *just* got my K-1 for 2007. Does the lender verify the 1040 with the IRS? If so, won’t they see that the IRS doesn’t yet have my 2007 1040?

Typically the lender will ask for the most current information….ie:2007…if you have an extension filed most lenders will accept that and may also request an audited P&L as well. It is not unusal for business owners to file an extension and lenders are aware of that

I am trying to refinance my mortgage. The rates are so low that doing this will actually save me hundreds each month. However…I am self employed (vp of an s-corp). I provided the bank with the name and address of the company and the company’s phone number. They never asked if i am self employed. How do they verify employment? Do they search public records or do they just send a form and make a phone call?

Also, not to long ago, my company could not pay my salary so I was on unemployment for 8 weeks. Now I am back to work. Will they search for this?

Otherwise perfect credit. No problems with debt to income etc.

If you are self employed they want to see your tax returns for the last three years. Documentation – your last three bank statements personal and business accounts.

They will run a credit check and charge you for the report. They do not let any money out the door before they have completed their homework.

Went to Mortgage Co website, and added my personal Checking account number, to make payments on my mortgage and H.E.L.O.C.
Payment for HELOC went through fine, but the mtg payment was drawn from a rarely used corporate account which had insufficient funds. By the time I recieved the letter from bank It had been 30 days. from my due date.
I explained to the mtg company, who I have paid on time for 4 years, that this was a mistake, and that there was plenty of $ in the account that I set up on the site and that this was an error, but, they state that I must have given those account #s to someone and that they couldnt stop this from being labeled as 30 days past due. Heloc=correct #s, but, mtg=wrong #s? As I set up these payments, I had called in, I suppose its possible that I gave wrong #s, in error. but, the heloc went thru fine! Im told that corp account isnt linked to website, and that I "paied by phone" with corp #s.
How do I stop them from reporting 30 late?

You were obviously talking with someone at the bank who was way down on the pecking and compensation order. Talk to a manager. If that doesn’t work, ask for his supervisor. Most reasonable thinking human beings get real compensation for the resolution to this kind of error.

Be nice, otherwise, they may hang up and have lots of patience.