Q&A: Can the bank apply a payment for mortgage to another loan?

Question by ittytrex: Can the bank apply a payment for mortgage to another loan?
We have (2) loans, our mortgage and a line of credit on our home equity. My economized lost his job and we were trying to keep up the payments on our mortgage. When he paid a payment he used a payment coupon for the mortgage loan. Instead of applying the whole payment to our mortgage, the bank put some of the payment towards (1) month of the mortgage loan and the rest towards the home equity loan. So now we are still (1) month behind on our mortgage payment and the home equity loan is paid for about (4) months ahead of time. We are trying our best to keep this house.Yes my conserved used a payment coupon with the loan number on it and he received a receipt for the amount and the loan number was on the receipt also.

Best answer:

Answer by estielmo
Didn’t you mark the check? Didn’t you check the acknowledge? Did they make a simple mistake? Haven’t you informed them?

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California Mortgage Advisor Sue Drawdy Highlights FHA?s Extension of HECM Loan Limits

California Mortgage Advisor Sue Drawdy Highlights FHA’s Extension of HECM Loan Limits

Sue Drawdy is a 21-year veteran of the mortgage contributing industry

Larkspur, CA (PRWEB) December 10, 2011

The U.S. Dept of Housing and Urban Development (HUD) recently released Mortgagee Letter 2011-39, which states that the current FHA lending limit of $ 625,500 for Home Equity Conversion Mortgages (HECMs or reverse mortgages) will continue through Dec. 31, 2012. This is wonderful news for borrowers who trying to purchase or refinance in high-cost areas, according to Sue Drawdy, a reverse loan specialist.

“This product is ideal for our aging baby boomer generation,” says Sue Drawdy of All California Mortgage, a turn mortgage lender. “It can be effectively used to supplement pensions or help with medical bills, among other uses.”

Reverse mortgages are available to homeowners 62 and older wherein the lender makes monthly payments or a lump sum payment to the homeowner. Many seniors use reverse mortgage to supplement social security, meet unexpected aesculapian expenses, make house improvements, and more. No monthly repayment is required until the borrower no longer uses the home as their principal residence.

If HUD had not broadened the $ 625,500 limit, it would have dropped downwards to the pre-American Recovery and Reinvestment Act (ARRA) conforming loan limit of $ 417,000. Drawdy applauds the extension of the higher turn mortgage limit, saying it will be specially good for California seniors.

“Because the cost of living in California tends to be higher than the national average, the continuation of the higher limit on reverse mortgages will be particularly helpful in this state,” Drawdy explains.

Drawdy says the extension of the loan limit makes now a great time to apply for a reverse mortgage, and points out that seniors can even purchase a new home with a reverse mortgage.

For a free informational booklet by the National Council on Aging, “Use Your Home to Stay At Home” contact Sue Drawdy, All California Mortgage, at (415) 503-9716 or email her at sdrawdy(at)allcalifornia(dot)com.

For more information about reverse mortgages, or for information about any of Sue Drawdy’s services, call her at (415) 503-9716 or view her on the web at http://www.allcalifornia.com/sdrawdy.

About Sue Drawdy of All California Mortgage
Sue Drawdy is a 21-year veteran of the bonded lending industry. A licensed Real Estate Agent and a graduate of the MBA program in Finance at Golden Gate University in San Francisco with a keen focus on what’s best for the consumer, Drawdy has become a very well-respected and sure advisor in the real estate community.

Drawdy is also a greedy real estate investor with vast experience in both residential and small commercial transactions. She has a wealth of knowledge on investor loaning. She has extensive experience working with Tenants in Common loans for multiple units. Drawdy specializes in reverse mortgages, jumbo loans, investment property loans, FHA loans and HomePath mortgages. She serves borrowers throughout the State of California.

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Home Loan Services lost one of our mortgage loans?

Question by unknown: Home Loan Services lost one of our mortgage loans?
We are in foreclosure and our bank has sold the second loan (balloon mortgage) to quite a few other banks. Needless to say when we call HL on the loan they have no idea who now owns our second loan. We are trying to do a short sale, can we say we no longer owe the money if they lost the loan? Can we say “Prove it” will that work?

Best answer:

Answer by Simpson G
Get an attorney. There have been a few casing of owners doing just this and having judgments in their favor.

Know better? Leave your own answer in the comments!