[F1 News:] Stated Income Loans in Union, New Jersey

Posted on Aug 20, 2012 in Stated Income Loans

Question by Danielle B: If my mortgage company sold my FHA fixed 30-year loan to Bank of America, drug can this hurt me in any way?
I just bought my first house. I found my mortgage company, about it information pills Westar, online through Lendingtree.com. I was pretty happy with them. My first mortgage payment was due 1/1/10, but just to be on the safe side, I set up online bill pay through Bank of America to go out last week, and it cleared my checking account. When I logged into my Bank of America online account today, there was my mortgage showing up with my Bank of America accounts like checking, saving, and credit cards. My statement was on there and it didn’t show the payment I had made to Westar. I chatted with a representative, who said yes, the check cleared, but Bank of America is my servicer, not Westar. I called Westar and they confirmed that they sold my loan to Bank of America. This is the first I heard of it. Westar says they sent me a transfer letter, but I never received it. My rate seems to be the same based on what it says on the Bank of America web site, but I am blocked from accessing my loan documents while they do “research.” I am wondering if there’s anything I need to look out for. I have heard horror stories of people’s loans being sold, but usually those are ARM, not FHA 30 year fixed. Thanks!
David Z: I did not receive a letter from Westar or Bank of America. That’s the problem. I did not know about this until I logged into my Bank of America account this morning. Not the best way to find out.

Best answer:

Answer by wizjp
Happens al the time. YOu’re fine. part of a financial transaction between banks; your rate and term are set, even if you are sending your payment to a different place

What do you think? Answer below!

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stated income commercial loans
by marsmet523

Stated Income Loans in Union, viagra approved New Jersey

In stated income loans, Union, New Jersey residents with poor credit may be able to find a borrowing solution. With little more than a statement intended to represent income used to back up this type of lending, stated income loans can be targets for fraud. For consumers who are responsible with their borrowing and conservative in the measures they take to procure funds, few means are likely to be easier than stated income loans. Union, New Jersey, is a mix of financial and cultural demographics with different needs in borrowing. Stated income loans are valuable for filling in gaps in lending where standard loans would not hold up.

Real estate investors are a group who benefits from the existence of stated income loans.

Union, New Jersey investors with multiple properties who are receiving little more than the loan payments they are making on a property may have trouble parlaying that amount into additional investments under the guidelines of a standard loan. The amount of disposable income they make through investing, however, justifies a loan of much higher amounts despite the debt to income ratio. Borrowers that are self-employed often run into similar situations when working their business debt into their debt to income ratio. Stated income loans – Union, New Jersey investors and self-employed businesspersons will find – are an effective way to get capital upfront despite the standard loan guidelines being out of line.

With an increase in stringent guidelines for borrowers with bad credit, stated income loans can provide a valuable line of credit where no other options exist. The practices of bad lending that so damaged the economy are still heavily scrutinized and thus place a premium on integrity in the industry. When working with stated income loans, Union, New Jersey borrowers will benefit from the looser parameters designed to enable a larger financial demographic to get money upfront for lifestyle needs. There are isolated movements in the state and federal government seeking to restrict or eliminate stated income loans, though the popularity of such agreements would likely spawn a strong resistance to those movements if other, similar options are not drawn up.

As in many other lending arrangements, the competency and diligence of the borrower will have a large impact on the favorability of a loan. Those who are working with stated income loans will likely benefit from the practice as long as the process is undertaken with a responsible eye to realistic pay-off timeframes and respect for any affiliated fees. Due to the inflated risk of lending on little more than an individual’s word, penalties for defaulting on a stated income loan are often severe.

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