My Mortgage Company is RUINING my life, Advice ???

I refinanced my House in May 07 with world savings.


the primary loan is 334k, I have about 165k equity in it


Whne I refied my mortgage broker also advised to pay off all remaining debt on my credit record


I had been saddled with a late relatives CC debt when they died and being the authorized used the credit carc company (HSBC) passed on the debt to me (The relative's lawyer shouldve payed it)


I disputed it with HSBC but they refused to remove it.


So World Savings broker told me they would be paying off this old debt and a few other late collections of around 700 dollars.


Well in November of this year I had an accident, emergency home repairs and perfect storm of bad stuff happen.


I went to world savings for home equity line of credit. They told me Wachovia has bought them, but with my 165k in home equity i would get the line of credit'EASILY'


they dragged their heels and finally a month later sent me a letter denying me loan because my credit rating is low.


I have pulled my creditMy Mortgage Company is RUINING my life, Advice ???
Continue disputing any debts that you should not pay. No matter what they say. Always dispute them in writing and keep copies.





Personally go to the bank and discuss this with management, daily.





Your mortgage broker needs to be reported to the Realtors association and financial authorities.My Mortgage Company is RUINING my life, Advice ???
Get an attorney right now!!!


They will want to see your closing paperwork. Your HUD statement should show the things that they intended to pay off.





There is NO ONE who can help you with this except for by getting an attorney, forget Yahoo advice - get an attorney to interpret that closing paperwork for you right now.





You have 2 issues - one with the estate settlement and whether you were responsible for cc debt and then with your current mortgage.





Stop reading this and call friends in the business for referrals to attorneys.





Good luck!


Angie
I'm trying to buy a home for the first time, and I have perfect credit. Lenders won't give me anything worth a dang. Apparently, bad credit screws you, but if you have good credit, then it still doesn't mean jack.





I hate the way the market is right now. I feel bad for you. You're not the only one who's pissed.
Your broker ill-advised you.





An authorized user is NOT the same as a joint account holder, therefore, you are NEVER legally liable for the debts.





Mortgage companies even review credit reports, and any accounts listed as ';authorized user'; are even taken out of the debt-to-income ratio.





You were NEVER legally obligated to pay the debt, unless you were a joint-account holder and you just THOUGHT you were an authorized user....there is a huge difference.





The emergency home repairs, due to a storm, should have been paid for by your hazard insurance...so I fail to see where that cost yu anything.





If you had an accident, then you should have been carrying disability.





The mortgage company isn't ruining your life, you are failing to understand what you are signing, and instead of getting your OWN legal counsel to advise you, you are relying on advice of people that have their own interest to serve in you doing business with them.





A house is not a credit card...you don't ';save'; anything by debt consolidation against your house, by the time you pay interest, you would have paid almost TRIPLE of what the original debt was.





That is never a smart financial decision.





Sorry, pay your bills or sell the house that you obviously cannot afford.
Are the creditors ( collections ) listed on the HUD 1 as showing they would be paid off? If not they didn't get paid. Sounds to me that with all the equity you have, the people padded your refi with fee's and possibly made decent bucks on you, with your equity.( Would have to review your HUD to know that for sure.) This is what I would do. I would contact those ';original'; creditors, not the collection agencies, and explain to them what you had arranged to do with your refi. Do not deal with any ';staff people.'; go directly to the decision maker and ask if you get them paid in full and possibly interest you agree on, will they remove it from your report?





If there are only a few, it might work for you. It is certainly worth a shot on your part. A collection showing, whether it's paid or goes unpaid, will not raise your scores. If it's removed by the person that put it there, it's as if it was never there.





In order to do this line up a small line of equity, or get some cash to do this. If it work's for you, your scores will go up,then do an equity line or refi. Next best choice to this one is do an FHA cash-out refi now, if you qualify. Your credit scores won't count for much on the FHA refi, but your mortgage payment history will, and best of all, only certain fees you can be charged going FHA.


Government type loans geared more for the consumer.
First, understand what happened...your broker riped you off or so it sounds like. When you refinanced and the broker told you the credit cards were going to be paid off, the escrow or settlement company would have paid off the debt with the instructions from your broker. It may have been at the end of the loan there was not enough money to pay off the debt so they did not! Next, being an authorized user would not make you liable for someone who died debts. For the amount, I would take them to small claims court, it is free and they will probably not show up and if they do as long as you were not a co-borrower and just an authorized user you should win in small claims and it only costs about $25 to $50. By looking at your closing statement from your refinance, you can tell if the debt was paid or not and see what the charges were from your broker. Going through World there should have been no points because he (the broker) would have received a rebate which the broker should have disclosed. You can e-mail me if you have any further questions. I can look at your closing statement for you for fee and tell you what really happened.