Just a final update about the latest - and hopefully last - development.   At around 7:30am a few days after my last post on this thread, someone shoved a torn notebook through our mail slot.  On a page of this notebook were several names and phone numbers and other concerning language which I'd rather not discuss here, but it wasn't specifically threatening.  The street was deserted except for a car that was about to pull away, and I ran outside to try to get a license plate.  However, he did not immediately drive away and I was able to confront this person.  He seemed a little mentally impaired, but again I did not perceive any particular physical threat from him.  My wife watched from the door, having entered 911 into our phone and getting read to press send.  I asked the person if he was the person who delivered the notebook, and he said yes.  He was wearing his driver's license in an ID pouch on a lanyard around his neck, and I was able to get his name and license number.  He said that his name had been compromised and that he was trying to obtain additional social security numbers because he wanted to get a job at the DMV.  I told him that he can't be dropping stuff at our house and that I can't help him with this.  Needless to say, I took the notebook down to the police station a short while later.  The police already had my prior reports about possible CC fraud on file, but they weren't able to draw a line between this person and those events.  I was informed that he has a criminal record, but it was for petty theft.  In retrospect, it seems like it was just a really weird coincidence, but at the time it was hard not to think that they weren't related.  After that day, we have not received any more strange things in the mail. ... View more

We considered whether the tech could be involved. However, she had the truck and uniform and provided her ID number and name very readily, and a call to the company's direct line confirmed the existence of a service request, the work order number, and the name and ID number of the tech assigned to the job and her ID number. Yes, I will say that I may be over interpreting what has happened. But as a victim of ID theft as we were - and I'm not talking about a breach of data and possible compromise of ID, but an actual attempt at fraud with real misuse of our identifying information - we are going to be understandably hyper-vigilant. These were not simple CC renewals. The envelopes all had phrases like "welcome to our family" or "your welcome kit is enclosed". These aren't what I see on the CC renewals that I've received. ... View more

@core wrote:   Maybe when the crooks come back to break in and collect their credit cards, they want to be able to sit down and watch the game?  I'd be on the lookout for the Budweiser truck next. This is sounding more and more like a mistake (or family member of John Doe having issues) rather than a random ID theft by some scumbags.  It shouldn't be too hard to track the person down who's listed on the cards and give them a ring or send them a letter.  Did they live there before? I have wondered whether the person or persons who did this might try to grab my outgoing mail, hoping that there would be a "return to sender" message with the CC inside.  In the end, the CCCs asked me to destroy everything without sending them back.  We're only the second-ever owners of our home, and the person to whom this stuff was sent has never lived at this address.   I hope that this is just some major screwup by someone who isn't paying attention to what he's doing when he applies, but I doubt that it's something that innocent.  I hope that with the alerts provided to the CCCs, the TV company, and the police, they'll be able to track this person down and settle this once and for all.   Thanks, everyone, for your input.  Much appreciated. ... View more

@Anonymous wrote: Interesting. I'm wondering if this is a legitimate person who moved recently and is screwing up the address on their applications. I would believe this if it were just the TV service.  I can't imagine that anyone, shortly after moving, would decide to go on a credit card app spree.  Also, there are other utilities that would have to be set up besides TV, and as far as I know I'm still paying for my electric, gas, water, and trash (though I guess I would't mind if someone decided to take over the payments). ... View more

Here's the latest unusual occurrence.  Recently someone from a satellite TV company showed up at our door saying that she was here to install service.  She asked for the same person for whom the credit card orders had been placed.  We sent her away and then contacted the company to let them know about this pattern of identity theft.  This incident was added to the police report.   This kinda baffles me.  I can understand why CCs would have been ordered, but how could an identity thief benefit from ordering TV service using an assumed name? ... View more

@ScoreOrBeScored wrote: Let me get this correct, you got mail NOT addressed to you at your address right ? Well by you opening    up mail not addressed to YOU , you have committed a Federal Offense off the top. You should have just wrote    "not at this address and let the mail man pick it back up. The ccc would've gotten it back and handled the situation    as fraud themselves.    " Sometimes, doing the right thing isn't doing the right thing "  Actually, I opened up the first piece of mail on accident because I thought it was another CC solicitation that needed to be dealt with.  I shred all parts that contain identifying information and put the rest in paper recycling.  It wasn't until I found a real credit card that I checked the name and discovered that it wasn't meant for me.  I expected to find one of those fake "your name here" cards.  Once I realized what was going on, I felt compelled to contact the CCC immediately to alert them to an actual crime in progress.  When another credit card came in, I acted in good faith to protect the credit of someone whom I don't know but is an unsuspecting victim in need of assistance.  Also, having been a recent victim of identity theft myself, I also wanted to contact the CCC to make sure that my own SSN wasn't used to open these accounts.  So yes, there was an element of self-protection.  But thank you for pointing out that I'm more or less indistinguishable from the criminal who committed this act of credit fraud.       ... View more

@Thomas_Thumb wrote:   You could try reporting the identity theft to the FTC https://www.ftccomplaintassistant.gov/#&panel1-1 and/or the CRAs. The CRAs should have that option built into their web site. If you are not the original owners/renters, this person may have lived at your address previously. In this case, you could contact the landlord or city tax assessor and provide them with the information. Alternatively, a phone # you have may have belonged to the victim. It is possible to do reverse look-ups and get addresses associated with phone #s. Not sure what you would do in this case. I appreciate your concern for the potential victim. There was only one previous owner of this place, so I'm pretty certain that there is no association between the victim and my address.  I didn't ask about any phone number that might have been included with the CC applications.  As recommended, I made a report to my local police department, but it was a little funny as I was reporting identity theft for someone that might not live anywhere close to here.  I'm not the primary victim here, though the perpetrator(s) did use my address.  I suppose if these cards had been activated and then gone into default, creditors would start with the registered address as a place to target their efforts.  I'll check out that FTC site (I filled one out when my SSN was used to file taxes last year), but if I can't provide information on the actual victim then I'm not sure that anything can be done.   I hadn't thought about asking the CCCs to report this attempt at fraud to the CRAs.  I guess it would be a logical thing for them to do once they're aware of this, and perhaps then the victim would be contacted with this irregular activity.   I'm sure I'll be receiving more correspondence from other CCCs in the near future, until the well runs dry because of the fraud reported to the CRAs.   On a side note, it was a little painful to cut up two credit cards with a combined CL of $80,000. ... View more

@pizza1 wrote: Lel?? WOW!!! My word, how long has it been since you've posted here??? LOL...I didn't know we another ME amongst us! ;) Glad to see you posting!! :) Im gonna 2nd what everyone else has said. Heh heh, yeah, made a grand re-entrance, didn't I?  I joined the FICO Forums back when I was trying to find solutions during the great housing crash of 2008.  Learned a lot about credit and how to protect it during the 4+ years that I was the most active.  Spent most of my time on the Mortgage board as I had learned quite a bit about that topic (thanks to these forums, of course).  Just faded to black after a while as other things in life took precedence.... ... View more

@Themanwhocan wrote: I would contact the Police and get a copy of a police report for the problem. You don't want to be sucked in as an accomplice by not reporting it. Also, someones gonna come a calling looking for those cards, and if they aren't in the mailbox, I wonder where the next place is they will look...   Then, send copies of the  police report to the credit companies that you have received anything from regarding this person, and ask that they submit a fraud alert on this persons credit report for using your address. Good idea.  Our local police allows us to file police reports electronically, so it's pretty convenient.  Learned that the hard way when someone tried to file last year's tax return using my SSN. ... View more

@Anonymous wrote: (Speculation) Someone might be trying to commit identity theft crime on the victim by using your address. Have a close eye on your mail in case someone tries to steal mails from yor mailbox. Advice the post office and if needed file a police report. That's what I think.  I think they were hoping to grab the mail and the card before we checked our mail.  Too bad they didn't scope out our home first - our mail is delivered through a slot in our front door, so they'd never be able to get access to it.  I don't think that these kind of thieves are likely to be the B&E kind of folks - they want to score a lot of stuff on a CC, run it to its limit, and then ditch it and let the poor victim discover it when he checks his credit reports and starts receiving calls from collection agencies (who can also track someone down, just like those people who solicit money from my college).  I wasn't sure about whether to make a police report but I guess that's a good idea.   ... View more

@ddemari wrote: luckily it was you that found the cards and not someone else! although im sure it would be hard to activate it without the persons info or phone used. Maybe is the person on Facebook? did the banks let you know that would contact that person and let them know about the situation?  The banks did say that they would try to contact the person - though all they have, as far as I know, is their name and SSN.  Any address or phone number that was submitted with the application is false. ... View more

If you think you are able to permanently manage the higher monthly payments, as you are doing right now, then I'd go for the refinance.  I haven't redone the math, but assuming that $3500 savings is correct, I still consider that to be a substantial amount of money.   IMO, the only reason not to refinance is if you think that you may not be able to continue making the higher monthly payments.  If, for example, you run into additional future expenses, you could always go back to paying the regular monthly payment with your current loan.  If you refinance to the shorter-term and lower-interest loan, you won't have that option anymore. ... View more

@Anonymous wrote: I'll try to be brief.  I have a home, purchased in 2009 for 140k.  Balance is now 130k.  Value as far as I can tell without a formal appraisal is somewhere around 180k.  I'd like to put an addition with an estimated cost of $30-40k with an equity loan.  My FICO is 690 TU.  My wife's is lower, but I'm not sure exactly what it is.  Here are some of my questions:   1.  I think I only have about 35-40k in equity, which brings me awful close to my estimated cost of construction.  Would the banks frown on tapping out the equity like that, even if the addition will add value to the home?   2.  Is it possible to only put my name on the equity loan, using my credit, but with my wife's income?  Or because our title is held by both of us, do we have to use both scores?  I don't know for sure if her score will drag us down, but just checking options.   3.  Is it more advisable / easier etc to go one route over the other (ie, fixed loan vs LOC?)   Any help you can give would be greatly appreciated.  I suspect that it will be difficult to get a loan that will bring the total balance owed up to your home's current value.  Check around with a few lenders in your area to see what they offer.   If you want to use your wife's income, then she'll have to be on the loan application.  If you want to take out the loan in only one person's name, it doesn't matter if the title is held by two (or more) people jointly.  However, all other persons on the deed would have to sign a form saying that they are aware of the new loan and agree to it (even though they aren't financially responsible for paying the loan.   A fixed rate home equity loan gives you the peace of mind of knowing that your rates will never change.  However, the rates on home equity loans are usually higher than home equity lines of credit.  A HELOC has lower interest rates but is variable.  Right now, interest rates are at historic lows and the Fed has indicated that they will probably keep rates low for another year.  However, the economy continues to recover and as inflation pressures rise, the Fed will start raising rates.  I doubt that there will be a steep rise in rates in a short period of time, but if you plan on paying off the loan over 10-15 years, there's a chance that your interest rate could eventually exceed that of a fixed rate loan. ... View more

There isn't anything in particular about a mortgage modification itself that would necessarily make it harder to obtain a new loan in the future.  However, if you had some late payments that necessitated the modification, then these could make it difficult.   Having said that, a few years ago the CDIA made changes to the reporting codes that could be attached to mortgages that have been modified.  In some cases, these codes had negative effects on one's credit.  But it seems like the codes were being inconsistently used - some lenders would designated modified loans with the different reporting status, whereas other lenders wouldn't use it.   Best thing for you to do is to check your credit report to see how your mortgage is reporting.  If there are no special comments on the account, and if your score appears to be intact, then I'd have to believe that you'd be okay when you choose to go for that larger home. ... View more

I just refinanced my home loan from a 30 year to a 15 year loan also, for much the same reasons.  When we first bought our home, the housing market was flying high.  Then it tanked, and for a while we were in a slight negative equity situation.  Part of it was our doing - we did essentially a 80/10/10 loan (10% down, 80% first mortgage and 10% home equity loan).  As the housing market began to drop, I managed to refinance the home equity loan (which had an 8% fixed rate) to a HELOC with a variable rate, and immediately started to aggressively pay down the debt.   Just a few months ago, the combined balances on my loans and the housing market hit a "sweet spot" - I had paid down enough of the original loan balance and the value of the home had recovered to the point that doing a refinance was possible, so I jumped at the opportunity.  Because I didn't like the feeling of having minimal equity and no recourse for refinancing for those few years, I decided that I would try to pay down my debt as much as possible by going the 15 year route.  The rate on the 15 year loan was lower, and over the life of the loan I'll save over $200,000 in interest payments.   I suppose I could have pocketed the difference in monthly payment between the 30 and 15 year loan and invest the amount, but I don't have time to monitor the markets closely enough to make that percentage necessary to cover the cost of the longer loan.  I also see it as building equity, too.   But everyone's goals are different.  What you and I choose may not be what another person might decide upon.  It doesn't make anyone wrong - just different. ... View more

Kaal, you've bumped a very old question - I'm guessing that you have the same question as the OP?   This is SOP for applying for most loans.  The lender has to pull your credit score in order to find out if you qualify for a loan.  They send you a copy of your credit score, but that is no guarantee of receiving a loan.  They also send a bunch of paperwork and disclosures, but again this is not a reflection of whether you've been approved or not. ... View more

The Good Faith Estimate is exactly what it says it is - an estimate.  The lender had to provide you with approximate closing costs using an estimated closing date.  As is typical with most GFEs, the estimated closing date was set far into the future.   Now that you have a definite (hopefully) closing date, the actual closing costs will be corrected for your HUD-1 closing statement.  You're going to close on April 5 and your loan will probably be funded a week later, let's say on April 12.  The prepaid interest will thus be $9.32 x 19 days, which is the number of days left in April (inclusive of the 12th) during which you are obligated to pay interest on the new loan.   Don't worry about the payoff amount on the GFE - again, this was created using some general assumptions about your current loan.  It will be all corrected in your HUD-1 statement.  If you are bringing cash to the table, you may end up making a small overpayment which the title company will quickly "refund" to you in the form of a paydown of the principal of your new loan.   And yes, I expect that your first payment on the new loan won't be until June 1.  And I still think you should make your April 1 payment on your current loan.     (BTW, I just completed a refi at the end of February, which is why some of this info is on the tip of my tongue.  I don't usually possess these sort of details.) ... View more

I'm going to take a different point of view from JM-AM and say that you should still make your April payment on your existing loan.  Here's the reason why:   Mortgage interest is paid in arrears - that is, the interest that you pay on April 1 is what is accumulated during the month of March.  Thus, the payment that is due on April 1 is the interest that was charged on the old loan.  If this isn't paid, this could be seen as a missed payment on an existing debt.  The debt won't be extinguished by the refinance until April 5.   In your GFE (line 10) or HUD-1 statement (line 901, if it has gotten that far), there probably is an amount listed for daily interest charges, which is determined based on your estimated closing date.  These are prepaid interest charges for your new loan, and represents the interest that will be charged from April 5 through April 30.  Basically, at closing you'd be paying the future interest charges in advance.  As a result, there would be no payment due on May 1, since you would have no interest charges in arrears.  Your first payment on the new loan would be due on June 1.   So before you decide to forgo your payment at all, you had better check and double check with your current lender and your refi lender.  I think there could be a great risk to you if you fail to make a payment that all parties fully expect you to make. ... View more

IMO, I don't think the underwriter is going to like seeing a new loan on your reports.  And the effect of having a new inquiry, new account, and lower average age of accounts might offset any improvement in FICO score from the lower utilization. ... View more

Since homes in your area are relatively inexpensive, then you may be able to qualify on your income alone.  You probably will need to look at FHA loans since you don't have much for a down payment on a conventional loan. ... View more

@Anonymous wrote: Hello, I make about $19,000 a year and my scores are equifax 636 experian 630 and transunion 656. Can I get a mortgage? I have a car payment that I have had for over a year never late and I have one credit card (secured) that I pay on religiously as well. What lenders do you suggest? I just want to be able to purchase a starter home? Should I even try? Thanks! Hi, and welcome to the FICO Forums.   First, the scores that you posted are probably not true FICO scores unless you obtained them from a mortgage lender.  It's easy for consumers to get their true FICO scores from all three major credit reporting agencies unless they go through a lender.  But assuming that your FICO scores are somewhere close to the scores you've posted (and that's potentially a big assumption), then theoretically you may be able to qualify for a loan.   With your income, you're going to be limited in the amount of house you can afford.  Your ability to afford a mortgage is going to be based on calculation of your front end and back end debt-to-income ratios.  Front end DTI is the monthly principal, interest, property taxes, homeowner's insurance, and condo association fees (if applicable).  The back end DTI includes any other debt payments, such as your auto loan and credit card minimum payments and any other loans, such as student loans.   These are just a few of the factors that go into loan approval.  Amount of down payment, amount in of funds in reserves, stability of income, etc. are also factored in.   How much are starter homes in your area? ... View more

I believe the waiting period after DIL for a conventional loan is 2 years, as long as the new mortgage has a LTV of 80% or less.  I assume that the waiting period for FHA is the same, if not shorter depending the the borrower's qualifications.   Since this DIL is fresh - sounds like it has just gone through - he's going to have to be content with renting for a while longer. ... View more

@Anonymous wrote: My husband and I have a home that is paid for. My parents live in this home and had it deeded in our name in case they pass away. We are looking at selling the home we are currently living in so that we can buy a home next door to them. If we sell the home we are living in, we are looking at gaining $60k from the sell. We also have $18k for the down payment. The home my parents live in is valued at $170k We are looking at purchasing a home with the similar price. Should we just get a home loan for $92k (minus the sell and the downpayment savings) or should we get a home equity loc for the new purchase using the paid for home's equity? I hope this isn't too confusing.   My only issue is credit. We are barely under the 620 cut off for a loan so we are working on fixing that (using the restoration forum on myfico.com) Do you think credit requirements are easier on HELOC or home loans? Any help on what we should do would be great! IMO, I would go with a new loan, either conventional or FHA.  With a low-ish FICO score, the terms of the HELOC are not going to be that great, and since it's a variable rate then you'd be at risk for increasing cost of the loan whenever the Fed decides to start increasing the discount rate.  The interest rate on the HELOC will likely be higher than the rate on a new fixed rate loan anyway.   With regard to qualifying for a loan, even though some lenders says that they theoretically go down to 620 for conventional, in practice it may not come to fruition.  A lot will depend on the reasons why your score is on the lower end of the spectrum.  The interest rate for a conventional loan with a 620 FICO might also be higher than what you'd get if you went the FHA route.   If you are able to make a decision about selling your current home and buying the new one before the beginning of June, you might be able to avoid the annual mortgage insurance premium on a new FHA loan.  You'd be bringing a hefty down payment to the transaction, and if you opt for a 15 year mortgage, you will only have to pay the upfront MIP and not the annual MIP.  But the MIP rules are changing in June, and if you obtain an FHA loan after then, you'd have to pay the annual MIP for 11 years. ... View more

@Anonymous wrote: My brother is doing a deed in lieu. Any advice to offer him for rebuilding?   Probably not something the bank would just GW. There really isn't anything special about rebuilding after a DIL.  A goodwill deletion is highly unlikely, especially since it would probably be technically illegal for the bank to alter the reporting of this sort of delinquency.  Even if, by some miracle, the DIL is removed from his credit reports, there will always be a record of that transaction that will resurface during the title search process of a new loan application.   Ongoing prudent management of debt, limiting the amount of new credit that he seeks, etc - the typical things - are what he needs to slowly recover from this unfortunate situation.  If he's looking to buy a home again in the future, then FHA would probably the best option since it allows for a shorter waiting period.  I believe DILs are treated the same as foreclosures with regard to qualifying for mortgages again in the future. ... View more

The qualifying criteria for FHA loans vary with the lender, but in general they allow for lower FICO scores and lower down payment amounts.  However, there is also a mortgage insurance premium that is added to the cost of the loan.  It's probably best for you to find a local FHA lender who can answer your questions for you.  Good luck! ... View more

@Anonymous wrote: Hello, I have been under a CH 13 since Jul 2008 and I just sent my last payment to the trustee to cover the last few months. I contacted my loan specialists since there seems to be a lot of conversation about people not being able to purchase a home once their CH 13 discharges until 2 years has past. She has told me that this simply isn't true and that I am fine. The even greater news is that they are requiring credit scores for VA loans to be at least 600. Once she told me this I decided to go ahead and possibly start the process next month when I have my credit card balance a little lower. I am glad that I double checked what she had already told me. As long as my credit score on here is correct then I know I have at least a 600. I don't know about VA loans, but for FHA loans (another government-sponsored program) it is theoretically possible to obtain a loan while still making payments on a chapter 13 bankruptcy.  There is no requirement that a certain amount of time elapses from the time that someone emerges from chapter 13.  You'd have to check to see if similar rules apply to VA loans.   Keep in mind that even though the loan guidelines for chapter 13 make it possible for borrowers to obtain new loans, it's not a guarantee.  Lenders and underwriters are going to have their own lending criteria, which may be more stringent than the general guidelines put forth by the VA and FHA. ... View more

@Anonymous wrote: Good afternoon all.   I declared Chapter 7 in 2008, and did not reaffirm my mortgage.   The bank finally got around to taking it in March of 2011.   My fiancee and I are trying to buy a house.   Our middle credit scores are 670 and 726.   The mortgage we are looking at is $100k, and we plan on putting 25% down.   Our DTI ratio (bottom) will be around 35%.   The foreclosure does not show up on my credit report.   I know there is a 3-year wait on BK, but what if the foreclosure was part of the BK?   Is my best bet to find a local, or regional lender that does not sell to the secondary market?  Do we have any other option?   Thanks for the help.     When was your BK discharged?  Do you intend to apply for an FHA loan or a conventional mortgage?  The waiting period after foreclosure for a conventional loan is 7 years, unless there were extenuating circumstance (major medical illness, death of a salary earner - we're talking about really serious things, not job loss).  For an FHA loan, the waiting period is 3 years after foreclosure, but I believe this can be waived under certain conditions.  I don't know if it matters whether or not the foreclosure was part of your bankruptcy; lenders may look at that as a separate event.   Even if the foreclosure does not appear on your credit reports, you are required to disclose it on your mortgage application.  It will be discovered during the title search process anyway, and if you fail to report it on your application, it could be considered an attempt at mortgage fraud. ... View more

@Kozmo wrote: I looked at a house a few weeks back before I bid on my current choice and the realtor said they had an assumable mortgage with FHA. They just refi'ed and had a damn good rate. She said all you have to do is apply with Wells Fargo (the lender) and meet their requirements and we could take on the loan. Now, given that rates are so low, and bound to go up soon, how do I go about making my soon to be mortgage an assumable one? It would make selling it that much easier down the road, no? I know they were popular way back in the day. Any chance of a comeback? Assumable mortgages are very rare now.  Are you going with an FHA or VA loan?  These are more likely to be assumable.  However, just because a loan is assumable doesn't mean that it can be automatically transferred to another borrower.  The lender still needs to approve the assumption, and if the buyer's credit profile does not meet the lender's criteria, then the transaction can be denied.   There's other potential complications.  I've heard (but not confirmed) that if there isn't an explicit release of liabilty for the loan on assumption, then if the buyer fails to make payments then the seller could be potentially held responsible for payment of the loan.  Also, the buyer can only assume the remaining balance of the loan.  So, if you start off with a $200,000 mortgage, pay off $75,000, and then sell your home for $300,000, the buyer can only assume the remaining $125,000.  He/she would either have to come up with the remaining $175,000 to cover the purchase of the home, which might entail getting another mortgage.  This would likely get complicated, as the lenders would probably get into a tiff about which loan is going to be subordinate to the other. ... View more

You did the right thing.  Good luck with the rest of your homebuying process. ... View more