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@Anonymous wrote:Marine - thanks for the response, and I understand that with credit cards or HELOC's, but with a mortgage they CAN'T take AA against me based on my credit report. They could only ever do anything if I was late or missing payments. That's why I was concerned and double checking with the boards for reassurance Now I'm just curious why a mortgage company would do an AR. I mean, it might tell them if I'm a higher risk of missing payments - maybe some kind of risk management on their end?
I totally overlooked that it was a mortgage lender doing the AR. (I need to get more sleep at night). You're correct that they have no option of an AA unless you are having problems with their loan.
Since I can't answer your question I will leave now.
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work
At least you're one more person reassuring me that from the mortgage stand point I have nothing to worry about it Your help is always appreciated!
The mortghage company could be doing risk assessment to defend selling your mortgage in a package, or trying to get ready to package your mortgage into a security. Or there could be a valuation exercise going on, remmber how the great financial engineers on Wall Street cooked the economy by slicing and dicing mortgages into securities.
@Anonymous wrote:Marine - thanks for the response, and I understand that with credit cards or HELOC's, but with a mortgage they CAN'T take AA against me based on my credit report. They could only ever do anything if I was late or missing payments. That's why I was concerned and double checking with the boards for reassurance Now I'm just curious why a mortgage company would do an AR. I mean, it might tell them if I'm a higher risk of missing payments - maybe some kind of risk management on their end?
Wrong.
Yes, they most certainly can take AA based on indicators on your credit report. Granted the AA they could possibly take is nothing like with a credit card account, they can recall your entire loan and if you don't pay the total mortgage amount balance due within a certain, very short period of time, you're on your way to homelessness.
Virtually every mortgage ever written has an acceleration clause which can be triggered by certain events such as, but not limited to, insolvency or failure to pay taxes. Aside from the fact that each and every one of your current creditors has the right to pull your credit at any time, they could be looking for signs of distress or, what I believe more likely, the scenario painted by Chasmith.
O6 - So my concerns (the ones I thought were unfounded, but had nonetheless) are in fact correct? Even if my payments, taxes, homeowner's insurance, etc. are paid on time, the bank could demand payment in full on my mortgage if they found negative activity on my credit report?
@Anonymous wrote:O6 - So my concerns (the ones I thought were unfounded, but had nonetheless) are in fact correct? Even if my payments, taxes, homeowner's insurance, etc. are paid on time, the bank could demand payment in full on my mortgage if they found negative activity on my credit report?
I wouldn't go so far as to say they can / would accelerate the loan simply because you are behind on some -- or all -- of your other obligations, but there are circumstances in which they could and thus not totally unreasonable that they perform an account review with your credit report from time to time. That said, Iin my experience INQs from current creditors, to include mortgage lenders, should be softs.
If you look at your mortgage agreement there will inevitably be an acceleration / demand clause. Again, not paying Sears wouldn't be cause for concern, but insolvency or tax liens would be. Basically, anything that substantially reduces the value of the collateral (home), causes subordination of the mortgage holder's lien, indicates insolvency or fraud and certain types of refinancing or a possible undisclosed sale of the property can result in the loan being called.
I wouldn't worry much about the INQ. Over the years I've had a few mortgages and most would soft every quarter and some even every four months. Those b'tards at BOA softed me almost daily even though I had over 90% equity in the property. But all the INQs were soft. Give your mortgage lender a call and ask them to do the right thing by changing the INQ to a soft.