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

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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 credit
i pulled my credit reports and am in shock
World Savings said they would pay of old collections
There is NO RECORD on any of my credit reports that these collections were EVER payed off.

So my credit is still bad because of World Savings failure and now theyre turning me down for home equity line of credit for their own failings!
OMG im about to have a stroke!
what should I do ?
i keep excellent records. im staring at my HUD statement right now.
im just shocked by this catch 22
man Im going to go ballistic on the phone tomorrow morning
my broker was paid 6900 in his fees alone
on my hud is is listing 5405 that was to be paid to the owed creditors (4 total)
only 1 of the 4 shows on my credit report as being payed off

.Glass-Steagall Act. that was Deregulation was design to protect us from the collapse of a large portion of the American commercial banking system like early 1933. ” and tend to serve only the rich. Flawed AAA ratings on mortgage-backed securities that turned to junk now lie at the root of the world financial system’s
here must see mcain video… haven’t we been here before bailout?
ok….. now I have decided…..
bailout ok but fix the problem no deregulation
bailout ok but fix the problem no deregulation

  1. Reply
    Feeling Mutual
    January 23, 2011 at 12:32 am

    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.

  2. Reply
    January 23, 2011 at 1:28 am

    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.

  3. Reply
    January 23, 2011 at 2:18 am

    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!

  4. Reply
    Mary B
    January 23, 2011 at 2:47 am

    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.

  5. Reply
    Sharon B
    January 23, 2011 at 3:09 am

    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.

  6. Reply
    January 23, 2011 at 4:04 am

    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.

  7. Reply
    January 23, 2011 at 4:25 am

    In case you’ve forgotten, both candidates supported the bailout. Does that go for or against them? That’s your call.

  8. Reply
    a bush family member
    January 23, 2011 at 5:20 am

    Bubbles take years to form and Clinton deregulated by forcing banks to give loans to poor people.

    Democrats caused the meltdown. Democrats like Clinton, Rubin, and ACORN pushed for banks to give loans to people that normally would not be given loans. Clinton even threatened to fine any bank that did not give loans to poor people.

    Obama was against stopping subprime lending, against reforming fannie mae and freddie mac, and he worked to push banks to give loans to people that could not afford house payments

    Clinton’s Freddie mac changes:
    “Freddie Mac, one of the primary government-sponsored enterprises involved in the purchase of mortgages, recently announced plans to enter the secondary market in subprime loans by purchasing significant numbers of “A minus” subprime mortgages by 1998 and the higher-risk “B and C” loans by 1999.(20) ”

    One of Clinton’s changes to foreclosure insurance that protected banks from foreclosures.
    “On June 6, 1996, President Clinton announced that he had directed FHA to reduce the up-front mortgage insurance premium (UFMIP) for first-time homebuyers who receive housing counseling”

    Clinton created the housing bubble, which is now collapsing:
    U.S. Federal Reserve

    Clinton wanted supbrime loans:
    1997 news:
    “”…rapid growth in affordable-loan programs and subprime lending…”
    “The growth in these [special loan] programs has been actively sponsored by the Clinton administration ”
    “The currently strong housing market is due in part to the initiation of a wide variety of affordable home-loan programs. These programs are intended to benefit low-income and minority households and neighborhoods through more flexible underwriting policies. These policies include low-downpayment requirements, higher acceptable ratios of debt payment to income, the use of alternative credit history information such as records of payments for rent and utilities, flexible employment standards, and reduced cash reserve requirements. The growth in these programs has been actively sponsored by the *** Clinton administration *** in a concerted effort to raise home-ownership rates.”
    Mortgage Banking [News] – Aug 1, 1997

  9. Reply
    January 23, 2011 at 6:11 am

    Too true. I see the bailout as plugging up the hole in the boat so the boat stops sinking. Deregulation will sink us. The markets have never been able to fix themselves.

    Funny how the GOP backers are trying to pin this on Clinton, who has been out of office for 8 years….and on Obama who isn’t in office (prez) yet.

  10. Reply
    steel magnolia
    January 23, 2011 at 6:39 am

    McCain is basically a deregulator in that he doesn’t believe the government should interfere with the free market. However, he was for increased oversight and regulation of Fannie Mae and Freddie Mac. McCain, Clinton, and Bush warned Congress what would happen if these entities where left unchecked. Unfortunately, the Democrats (in Congress) blocked all attempts to regulate Fannie and Freddie and we are only beginning to pay for the greed of those responsible.

  11. Reply
    January 23, 2011 at 6:52 am

    McCain’s economic adviser Phil Gramm is the person who sneaked the deregulation behind the current crisis into a giant spending bill:

    Gramm is also the guy who said the problem with the economy is we’re a nation of “whiners.” No, Mr. Gramm, the problem with the economy, when you get right down to it, was YOU.

  12. Reply
    January 23, 2011 at 7:40 am

    And Obama being “Present” makes him the agent of change on that?

    Don’t forget to vote on Nov 5th!

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