sammus asked:


I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.
The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.
I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.

JACQUES

Cindy16 asked:


I am looking into different mortgage.
Get very confused by so many different kinds of them.
What are the differences?

If we are planning to get a 300K mortgage, and planning to stay in the house for at least 5 years.
What mortgage might be good for us?

30yr fix
5/1
7/1
why there is 5/1 ARM?? What is the different between all these?

thank u

ROBERT

holder_account asked:


How does a mortgage work when dealing with tax returns?

Do we get back all the interest that we pay off or a certain percentage?

Please provide backup in your answer.

MERVIN

wrackingmybrain asked:


I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?

LOGAN

kmm asked:


I am trying to understand secure bonds and I know mortgage bonds are secured bonds,if that is the case,even if they default ,the investor should get the prinicipal back.Can someone give an explanation of this works.

BORIS

TJS asked:


I’ve been looking into these a lot lately, but I’m having a hard time deciding what company to work with. Anyone work for one – or have a reverse mortgage – that they can recommend?

SCOTTY

Mike Samadi asked:


Allow me discuss a few tips with you.

1.    Never trust people, who tell you that they can make you a lot of money over a very short period of time even if those people are driving very expensive cars, live in home worth millions of dollars so on and so forth.  The person who is willing to make you rich overnight is one that you should avoid (believe me when I say this).  In my previous article, I noted that I was taken by three con-artists who were associated with each other and they tossed me back and forth.  Not until I was hit hard in a short time did I realize how good they were.  No, I am not talking about Nigerians or any other nationals, but Americans right here in my hometown.  Even as smart as I thought I was and with the resources I had to find information about these guys, I still was not aware of their deceptions until I was hit hard and lost a lot.  No, I am not talking about thousands of dollars; try high five (5) to six zeros.  The sad part is that two of these guys did not have any criminal records and they were all living in nice homes, with a list of clients that signed up well before me and even believed in these guys long after me.  Unfortunately, one of those guys is still loose and hiding somewhere.  The other two got just a little time, because our system of justice only severely prosecutes a person who robs a bank (financial institution).  If a person robs a bank for 10,000.00 dollars or so, he will get over a decade of jail time but, if a person robs millions from innocent people (let’s say at minimum 100 people), that person gets a slap on the wrist or maximum 5 years.  That’s justice for you and I.

The only way you can become rich is either with hard work or to hit the lottery (which I call “poor man’s money.”)  Since the “ODDS” of you or I winning the lottery is very very remote, so let’s be normal and try to make money the right way.  That is by using your GOD GIFTTED “BRIAN.”   By the way, I know two people who won millions in the lottery and just a few short years later they ended up back in the same lifestyle they were before the winning…(so sad).

2.    Never give your Social Security number (SSN) over the Internet or phone to anyone (especially if that person is not a part of any institutions that you have done business with previously).  I tell people it is better you lose a thousand dollars than losing your SSN to some stranger.  When a deceptive person gets a hold of your SSN, you will spend months trying to persuade creditors, collection agencies and bureaus that you were not the one who opened the accounts and made so many charges.  I received this book called “Your Credit = Your Life, Fix It Now!” which offers a lot of information about fraud, collection agencies, protection and so much more.  Please read this book.   Even those creditors, who insist on having your entire SSN, MUST understand the fact when you tell them, “I can’t give you my SSN over the Internet.”  If you already have an account with this creditor, then they MUST ask you other questions such as list of transactions, payment, history, etc.  Believe me they know how, what and when to ask the questions to know if you are the account holder.  Dissolving fraud usually requires a lengthy fight and much aggravation.  Sometimes it may require hiring attorneys and paying exurbanite retainer fees in an attempt to get their lives back on track.  IS IT WORTH the headache, frustration, lack of sleep, loss of so much money, or even worse? I know a couple of people who did not listen to me and did the exact opposite of what I had been telling them…

3.    Do NOT volunteer checking, savings, investment account, or credit card information to collection agencies.  Let’s assume (you do not know how much I hate this word “assume”) the best-case scenario.  Let’s say that the collection agencies truly want to work something out with you for passed due accounts.  When you agree to make A (one time) payment using a credit card, guess what happens the following months and without your authorization.  Now go ahead try to fight the additional draft. The collection agencies will tell you that we never agreed “on a one time payment”, we agreed on a monthly payment.  The credit card company WILL TELL you, “sorry you made an agreement and that the collection agency provided records.”   If you want to make a payment to a collection agency, send the company “Certified Check”, “Cashier’s Check”, or “Money Order”.  Do NOT send your regular check.   Some of these companies may even share/sell your personal and financial information to other companies.  When you provide the information to one and another company also initiates its aggressive collection (addressed in the book mentioned above), would you be able to tell where this company received such accurate information?  Can you prove it?  I bet your answers are both “No.  I don’t know how to do that…”  So, STOP giving out your information to people whose intentions are not to help you but to help their own paychecks.  Please read  “Your Credit = Your Life, Fix It Now!” to learn more.

4.    Nobody hands you free money. So, when I call you and tell you, ”you won, all I need is a checking or saving account number to transfer all this money into your account,”  please don’t immediately jump up and down and get excited and give me all the information I need.  You can act excited, give me some bogus numbers if you want.  Keep me on my toes so that you can get my information and pass it on to the FBI.  But I bet most these calls come from private, unknown or some other dead end numbers or do not allow reply call (the number is not in service for incoming calls).  If you want free money, look around your house and start seeing the money you wasted on useless items that have not been used or stuff that was used only once … You need to learn the concept of “Saving Your Money.” (another book out there).  Please take advantage of the knowledge base I provided for you.

5.    Watch out for the “Debt Consolidation”,  “Debt Settlement”, “Debt Management” or other similar companies.   There is a lot to say about these.  It is discussed in the credit repair book (mentioned above).  Here you leave all your accounts at a serious risk or if nothing else, you may be defrauded out of money.  It is very detailed in that book.  However, allow me to give you an example.

A couple of weeks ago, a “Debt Settlement” company out of Florida somehow found my number to offer me help to settle my debts for a lot less.  Don’t ask me how they got my number, I am a unique individual who wears several hats and most telemarketers don’t know it.  So, I became interested (since I try to protect others in a hope to reduce scam).  I was so ready to jump on board and get “ALL MY DEBT CONSOLIDATED AND UNSECURED DEBT PAID FOR A LOT LESS” that I could not jump high enough for joy.  I agreed to everything she said, and answered all the questions the way she wanted to hear.  She sent me a package from some network company in Boca… and an 800-DEBT number. 

After reading the information included in the package, I learned the trick of how people may get deceived.  If I knew just a little less than what I know (with a Equifax score of over 820+), I would have DIVED on board head first without even having my hands or arms over my head.  The document I received was suggestive to deception, included misrepresentations of facts, which can be misleading, directing to commit fraud under false pretense by giving suggestive ideas.  The funny part about all this was the numbers thrown in there for fees.  Of course the deal looks good (if I wanted to do this).  Settling $35,000.00 worth of debt for about $19,250.00 of which $8,750.00 of it was fees to “a Law Center”.  The contract stated, no down payment and monthly payments of $497.33 for 42 months were needed.  Now, multiplying the number of month (42) times the monthly payment of ($497.33) equals to $20,887.86 which is a bit higher than the “Total Amount with Fees (55%): $19,250.00” (as indicted on the agreement).  Of course the deal is still good; because it would have saved me a little over $14,000.00 dollars.  That’s if the company’s intentions were true and they are not in the business of robbing people (I do not know).  However, is it ethical???? What are your thoughts?  Please contact me and tell me.  I do not know what the FL Attorney General (A.G.) and the US Department of Justice would say.  But, as stated in the Credit Repair book (introduced above) don’t look for the government agencies to do their job correctly.

There is so much more.

6.    Do NOT co-sign a loan for someone else (does not matter how close you are to that person) unless you have the means and intent to make the monthly payment yourself irregardless of the person you co-signed for pays or not.  I heard it all.  I would like to hear someone’s story about a co-signed loan that remained good for the length of the loan.  The best relationships break over this (exception: child-parents).  You must either accept the fact that you will make the payment for the other person whether he/she pays you or not, or do not sign the loan document.  There is no other way about it.  If you have good credit and want to help someone (let’s say your children or immediate family member with the benefits and power of your excellent credit), then take the chance of signing the loan with the understanding that you will pay the loan no matter what. You do not have to announce your thoughts or decision, but just remember that if the person makes late payments or defaults, your excellent score is no more.  And based upon how bad it damaged your credit, the effect of such negative may not be removed off your credit report-score for at minimum 2 –5 years (depending on how good your credit was/is on other accounts).

7.    I advertised for something over the Internet (specially Criglist) and received so many emails from people who claimed to be from England or Australia.  They all had the same thing in common.  Bad or poor English yet claim to be educated and some even doctors or professors.  So, I decided to play their game.  As I would receive their first email, ALL were screaming “SCAM”.  I prepared a Frequently asked questions list (Q & A)- answered all questions anyone could have had about my item.  I would cut and paste my FAQ to all inquires (whether scam or not).  In my FAQ, I clearly presented that “I do not accept money order, personal or company check.  The only way, I accept funds is if it is Certified or Cashier Check from a reputable bank.  I do NOT accept any funds over the amount to secure the item you wish to have.”  It seems that the deceivers do not even take the time to read and after a couple of emails, they were ready to send me more than what was needed to secure the item.  And, they ALL asked me to Western Union the remaining/overage amount to them or their associate in another state or country so that they would be able to make travel arrangement to meet me.  Yeah.  Right!!  In fact, two of them went to the extend of sending me some homemade check or a copy of a printed check (with copy signature).  The moral of the story.  First of all, do NOT accept any funds coming from other countries, IF you do not know the source.  Do not send money elsewhere when the source is not verifiable through a federally know agencies.  If and when you receive a check, do NOT rush to the law enforcement, because they cannot help you and will brush you off with some excuses.  The only agency that MAY be interested to know is FBI in the U.S. or the national enforcement agency in your country.  However, if you receive cash/BILLS, contact the U.S. Secret Service or the Department of Treasury or the security department of the Federal Bank in your country to verify of the currency is good.  Even if the checks look very very legitimate, you MUST contact the bank and see if the account is open, good standing, has funds, the payee’s name is the actual account holder and much more.  Tell the bank security department what you have.  I would be careful with the check even if the bank says (everything checks out and funds are there).  Let’s say that all is good and you want to deposit the check; do not send any money to anyone until at minimum 10 days after the check clears your account.  I would still be careful because. If I give you a check and you cash it, I may be able to dispute the check with my bank a month later.

8.    Similar to No. 7 (above), do not accept employment of collecting funds for a large company in another country.  How about having a part-time employment and collecting funds for me in your country.  I will ask my associates or the companies in which my company is doing business in your country send you the payment, you take your fee of 25% or $500.00 (whatever we agree to) and send us the rest through Western Union, DHL or some expedited method.  Please make certain you ship cash to me.  It is a great deal.  All you do is just wait for our payments (from our clients to reach you), rush to your bank, deposit and take the portion over you fees out and send it to me quickly.  Don’t you love it? 

These are only some of the simpler methods.  I am certain that there are much complicated methods of scams out there.  So it does not matter how much money you may have that losing a few hundred of thousand dollars may not matter to you, or that how broke and desperate you may be and any opportunity and hope for making money may motivate you, there are some things you do not want to do.  It is like knowing a food is filled with poison and you intentionally eat it.

With love, care and best wishes.

Mike Samadi

You can go to my website and post your Questions & Comments.  Your personal information will remain confidential and is NOT sold or shared with anyone else.

Here is something to make you smile.  A joke:  I hope you don’t find it insulting but funny.  (NOT FOR KIDS).  Adult discretion is advised.

A man walked into a supermarket with his zipper down. A lady cashier walked

up to him and said, “Your barracks door is open.”

Not a phrase that men normally use, he went on his way looking a bit

puzzled.

When he was about done shopping, a man came up and said, “Your fly is open.”

He zipped up and finished his shopping. At the checkout, he intentionally

got in the line where the lady was that told him about his “barracks door”.

He was planning to have a little fun with her, so when he reached the

counter he said, “When you saw my barracks door open, did you see a Marine

standing in there at attention?”

The lady (naturally smarter than the man) thought for a moment and said “No,

no I didn’t. All I saw was a disabled veteran sitting on a couple of old

duffel bags.



MAYNARD

Mike Samadi asked:


(copyrighted)

Here is a new one to some of you, but an old one to me.

I have been warning a lot of people about certain types of scams for a long time.  Recently, I learned about a few people that were scammed and sent their money elsewhere based upon fake checks they received.  They were both young and old in age.”

Several months ago, as I finally got one of my properties back because of the injustice of the U.S. Department of Justice.  A friend suggested that I should advertise the property on craigslist.com.  Not knowing the site, I listed an Ad.  Of course this site is just like any other advertising site visited by good people but also visited by scammers.

As a result of my Ad, I received many emails from interested parties, who all wanted me to hold the property, and they have already sent me payment. They sent me payment so that I would pay the travel agency for their travel arrangement from England, Australia or even some northern parts of the U.S.

Here is the order of the emails I receivedJ

1.    Every one of them had very poor English writing skills, however, claimed to be doctors, professionals, engineers, and minimally educated people with high paying jobs.

2.    They all claimed to be English speaking citizens.  Of course, any one can be a citizen, even if they cannot speak a word of the national language of the country.

3.    All of them had the same style of writing with broken sentences.  All of them excited; asking me not enter into an agreement with anyone else (showing much interest).  They also claimed that payment is on the way -even if they didn’t have my information.  Then, they asked me for my name, address, and phone so that they could send the payment.  They all claimed that the payment has come or is coming from a company in the U.S.  They all also claimed that they are sending me more that my required amount so that I would pay for their travel arrangement to my house/city and all their furniture shipment.

4.    All of them were ready to grab the property, without seen the property.

5.    All of them had a third party in the U.S. that was going to overnight the check to me

Mind you, I have been writing and talking about scams for years and am very familiar with banking laws (at least presentation of checks and have access to find any bank and their company officers in a matter of minutes, if not seconds.

When I saw the first email, I prepared a general Q & A (FAQ) email, describing the property, showing pictures, described in detail that I ONLY ACCEPT U.S. BANK CASHIER/CERTIFIED CHECKS or the U.S. POSTAL SERVICES MONEY ORDER.  I announced clearly that I would not accept any other payments.

I also noted very clearly that, I WILL NOT HOLD THE PROPERTY for ANYONE UNLESS I RECEIVE THE EXACT AMOUNT OF PAYMENT FOR THE FIRST MONTH, and 2 PAYMENTS FOR SECURITY.  Moreover, I noted, “PLEASE DO NOT SEND ME A DIME more that what the payment is.”  I WILL NOT SEND PAYMENTS ELSEWHERE, PAY FOR ANY OF YOUR OTHER NEEDS, MAKE TRAVEL ARRANGEMENTS, OR MAKE OR PAY FOR YOUR FURNITURE and SHIPPING”.

I bundled the entire email including pictures and had it ready for anyone that responded to me.  It seems that it did not matter how many times I would tell these scammers the same thing, they would still send the same type of email or modify it a bit and again, send me the email.

And finally:

I received 3 overnight packages. One was a check printed on an old INK-JET color printer with a COPY signature. Another one- was a regular check from a bank account, which had been inactive for years with a negative balance, and one that I cannot even describe because it was screaming FAKE from miles away.

I immediately contacted the “SECURITY” departments of banks that was stated on the face of the check and shared the information.  One of the banks already knew and the other was glad to hear from me.  The third, I did not even bother, because it was too fake to waste time on. 

Now, one of the idiots who sent me the checks, also sent me a “fake” official-looking document that accepting these check and not complying with the terms of the agreement would cause criminal prosecution upon me.  Oooh, very scary!!!  As soon as I read it, I could not stop laughing.  Of course, for those of you out there, this is a way for the scammers to present themselves as legitimate business people wanting to make you scared that if you “DEPOSIT” the check, you MUST immediately take money out for the overage and send it to the destination they provide, or they will press criminal charges.  What a bull.   J

Let’s not forget, these checks were NOT the type I asked.  They were personal or company checks when I asked for Bank Cashier Check.  Every one of these checks was for thousands of dollars over the amount of my required payments.  The interested parties (scammers) wanted me to deposit the checks and take money out-of my account (for the difference between what I asked and what was writing on the check) and Western Union the difference to some location OUT-SIDE the U.S.

I am certain you got the picture.

Now allow me to shed a little light over check processing.

I send you a check.  Whether it is legitimate or fake, whether in-state or out, it must be deposited, except if you take it to the issuing bank (the bank that is on the face of the check).  If you take it to the issuing bank, the bank can cash the good check, if the funds are available. Otherwise, you have to take the check to your bank, make the deposit, and hope and pray it will remain good until it clears the issuing bank.

Let’s not forget the following issues:

1.    You deposit this check, take some money out and then I stop payment a couple of days later (immediately before it hits my bank).  You lose.

2.    I will even let the check clear my account. Then, I contact my bank and dispute that the payment was issued to a wrong party.  Most banks do NOT allow these types of disputes, but believe me, it can BE DONE.  You lose again.

I hope I am making some sense here.  Just like you tell your young ones, “Do not take candy from strangers,” follow the same rule and don’t accept what looks to be like candy from strangers.

Recently, I went to another great and helpful site for consumers and advertised my Chinese Crested puppies.  Again, I was stormed by similar emails and a check delivery, even though I repeatedly forwarded my FAQ, my funds acceptance policies and pictures of the puppies.

So, good boys and girls, do NOT accept fake checks, rush to the bank, drain your account, and forward money to some stranger somewhere-cluelessly.   Some of these “fake” checks look so good that even your bank managers (experienced bankers) may get fooled.  Therefore, this is my suggestion.

When you receive a check from an unknown entity, take your time, find the issuing bank, call them or drive there (if in your neighborhood), and share all the information about the check. Show the check and let the bank certify that it is a legitimate check.  Otherwise, send the check back and ask for cashier/certified U.S. bank check).

With love and best wishes,

Mike Samadi

Any questions?  Go to Q & A of http://www.MasterCreditRepair.net, read and post.  Go to the “Comment” page and post your story or comment.  Your information will remain confidential.  Joint my membership club (coming soon).



MONROE