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Real Estate Mortgages Expected to Become a Nightmare | |
| Anonymous Coward User ID: 69413722  United States06/17/2015 04:11 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 67252060 We were set to close on a house a couple of weeks ago after 2 solid weeks of paperwork on top of paperwork. They wanted records of every deposit and withdrawal and bank statements we hadn't even received yet. We gave them what they wanted and they delayed the closing to wait for more. We rescheduled the closing and they called for more paperwork. We gave it and 1 hour before closing they wanted more paperwork and to reschedule again. We had the loan, we even had the utilities turned on at the house and gave our notice to vacate our apartment since they told us we were good to go. We were almost homeless, but the apartment hadn't been rented yet even though there's a waiting list for 3 bedroom units. We told them forget it. They contacted us and said "if you'll just give us this, this, this and this we'll be ready to close". We told them again to forget it and just return every single thing we sent them and send their letter of rejection. And on top of that they repeatedly ran credit checks on us driving our score down a couple of hundred points and now we have to start over. They also went through public records and called everyone we have any kind of contract with since we own a small business. We are never late paying bills and that's all I think they need to know apart from income. It's just a damn house that we were more than able to make the payments on. I'm surprised they didn't ask for DNA samples. Oh my -not good. And the Banks have stepped up foreclosure proceedings lately too-so there will be vacancies that can't be filled and the houses will suffer without utilities on -mold or freezing this winter or water (no sump pump) etc. I have seen beautiful houses left to ruin by the banks and it makes me sick. If more people just SAY NO TO LOANS that are invasive -maybe sellers will be forced to finance -AND take the interest away from the bank too. Your backbone is admirable. They are outta control. What state? Tennessee. Thank you for the compliment.  The worst thing to me is that the house payment would've been $300 less a month than we're renting this apartment for and our utility bill would've been cut in half. That would've made things so much better, but I just refused to play the game any more. Knoxville area |
| Anonymous Coward User ID: 19865703 United States06/17/2015 04:15 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 69413722 United States06/17/2015 04:15 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 67252060 We were set to close on a house a couple of weeks ago after 2 solid weeks of paperwork on top of paperwork. They wanted records of every deposit and withdrawal and bank statements we hadn't even received yet. We gave them what they wanted and they delayed the closing to wait for more. We rescheduled the closing and they called for more paperwork. We gave it and 1 hour before closing they wanted more paperwork and to reschedule again. We had the loan, we even had the utilities turned on at the house and gave our notice to vacate our apartment since they told us we were good to go. We were almost homeless, but the apartment hadn't been rented yet even though there's a waiting list for 3 bedroom units. We told them forget it. They contacted us and said "if you'll just give us this, this, this and this we'll be ready to close". We told them again to forget it and just return every single thing we sent them and send their letter of rejection. And on top of that they repeatedly ran credit checks on us driving our score down a couple of hundred points and now we have to start over. They also went through public records and called everyone we have any kind of contract with since we own a small business. We are never late paying bills and that's all I think they need to know apart from income. It's just a damn house that we were more than able to make the payments on. I'm surprised they didn't ask for DNA samples. Oh my -not good. And the Banks have stepped up foreclosure proceedings lately too-so there will be vacancies that can't be filled and the houses will suffer without utilities on -mold or freezing this winter or water (no sump pump) etc. I have seen beautiful houses left to ruin by the banks and it makes me sick. If more people just SAY NO TO LOANS that are invasive -maybe sellers will be forced to finance -AND take the interest away from the bank too. Your backbone is admirable. They are outta control. What state? Tennessee. Thank you for the compliment. The worst thing to me is that the house payment would've been $300 less a month than we're renting this apartment for and our utility bill would've been cut in half. That would've made things so much better, but I just refused to play the game any more. In your circumstances -I would advertise for a SELLER mortgage. Just be up front. Use an agent if you have a smart one that will go in their office and say "Anyone have a seller that wants to cut the CRAP?" Most know what their people will or won't do - BUT NOW those that want to move on and CAN will be holding their own mortgages. Have a good TITLE company put your paperwork together -you can get most to do it for %250 you would have to pay later -and have it all ready (except the house) and then ADVERTISE-We ARE READY TO CLOSE on your SELLER Financed house ASAP-our Downpayment is X make us an offer: SAMPLE: We need 3 BR/ 2 BA/ 2 CAR GAR/ BIG YARD/ good schools/within x miles from town Agents have a BULLETIN BOARD on their Realtor site that is used for this stuff in my area -and small towns use Pennysavers etc Craigslist too -look for the ads where people might offer seller financing because they work on Fixer-uppers... Good luck Thank you! Our realtor is also a long-time friend. He was as frustrated as we were and says he'll never recommend that mortgage company again. He usually sends them several a year. I'll talk to him about your suggestion. |
| hello User ID: 69533103 United States06/17/2015 04:21 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 19876247 Oh my -not good. And the Banks have stepped up foreclosure proceedings lately too-so there will be vacancies that can't be filled and the houses will suffer without utilities on -mold or freezing this winter or water (no sump pump) etc. I have seen beautiful houses left to ruin by the banks and it makes me sick. If more people just SAY NO TO LOANS that are invasive -maybe sellers will be forced to finance -AND take the interest away from the bank too. Your backbone is admirable. They are outta control. What state? Tennessee. Thank you for the compliment. The worst thing to me is that the house payment would've been $300 less a month than we're renting this apartment for and our utility bill would've been cut in half. That would've made things so much better, but I just refused to play the game any more. Knoxville area I'm a loan officer in Knoxville, if you don't mind me asking, what company were you using? |
| Anonymous Coward User ID: 19973606 United States06/17/2015 04:22 PM Report Abusive Post Report Copyright Violation | As a result of Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau, another agency to complicate matters, issued a number of mortgage-related rules that are not actually voted on by Congress. They will impose far more paperwork and raise the cost of mortgages while the Dodd-Frank portion to actually reform bank trading was vacated. So we now have a new agency to comply with to get a mortgage as of August 1st, 2015 and this should help to cap the real estate rally for the average American sending prices back down. Quoting: No Dhimmi Government is great at expanding its own powers when it takes payoffs behind the curtan to allow the same conduct that created the problem to begin with. More government jobs and pensions. It never ends. [link to www.consumerfinance.gov] The Hunt For Money Is Everywhere "I just bought a house in TN and I had the experience of proving where the money from a Vanguard account transferred into my checking account came from. The lender would not accept the Vanguard or bank account statements. I had to go to the bank and actually get the transmittal numbers and fax that to the lender. The personnel at my bank had never experienced this request before". The horror stories are pouring in. It is now evident that the government requires banks to trace every penny you have before getting a mortgage. This has NOTHING to do with terrorism; it is the entire purpose of the NSA grabbing every phone call, text message, and email. They are hunting YOU. The banks act as their agents, tracking what you are doing, and reporting back with the answers [link to armstrongeconomics.com] :Take more taxes: :Bail Out: Interesting, but the example given with the Vanguard account is bullshit. You ALWAYS have to season and source deposits and transfers for the account you are using to make down payment when getting a mortgage. This proves that the money for down payment is indeed yours and not borrowed as that would change the risk of default. So when she supplied her bank statements the underwriter saw huge transfers from the vanguard account and requested documentation to show where the transfers came from and who is on that account. Standard condition to close for any mortgage. You never had to do this thirty years ago. Always to you must mean in the last years since 2008? Actually 30 years it was very strict. It loosened during the sub prime years and then went back to the way it used to be. However, the punch line is that if you are a foreign buyer from another country you don't have to go through any of this. The exception came from real estate lobbyists who argued that after the 2008 crash this was needed to get the industry moving again.  |
JanJan  User ID: 59443079 United States06/17/2015 04:26 PM  Report Abusive Post Report Copyright Violation | My sense is that anyone with a mortgage will lose their home eventually do to their inability to pay. All part of a plan. Quoting: mondali1 end of the middle class as we know it. Unfortunately I have to agree with you. I'm a Realtor and a Dave Ramsey endorsed local provider. I always encourage people to think very conservatively about thier monthly payments but they don't listen. They all think that their income will never stop coming in and of course they do not have a diversified income. All the eggs in 1 basket. Called a J-O-B. I know a real estate agent who says Dave Ramsey is great, but sometimes people underbuy what they can afford - she feels they could buy more. but then again, they have the money to buy, so Dave Ramsey's ideas do help keep houses moving. me, I am as tight as they come and getting worse. Dave Ramsey is amazing - according to me anyway. |
| Anonymous Coward User ID: 69524238 United States06/17/2015 04:31 PM Report Abusive Post Report Copyright Violation | It's the Patriot Act. Quoting: TheToolMan I purchased a car for cash a few weeks ago. I had to go to my bank and wire $26,000 from my bank account to the car dealers bank account. I was asked what the money was for, what I purchased, did I purchase it for someone. The lady said "sorry for all the questions, but the Patriot Act requires me to fill out this online form". My CASH getting a CAR. Why does a form need to be filled out for that?! :timdrill: Same thing happened to me in 2012. I purchased a car with a cashier's check, and got the third degree. I figured it would be a cut & dried easy process since we were paying cash, but the same thing as you - we got asked a ton of questions because they had to submit some kind of online form to make sure we weren't terrorists trying to buy a Cadillac to blow something up (I guess?) Damn... me and hubby bought/paid by check/CASH just 6 months ago for a small 9K car and they let us drive away in it before the check hit the bank. |
| Anonymous Coward User ID: 69095559 United States06/17/2015 04:31 PM Report Abusive Post Report Copyright Violation | Yes if we ever buy again it will be owner financing. Starve these damn banks out of business they get the homes for free when you sign the note that is turned into deposit funds ( your money) funny how only the lending "institutions" can turn notes into cash no? Oh that's right because they own the whole damn scheme! If everyone learned what really went on at the closing there would be hanging bankers and title agents from every light pole coast to coast! Keep you cash out of the banks fools unless you enjoy being treated like a criminal or terrorist! The Bankers are the Biggest Terrorist organization on the planet and must be rooted out for what they are.  |
| Anonymous Coward User ID: 68708867 United States06/17/2015 04:51 PM Report Abusive Post Report Copyright Violation | My area of Northern California is unique, and the last four properties I have bought and sold HAVEN'T gone through banks. Quoting: Anonymous Coward 69282792 Instead we use local people willing to help out and slowly remove the banks and government from our area. They do no good for anyone except their overweight selves. First time buyers- find an owner carry and use a title company. Banks and tax collectors, or ANYONE that feeds from taxes, ISN'T a friend to anyone. Americans have lost the art of tar and feathers, it DID keep us safe. Pray the younger people will revive those values and retake north america.  Smart. |
| ShillShank Reduction User ID: 66001982 United States06/17/2015 04:55 PM Report Abusive Post Report Copyright Violation | ... Quoting: ShillShank Reduction Interesting, but the example given with the Vanguard account is bullshit. You ALWAYS have to season and source deposits and transfers for the account you are using to make down payment when getting a mortgage. This proves that the money for down payment is indeed yours and not borrowed as that would change the risk of default. So when she supplied her bank statements the underwriter saw huge transfers from the vanguard account and requested documentation to show where the transfers came from and who is on that account. Standard condition to close for any mortgage. You never had to do this thirty years ago. Always to you must mean in the last years since 2008? Actually 30 years it was very strict. It loosened during the sub prime years and then went back to the way it used to be. It was very strict, you are right. You needed good credit, however, you never had to prove where your money was coming from with routing numbers. Something must be up cause heard they are auditing businesses also asking for things they never ever asked for. Maybe with all the hacking they are trying to establish a system to protect everyone's financial interests but then they should tell us? Its simply because of technology that's why. Its far too easy for someone to learn some Adobe skills and doctor up a bank statements nowadays. SO, they want the actual data verified. |
| ShillShank Reduction User ID: 66001982 United States06/17/2015 05:04 PM Report Abusive Post Report Copyright Violation | ... Quoting: ShillShank Reduction Interesting, but the example given with the Vanguard account is bullshit. You ALWAYS have to season and source deposits and transfers for the account you are using to make down payment when getting a mortgage. This proves that the money for down payment is indeed yours and not borrowed as that would change the risk of default. So when she supplied her bank statements the underwriter saw huge transfers from the vanguard account and requested documentation to show where the transfers came from and who is on that account. Standard condition to close for any mortgage. You never had to do this thirty years ago. Always to you must mean in the last years since 2008? Actually 30 years it was very strict. It loosened during the sub prime years and then went back to the way it used to be. However, the punch line is that if you are a foreign buyer from another country you don't have to go through any of this. The exception came from real estate lobbyists who argued that after the 2008 crash this was needed to get the industry moving again. Actually Foreign National financing is close to non-existent now BECAUSE you cannot get a US issued credit-report on someone who has no SSN. And the VRY VRY few banks that would even consider touching a FN loan would demand 50% or higher down payment. AND no, the real estate lobbyists did NO SUCH thing. They all knew more documentation would limit the # of approved loans and therefor limit the number of buyers. The changes were made by democrats looking to "solve" the problem of mortgage fraud so they could look like hero's in the media. You can thank Barney Frank's lisp. |
| Anonymous Coward User ID: 67275676 United States06/17/2015 05:10 PM Report Abusive Post Report Copyright Violation | So should I buy now and avoid the new regulations or wait for the price drop? Quoting: Anonymous Coward 69409709 We were set to close on a house a couple of weeks ago after 2 solid weeks of paperwork on top of paperwork. They wanted records of every deposit and withdrawal and bank statements we hadn't even received yet. We gave them what they wanted and they delayed the closing to wait for more. We rescheduled the closing and they called for more paperwork. We gave it and 1 hour before closing they wanted more paperwork and to reschedule again. We had the loan, we even had the utilities turned on at the house and gave our notice to vacate our apartment since they told us we were good to go. We were almost homeless, but the apartment hadn't been rented yet even though there's a waiting list for 3 bedroom units. We told them forget it. They contacted us and said "if you'll just give us this, this, this and this we'll be ready to close". We told them again to forget it and just return every single thing we sent them and send their letter of rejection. And on top of that they repeatedly ran credit checks on us driving our score down a couple of hundred points and now we have to start over. They also went through public records and called everyone we have any kind of contract with since we own a small business. We are never late paying bills and that's all I think they need to know apart from income. It's just a damn house that we were more than able to make the payments on. I'm surprised they didn't ask for DNA samples. Nah, it was on the paperwork, you're good to go. (sarc) |
| Anonymous Coward User ID: 67275676 United States06/17/2015 05:13 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 67275676 You never had to do this thirty years ago. Always to you must mean in the last years since 2008? Actually 30 years it was very strict. It loosened during the sub prime years and then went back to the way it used to be. It was very strict, you are right. You needed good credit, however, you never had to prove where your money was coming from with routing numbers. Something must be up cause heard they are auditing businesses also asking for things they never ever asked for. Maybe with all the hacking they are trying to establish a system to protect everyone's financial interests but then they should tell us? Its simply because of technology that's why. Its far too easy for someone to learn some Adobe skills and doctor up a bank statements nowadays. SO, they want the actual data verified. Lately I've noticed they won't cash a check, drawn on their bank, for you, unless you have an account there. So, you just can't go cash the check like you used to be able to do. You have to deposit it in your own bank. And, have you noticed suddenly the waits for a check to be good have tripled? It used to be like that years ago, then it was a couple of days, now it's back to two to three weeks. The banks don't even trust one another. |
| Anonymous Coward User ID: 68681622 United States06/17/2015 05:24 PM Report Abusive Post Report Copyright Violation | After trying for three years to get a loan I gave up and paid cash for a home from an individual. Quoting: Anonymous Coward 27262494 We should all get together in this country and help each other out! If you have a house, sell without a realtor! If you have cash, make a loan to someone who can't get one! You will get a lot more interest out of the loan then just keeping your money in the bank right now.  |
| Anonymous Coward User ID: 67275676 United States06/17/2015 05:28 PM Report Abusive Post Report Copyright Violation | It's the Patriot Act. Quoting: TheToolMan I purchased a car for cash a few weeks ago. I had to go to my bank and wire $26,000 from my bank account to the car dealers bank account. I was asked what the money was for, what I purchased, did I purchase it for someone. The lady said "sorry for all the questions, but the Patriot Act requires me to fill out this online form". My CASH getting a CAR. Why does a form need to be filled out for that?! :timdrill: Same thing happened to me in 2012. I purchased a car with a cashier's check, and got the third degree. I figured it would be a cut & dried easy process since we were paying cash, but the same thing as you - we got asked a ton of questions because they had to submit some kind of online form to make sure we weren't terrorists trying to buy a Cadillac to blow something up (I guess?) Damn... me and hubby bought/paid by check/CASH just 6 months ago for a small 9K car and they let us drive away in it before the check hit the bank. Yes, because the rule is transactions under ten grand don't have to be scrutinized I think. It's like you don't have to sign anything when you spend under twenty five bucks with a credit card. |
| Anonymous Coward User ID: 19973606 United States06/17/2015 05:39 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 67275676 You never had to do this thirty years ago. Always to you must mean in the last years since 2008? Actually 30 years it was very strict. It loosened during the sub prime years and then went back to the way it used to be. However, the punch line is that if you are a foreign buyer from another country you don't have to go through any of this. The exception came from real estate lobbyists who argued that after the 2008 crash this was needed to get the industry moving again. Actually Foreign National financing is close to non-existent now BECAUSE you cannot get a US issued credit-report on someone who has no SSN. And the VRY VRY few banks that would even consider touching a FN loan would demand 50% or higher down payment. AND no, the real estate lobbyists did NO SUCH thing. They all knew more documentation would limit the # of approved loans and therefor limit the number of buyers. The changes were made by democrats looking to "solve" the problem of mortgage fraud so they could look like hero's in the media. You can thank Barney Frank's lisp. From the NY Times article March 10 2015 Treasury Urged to Scrutinize Foreign Buyers "As signed into law in 2001, the Patriot Act would have required real estate brokers and others involved in real estate closings and settlements to conduct due diligence checks on their customers. After heavy lobbying by the industry, the industry was exempted from the final regulations." So YES they did lobby for this exemption. |
| Anonymous Coward User ID: 42720075 United States06/17/2015 06:37 PM Report Abusive Post Report Copyright Violation | ***BREAKING*** from link: Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. [link to www.consumerfinance.gov] |
| No Dhimmi (OP) User ID: 63490370 United States06/17/2015 06:54 PM  Report Abusive Post Report Copyright Violation | ***BREAKING*** Quoting: Anonymous Coward 42720075 from link: Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. [link to www.consumerfinance.gov] Thank you for the update! ALL relevant scriptures that include a time factor prove no pre-trib rapture. Over 50 verses! Kindle Edition only 99 CENTS! Biblical Eschatological “Time-Stamps” Relevant to the Last Day/Days (Amazon) |
| Anonymous Coward User ID: 67252060 United States06/17/2015 09:35 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 67252060 Tennessee. Thank you for the compliment. The worst thing to me is that the house payment would've been $300 less a month than we're renting this apartment for and our utility bill would've been cut in half. That would've made things so much better, but I just refused to play the game any more. Knoxville area I'm a loan officer in Knoxville, if you don't mind me asking, what company were you using? I didn't want to get too specific and you may very well work there. We're outside Knoxville, but the mortgage company is in Knoxville. We dealt with a female. She was the one who kept telling us it was done. I'm sure it was an underwriter issue, but our realtor said he picked the mortgage company to work with the same underwriter as he had done numerous times before and never had a problem. He also said he had never seen anything like this before and we were approved for 30K more than we needed for the house so it all looked good. Actually, it was all good and we could have continued and eventually got the house, but it just got so ridiculous we didn't want to pursue it any further. We're out money for a home inspection, termite inspection, deposits for water and electricity and other expenses. We're still waiting for the return of our earnest money. And we also have to rebuild our credit. We are required to give 30 days notice if we plan to move from here, which we did after being told more than once that it was a done deal. Like I stated before, we could have had nowhere to live on July 1st. Thank goodness at least that worked out. I don't know if it's new regulations or what, but we're going to find a different route. |
| Anonymous Coward User ID: 69406164 United States06/17/2015 09:40 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 67252060 United States06/17/2015 09:51 PM Report Abusive Post Report Copyright Violation | So should I buy now and avoid the new regulations or wait for the price drop? Quoting: Anonymous Coward 69409709 We were set to close on a house a couple of weeks ago after 2 solid weeks of paperwork on top of paperwork. They wanted records of every deposit and withdrawal and bank statements we hadn't even received yet. We gave them what they wanted and they delayed the closing to wait for more. We rescheduled the closing and they called for more paperwork. We gave it and 1 hour before closing they wanted more paperwork and to reschedule again. We had the loan, we even had the utilities turned on at the house and gave our notice to vacate our apartment since they told us we were good to go. We were almost homeless, but the apartment hadn't been rented yet even though there's a waiting list for 3 bedroom units. We told them forget it. They contacted us and said "if you'll just give us this, this, this and this we'll be ready to close". We told them again to forget it and just return every single thing we sent them and send their letter of rejection. And on top of that they repeatedly ran credit checks on us driving our score down a couple of hundred points and now we have to start over. They also went through public records and called everyone we have any kind of contract with since we own a small business. We are never late paying bills and that's all I think they need to know apart from income. It's just a damn house that we were more than able to make the payments on. I'm surprised they didn't ask for DNA samples. Nah, it was on the paperwork, you're good to go. (sarc) You're probably right!  |
| Anonymous Coward User ID: 32971945 United States06/17/2015 10:02 PM Report Abusive Post Report Copyright Violation | I'm a loan officer in Knoxville, if you don't mind me asking, what company were you using? I didn't want to get too specific and you may very well work there. We're outside Knoxville, but the mortgage company is in Knoxville. We dealt with a female. She was the one who kept telling us it was done. I'm sure it was an underwriter issue, but our realtor said he picked the mortgage company to work with the same underwriter as he had done numerous times before and never had a problem. He also said he had never seen anything like this before and we were approved for 30K more than we needed for the house so it all looked good. Actually, it was all good and we could have continued and eventually got the house, but it just got so ridiculous we didn't want to pursue it any further. We're out money for a home inspection, termite inspection, deposits for water and electricity and other expenses. We're still waiting for the return of our earnest money. And we also have to rebuild our credit. We are required to give 30 days notice if we plan to move from here, which we did after being told more than once that it was a done deal. Like I stated before, we could have had nowhere to live on July 1st. Thank goodness at least that worked out. I don't know if it's new regulations or what, but we're going to find a different route. It's tough that's for sure! I'd like to know the company just for s&g. Here's some background on me: I'm from Kingston but I just sold my house on Watts Bar, and moved with my fiancé to Knoxville, Walker Springs. We are looking for a lot to build on back in the lake but construction loans are such a pain. I've been in finance for years and it's always been rough. It's overly hard now though. I work with several realtors and I can tell you that it's hard on both sides of the fence. |
| Anonymous Coward User ID: 19876247 United States06/17/2015 11:17 PM Report Abusive Post Report Copyright Violation | ***BREAKING*** Quoting: Anonymous Coward 42720075 from link: Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. [link to www.consumerfinance.gov] Thank you for the update! Interesting -as I got an email from work today to have an unscheduled meeting Friday about this rule for all Realtors in our Multiple Listing Board area - The Attorneys don't know how to comply-or haven't figured out the ramifications of this rule -and they are required to close in our state-so closings will come to a halt until this is researched... |
| Anonymous Coward User ID: 67252060 United States06/17/2015 11:30 PM Report Abusive Post Report Copyright Violation | I'm a loan officer in Knoxville, if you don't mind me asking, what company were you using? I didn't want to get too specific and you may very well work there. We're outside Knoxville, but the mortgage company is in Knoxville. We dealt with a female. She was the one who kept telling us it was done. I'm sure it was an underwriter issue, but our realtor said he picked the mortgage company to work with the same underwriter as he had done numerous times before and never had a problem. He also said he had never seen anything like this before and we were approved for 30K more than we needed for the house so it all looked good. Actually, it was all good and we could have continued and eventually got the house, but it just got so ridiculous we didn't want to pursue it any further. We're out money for a home inspection, termite inspection, deposits for water and electricity and other expenses. We're still waiting for the return of our earnest money. And we also have to rebuild our credit. We are required to give 30 days notice if we plan to move from here, which we did after being told more than once that it was a done deal. Like I stated before, we could have had nowhere to live on July 1st. Thank goodness at least that worked out. I don't know if it's new regulations or what, but we're going to find a different route. It's tough that's for sure! I'd like to know the company just for s&g. Here's some background on me: I'm from Kingston but I just sold my house on Watts Bar, and moved with my fiancé to Knoxville, Walker Springs. We are looking for a lot to build on back in the lake but construction loans are such a pain. I've been in finance for years and it's always been rough. It's overly hard now though. I work with several realtors and I can tell you that it's hard on both sides of the fence. It's MIG. I don't know if it's harder for 1st time buyers, but there are supposed to be benefits. My husband has never bought a house because he was always moving. I've bought a house and rental property years ago (when it was so much easier) and we were advised to let my husband do this deal because his credit score was slightly higher and for the 1st time advantages. It was to be in his name only. And everything was a go. Now I don't know which way to go because the first house we considered was a no go-- even though I qualified-- because his name is first on our taxes, but his score was 20 points too low. Afterward, he spent almost a year building it up. Way up. Funny how it doesn't matter which name is first when it comes to paying the taxes. Anyway, we got angry and frustrated and just quit. Who knows how many more times the closing would've been delayed for "just one more thing". Three times was the limit. It's just a ridiculous amount of paperwork--some of which I don't think they really need, or should have access to, to make a decision. One more game I don't want to play. |
| Chrit User ID: 30412676 United States06/18/2015 01:23 AM Report Abusive Post Report Copyright Violation | ***BREAKING*** Quoting: Anonymous Coward 42720075 from link: Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. [link to www.consumerfinance.gov] Thank you for the update! Nice, great to hear. A public hearing is called for I will try to explain why. Here is what they want you as a consumer to know legally now to buy a home. Three days before the house "you" are buying is to close you have to read understand then sign off on it. So here it is, this is the summary of the verbiage you need to sign off on. [link to www.mortgageorb.com] If you don't sign off that you understand everything (basically), then the government gets to break your legal contract to purchases the house you are about to close on. Imagine being the seller of a home now. It is three days before the home you are selling closes & everything is ready and signed. You moved out, and the trucks are ready to move your family in to your new home! Then your buyers pull out because they got confused reading this verbiage or just got the typical cold feet so would not sign off. Then you can't buy your next home, or worse you are stuck with two homes. Either way you moved out and are loosing a lot of money every day delayed. It is very much like credit card purchases where you can house revoke the purchases up to three days after, except this is before close. The real legal battle is how can a entity not involved in your personal legal contract cancel your legal contract that has not been breached. They are trying to weed out lenders, the government wants to take over the entire mortgage industry just like they did to student loans. Last Edited by Chrit on 06/18/2015 01:23 AM I'm only human, it's my biggest flaw. We must all realize a sink a chair and a pillow are all luxuries of home and a soldiers helmet takes the place of all three. |
| Nurse Flesh Hammer User ID: 69169673 United States06/18/2015 01:50 AM Report Abusive Post Report Copyright Violation | "I just bought a house in TN and I had the experience of proving where the money from a Vanguard account transferred into my checking account came from. The lender would not accept the Vanguard or bank account statements. I had to go to the bank and actually get the transmittal numbers and fax that to the lender. The personnel at my bank had never experienced this request before". Quoting: Anonymous Coward 63184043 This is completely true. I took money out of my 401k and had to do the same thing. The statements were not enough. I had to go to Credit Union and get something from teller. In addition, I had to pay for removing money for down payment. I was charged high taxes when it was removed( so I had to remove more) and even more when I filed. So it negated any good having a mortgage gives a tax payer. Instead, I owed nearly two grand, and have PMI for the life of the loan because the taxes I had to account for ate up a large portion that could have been used for down payment. great. You only need to pay PMI until you have 20% equity, then refi. Live slow and die deplorable.....and wash your hands |
| Anonymous Coward User ID: 32971945 United States06/18/2015 01:51 AM Report Abusive Post Report Copyright Violation | ... Quoting: hello 69533103 I'm a loan officer in Knoxville, if you don't mind me asking, what company were you using? I didn't want to get too specific and you may very well work there. We're outside Knoxville, but the mortgage company is in Knoxville. We dealt with a female. She was the one who kept telling us it was done. I'm sure it was an underwriter issue, but our realtor said he picked the mortgage company to work with the same underwriter as he had done numerous times before and never had a problem. He also said he had never seen anything like this before and we were approved for 30K more than we needed for the house so it all looked good. Actually, it was all good and we could have continued and eventually got the house, but it just got so ridiculous we didn't want to pursue it any further. We're out money for a home inspection, termite inspection, deposits for water and electricity and other expenses. We're still waiting for the return of our earnest money. And we also have to rebuild our credit. We are required to give 30 days notice if we plan to move from here, which we did after being told more than once that it was a done deal. Like I stated before, we could have had nowhere to live on July 1st. Thank goodness at least that worked out. I don't know if it's new regulations or what, but we're going to find a different route. It's tough that's for sure! I'd like to know the company just for s&g. Here's some background on me: I'm from Kingston but I just sold my house on Watts Bar, and moved with my fiancé to Knoxville, Walker Springs. We are looking for a lot to build on back in the lake but construction loans are such a pain. I've been in finance for years and it's always been rough. It's overly hard now though. I work with several realtors and I can tell you that it's hard on both sides of the fence. It's MIG. I don't know if it's harder for 1st time buyers, but there are supposed to be benefits. My husband has never bought a house because he was always moving. I've bought a house and rental property years ago (when it was so much easier) and we were advised to let my husband do this deal because his credit score was slightly higher and for the 1st time advantages. It was to be in his name only. And everything was a go. Now I don't know which way to go because the first house we considered was a no go-- even though I qualified-- because his name is first on our taxes, but his score was 20 points too low. Afterward, he spent almost a year building it up. Way up. Funny how it doesn't matter which name is first when it comes to paying the taxes. Anyway, we got angry and frustrated and just quit. Who knows how many more times the closing would've been delayed for "just one more thing". Three times was the limit. It's just a ridiculous amount of paperwork--some of which I don't think they really need, or should have access to, to make a decision. One more game I don't want to play. Yeah I gotcha. I have had to save many deals they messed up. It sounds like you were not explained anything correctly. What area do you guys live in? |
