Anyone Refi?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

4. Liabilities Not sure what you mean.
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A listing of your debts.

So far, including emails, I am up to 70 pages with this broker.

[Pat H Senior Member Find all posts View Profile Close Pat H]

A listing of your debts.

So far, including emails, I am up to 70 pages with this broker.

Don't have any.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

We share our experiences on the Internet to let others know that things do not always go the way it appears they should, and to warn of pitfalls to watch out for.

BTW, today is the 30-day anniversary of the first email from the lender we are trying to work with.

Upon receipt of my packet, the lender called me (at work) saying we had 14 approvals. I whittled it down to the one closest to the one promised 28 days ago, the one that should have, could have been locked in then.

Then I was sent another request and last night after work prepared another 70 pages of stuff.

So, as of now, the loan process has begun, but it is not a done deal, with the appraisal and all that crap still ahead.

One thing to keep in mind . . . although our credit scores are excellent, one notation on them is that we have had too many inquiries recently. So, when you use sites like Lendingtree, to get competition among multiple lenders, that will be noted negatively.

And for those snooping here to see what's going on in our personal lives . . . Hi, and have a nice day.

Have a nice 4th of July. We're doing just fine, thank you.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

The appraiser was here today . . . $330 out of our pocket, and I got a phone call and email from the broker. Seems underwriting doesn't care much for the stuff they were sent, stuff I explained and was assured would be no problem more than a month ago, and stuff that the broker put together and we just signed.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Don't have any.

This was your answer to what liabilities you have.

It just occurred to me that cannot be the case if you are refinancing. Refinancing means that you are paying off a liability with new financing, which you cannot do if you don't have any liabilities.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Yesterday things came to a head.

First, the appraiser came by. That was ordered by the broker, at our expense.

Then, the broker notified me that they cannot do the loan, nothing to do with the appraisal.

Seems out of order to me, ordering an appraisal before you hear from underwiting???!!! But, then, he was totally assuring me there would be no problem with anything.

Today I am trying to straighten things out with underwriting.

The broker is blaming it on me, saying I did not provide accurate income information, as if the last two years' tax returns and the other 150 pages of documentation was not sufficient.

I required them to do everything by email, so I have everything in writing.

Because of the way I have been dealt with, today I also did background legal checks. Too little, too late . . .I never would have shared intimate financial information with anyone that has the personal character that they do . . . too much legal baggage.

I never thought to do that . . . with those solicting me via lendingtree. Live and learn.

Then I contacted to AG, who has an unresolved case against them.

Another broker is claiming he can put humpty back together again, and do it in 10 days.

But, that's what this one, and all the others say, too, so who you gonna trust?

[Pat H Senior Member Find all posts View Profile Close Pat H]

This was your answer to what liabilities you have.

It just occurred to me that cannot be the case if you are refinancing. Refinancing means that you are paying off a liability with new financing, which you cannot do if you don't have any liabilities.

You're absolutely right. I was thinking credit card debt, car loans, etc. Actually I would then have 2 liabilities - the mortgage on my present home and the one of my retirement home which is the one I was refinancing. The bank that holds the mortgage on my first home was refinancing the second one.

I still don't understand why you have so much paperwork though.

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

We just signed our final papers tonight, so we are done.

There were 30 documents to sign, which I thought seemed like a lot, but the notary (who came to the house with the documents) said that it was actually a low amount because Chase doesn't have a lot of paperwork!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

The other brokers are now hovering like vultures, saying, "I told you so," and making the same promises the failed one did.

They all sound the same, much like TS and used car salespeople, so how can you pick one over the other, or know if any can do what they promise?

The one we are working with finally replied yesterday, saying it would be best if he tried to work things out . . . well, duh!!! But he hasn't replied to my reply.

I have also not heard from Wells Fargo, as I have emailed the underwriter directly myself, with additional information.

I have tried to stop payment on the appraisal, or at least put a hold on it, but I can't dispute it until it actually posts.

& this is the way the guvment has cleaned up the industry!!!???

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

Jim,

Isn't anything ever simple for you?

[Chap7 Super Moderator Find all posts View Profile Close Chap7]

Jim, for your own protection you really need to start documenting things.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

No, things are never simple for me, and yes, I overdocument, so I know that is tongue in cheek.

I believe things are so far gone with the lender the broker submitted the app to that I will not likely be able to salvage it.

I have been speaking to the account exec with the lender, which she said that under the new mortgage laws she is not supposed to, but things got worse.

She said we did not provide income docs . . . that is because the broker did not request them. I offered and have re-offered.

Then she said some report said we have not filed our 2008 1040. Well, that's simply not true; it was filed on time and that is easy to prove.

Finally, she said the appraisal said our house is listed for sale, which it is not and never has been. We do have a sign, but it is not listed, The sign is quite common for lake property, that if someone happens to come along and offer a good price, then you take it. I believe we have had the sign for four years.

Isn't everything for sale in that manner, that if someone offers you enough, you will sell it???!!!


FWIW, I had thought about the sign beforehand, that we should take it down, but nobody mentioned it and our house is not listed, so . . .

All that said, I still don't understand their math, how we cannot afford to pay $600 a month for something we have been paying $1050/month for.

I have also disputed the charge to my credit card for the appraisal, which should not have been ordered until the loan app had been approved. It was a strange dispute in that under the new mortgage laws, I cannot order the appraisal. That means I was disputing a charge for something I am obligated to, but something which I could not order and could not stop from taking place. I asked for it to be stopped before the actual appraisal took place, but did not have the right to do that. The dispute explanation with the credit card company (my favorite . . . BOA) was quite elaborate.

Golf was good today. I shot my best round of the year . . . but it was a points thing based on handicap, and my other team members did not do so well. My score was Plus 6, and that was in the money, but our team score was only Plus 4. It was actually our best golfer, the A player, who did not do well, and it was a minus to our pluses.

The winning team was Plus 10, so I was almost that myself.

The taco bar was good, though, as was the comraderie.

(For those lurking to see how my life is, it's fine . . . fun as a matter of fact. How's yours? )

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Others keep contacting me, following up.

Strange, the last one perked up when I was telling him what had happened . . . got one of the partners on the phone and we talked for about an hour.

Cuz . . . the guy who got me started at the problem broker, and then disappeared . . . works for them!!!!

So, he was cheatin on em.

It's a small world, and things you do tend to come back and bite you in the butt.

It all really gives me a bad feeling about the home mortgage industry . . . and after it was supposed to be cleaned up.
- - - - -

My local banker offered to do a painless prime (5.5% base) home equity loan. It is interest-only, so we can pay more to principal if we want.

They pay for the appraisal, too. Since they are already familiar with the property and us, it's virtually a done deal.
- - - - -
I did not think I was wrong about this process, and about us, when the problem broker was jacking us around.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Others keep contacting me, following up.

Strange, the last one perked up when I was telling him what had happened . . . got one of the partners on the phone and we talked for about an hour.

Cuz . . . the guy who got me started at the problem broker, and then disappeared . . . works for them!!!!

So, he was cheatin on em.

It's a small world, and things you do tend to come back and bite you in the butt.

I haven't heard back from that broker, the AG or the State Division of Finance, which regulates brokers and lenders.

I dropped off the app for a home equity loan with our local bank today. That makes more sense anyway, as we really weren't looking to put mortgage on our house.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Based on this experience and the tone of most of the ten brokers/lenders who tried to solicit our busines via my lendingtree inquiry, I surmise that the mortgage lending industry is still staffed by the same dubious characters who created the mortgage meltdown. It appears that you cannot change the character of those in an industry through legislation.

They are still saying whatever they need to say to make a buck, and bailing when those bucks are not easy.

There is no excuse for stringing us along for more than a month, sticking us with the cost of an appraisal and then just disappearing, not even replying when I provided answers to their questions.

We are not the type of borrowers that got sucked into the mortgage crisis. We are not seeking 100% financing, we have an excellent credit score, we have no debt other than the business debt we are seeking to refinance, we have income, we pay our taxes, etc.