Posts tagged "paperwork"

Hispanic with negative home equity and low-income – reason for loan approval?

A home-equity loan was approved even though the home had negative-equity and the family was low-income(both can be proven). Lender did not consider the children as liabilities, even though the 1040 shows them. Husband is Hispanic and employed, wife is non-hispanic and she is unemployed. Wife was required to sign on mortgage and note as a condition of the loan, and she was listed as Hispanic even though she told the lender not to (lender then said he would have to do all paperwork over if he had to correct it). Lender overappraised the home and borrowers didn’t realize this until much later. I think that maybe the lender had some kind of racial quota to make, and didn’t care if the borrower could repay or not, since the Lender could take the property if the borrowers didn’t pay.
I am looking for reasons that a lender would have for doing this, and whether there is there are specific laws that prohibits it. It caused the borrower to default and lose the home, as they were not able to sell and repay the lender. Can someone cite any authority on this?

Mortgage broker vs. direct lenders?

We are in contract on a house. We’ve been working with a local mortgage broker recommended by my RE agent. She’s been very helpful to us in recommending types of loans, organizing our paperwork, and getting us pre-approved. She also took care of getting us a HELOC that we needed (without getting paid for that service, I think).

I’ve been doing some rate shopping today. It looks like we could get a better deal through a direct lender than with our mortgage broker.

The broker quoted us a 7/1 jumbo ARM at 6.125% and a 30-yr fixed jumbo at 7.125%, both with 1 point. I’ve spoken with Countrywide and Quicken Loans, and they are quoting me roughly 6% on the 7/1 and 7% on the 30-yr fixed, both with 0 points.

So, two questions:
1) I’m feeling guilty about going with one of the other lenders after this mortgage broker has been so helpful to us. What do you think?
2) Why the difference in rates between the lenders and the broker? Is there a catch?

Thanks!
Update, Thursday 3/6.
Thanks, everyone, for the responses.
I’ve done a little more digging, and — surprise! well, not really — the rate my mortgage broker was quoting was actually pretty good. Turns out, she was qualifying us for essentially a “stated income” loan, because we won’t sell our current house till after we’ve closed on the new one. So, all those lower rates I heard from other lenders wouldn’t actually be available to us.
Lessons learned? 1) My mortgage broker really should have been more clear in explaining the circumstances of our loan; 2) I should have called her as soon as I saw lower rates and asked why hers were higher; 3) lots of loans sound good at first, until you really start digging into the details.

• mortgage broker vs lender

Why are home equity loans easier to get than a regular first mortgage?

The paperwork and requirements for a first are much more difficult to satisfy. Why? I owe nothing on my home, I want a first on it, but because I work abroad and can’t show tax returns for 2009 I can’t get a first. But home equity seems do-able. Why?
Actually, I live in the house 4 months out of 12, and my Bank of America account shows monthly deposits from Tokyo. And the house is free and clear. They will give me a second (in first position) , but not a first. I don’t understand the difference: why give me a second, but not a first? Is it related to the source of the funds?
I simply want to understand how the system works. For future reference.

I am foreclosing on my house in California. I have an 80/20 Loan. Can I just walk away?

I got a first and a jumbo to get my house. My mortgage has sky rocketed and the property has dropped $ 200k in the past year.

I will be foreclosing on the house.

Do I need to pay back any of the loan? The 80 & 20 are from the same bank.

Please post only if you know the correct answer, not what you feel.
but, only if they include in the foreclosure paperwork, correct?

VA refi not so streamlined?

I have a VA loan on my primary residence. I’ve had it for 2 years, never a late payment. Interest is 6.5%. I received a flyer back in February of this year from 1st Mortgage Corporation about a VA streamline. I proceeded to get things set up with a streamline refi at 5%. I would skip March and April payments.

In March, I found out from the loan officer that I had an outstanding education loan. I paid it off in March and everything was set to close in April. Loan officer said I would skip April and May payments. End of April and loan officer said that they couldn’t close the loan. A few DAYS before my April payment would go 30 days past due, he says to pay it. I had the funds to pay it so I did. Loan officer said we’ll skip May and June payments.

May rolls around and nothing from the loan officer except excuses. During this whole ordeal, loan officer is extremely difficult to get a hold of. Numerous emails and phone calls unanswered. End of May and again they say couldn’t close but for sure in June. 2 days before May’s payment goes 30 days, we had funds to pay so we did. We’ll skip June and July payments now.

Documents were sent to senior loan officer and between the two of them, communication was subpar at best. No returned phone calls on status and no returned emails. End of June and they say we should close. I let them know that I won’t have funds to cover June’s payment if they do what they did the previous 3 months (which is to tell me 2 days before going 30 days past due to make a payment). Sure enough, we didn’t close in June. I ask questions after questions on why it is taking so long and loan officer keeps making excuses. Says my refi packet is with the bank and should be funded any day. Loan officer says not to make June’s payment that we can still do refi with 1 30-day late and that we should close first week of July.

Middle of July and we STILL have not closed. Loan officer says that we need to redo paperwork and try going through a different bank. First copy of the paperwork and they spell my wife’s name wrong. Second set of the SAME paperwork wasn’t sent to me for another week (something about a printer scan problem). Oh, and by the way, make June’s payment and now since we’re going through a different company, we can only get 5.5%. At this point I am absolutely drained and upset of the lack of communication. I look for other lenders. I contacted 2 of them and they tell me we can get you 4.75% and have you closed in a week or two. But, you can’t have ANY lates in your mortgage! I explain to them the situation but they can’t do anything. Any late on mortgages and I’m automatically disqualified.

So now, I’m definately stuck with 1st Mortgage Corporation. And, not only did I not get my first 5%, nor the 4.75% from other lenders, but I’ve got to pay 5.5% and that’s only if we get refi by the end of July.

I call the loan officer ALL last weel (end of July) and they say they are working on it (last I heard on Wednesday). No call back thursday and no return phone calls or emails on friday. So here we are today. I now have a 2nd 30 day late on my mortgage which will disqualify me from this refi. I can’t refi with anyone else because of these lates and loan officer is yet to be heard from. I’m stuck with a 6.5%, I borrowed money to pay last month’s mortgage thinking that when the refi goes through and I can skip 2 payments that I can pay that money back in that time. Now I don’t have a refi, money is tight so I can’t cover July’s mortgage and I owe for June to someone else. I’ve got a 2nd 30 day late which disqualifies me from ANY streamline refi program. All from this lender.

Do I have any recourse?

FHA mortgage Loan question?

What does it mean to be pre-qualified for an FHA loan?? My credit has been checked, I was asked my income, and they sent it thru the FHA approval computer and said the fha says ok for them to proceed?? Does this basically mean if everything matches up like income, assets, credit we are approved??

The paperwork that I received said we have been “Conditionally approved” but did not state any conditions which was strange. I hope someone can help

They’ve asked for a purchase contract and the title company and they will do an appraisal after they receive a title from what I’m told.

Also under what cases will the underwriters not approve a loan?? How long does this process normall take?

How do I file a complaint against Bank of America Home Loans, or at least against a loan officer?

I was with another mortgage company when I transferred my complete loan package to BoA. All the loan officer needed to do was transfer all the information to their own paperwork. I was told I would be closed in 15 days. It has now been over two months and every step of the way I’ve been treated like a non-human. Questions have been left unanswered, phone calls have not been returned, and emails have not been answered either. Because of the loan officer’s poor service to this loan, I’ve lost money and some long-term tax benefits (too detailed to go into here). Finally, I was set to close last week and when I got to closing, the settlement statement was incorrect. I had to sit and wait for an updated one. When I looked it over, it looked correct, so I signed it and all the paperwork and was told I was closed.

Then I got an email two days later stating that I wasn’t closed, that in fact they sent the wrong settlement statement again. I’m concerned they are doing this to jack up fees and get more money out of me. I would like to file a complaint, but of course there is no information on their website on how to do this. Has anyone done it before? Any ideas what I can do?

Thanks,
Becks

Applying for USDA Mortgage?

I am in the process of applying for a USDA Rural Development Loan, which seems to be taking a long time. I am actually doing this all by mail. I completed the prequalification worksheet towards the end of April and found out within 2 weeks that I qualified to complete the full mortgage package. On May 4th I submitted the full application and on May 22nd I received a letter stating that my application was selected for processing. I had to submit further paperwork but have since not heard anything. How long does it typically take for a USDA mortgage to go through? I am getting anxious and really want to start looking at houses (which I know I can do) but don’t want to find a house, fall in love with it, and then have something come up with the mortgage process. I have missed out on a couple of houses that I probably would have gone and looked at.

Once the mortgage application gets approved, is this when I will get my preapproval letter? This is all new to me so I apologize if I sound lost. Any help is greatly appreciated. By the way, I am in NY state
Just received letter today!!! It’s a go. I am soooo excited; now I can start looking. Thanks to those who helped

• Apply for a USDA Rural Depvelopment Loan
• prequalification application for USDA rural development direct mortgage

Same case, two jurisdictions

I was served by New York State Electric and Gas in February for a property damage claim- in my response I noted lack of jurisdiction as a reason for dismissal. I've heard nothing until today. The case is still active in that county, but today they served me again under a different index number in a different county

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California Case Transfer and Modification

My husband and I recently moved to California from Texas and I'm in the process of transferring our case to California. My ex hasn't been in contact for several months and is about 9 months behind in child support

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