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Old 02-26-2013, 08:17 PM
 
28,110 posts, read 63,531,084 times
Reputation: 23235

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My Credit Union tonight informed me they cannot do my refi because I own another home on the same street and they have proof of my living there.

The "Other" home is my parents and the home I grew up in...

I have never owned this home nor have I ever had any ownership interest in this, my parent's home...

My parents bought it 40 years ago and it continues to be their residence to this day.

Of course I lived there... I was a child and went to high school before I went off to college... when I worked overseas, it continued to be my US home address.

I still have packages and mail go there because I'm not home during the day and Mom is always home.

Since the underwriter's reply totally dismissed my letter of explanation...

How about I apply for a loan on the house I don't own since their exhaustive research proves otherwise?

All I can say is for professional people they seem to be idiots...

PS... my parents residence has been in their trust for 15 years and has nothing to do with me... how does one prove a negative?

Last edited by Ultrarunner; 02-26-2013 at 08:26 PM..
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Old 02-26-2013, 08:58 PM
 
2,091 posts, read 7,501,542 times
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They are not idiots. They are purposefully using such things to deny a refi for some "reason". stalling, forcing you to start all over. Its the same thing with loan mods and "losing" paperwork that was sent 3 times already.

They don't have a good reason to deny you so they make one up, hoping you'll give up, and if you don't and complain to whoever you might be able to they will just say it was "human error".

They know exactly what they are doing and there is a special place in hell for them.
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Old 02-26-2013, 09:26 PM
 
3,805 posts, read 9,302,051 times
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Quote:
Originally Posted by wireyourworld View Post
They are not idiots. They are purposefully using such things to deny a refi for some "reason". stalling, forcing you to start all over. Its the same thing with loan mods and "losing" paperwork that was sent 3 times already.

They don't have a good reason to deny you so they make one up, hoping you'll give up, and if you don't and complain to whoever you might be able to they will just say it was "human error".

They know exactly what they are doing and there is a special place in hell for them.

OR -

They are concerned about bank fraud and are doing their jobs - albeit, in slipshod fashion.

Ultra - do you and your Dad have the same first name? You should be on the title work and be claiming Homestead Exemption on the home you are trying to refinance. Also, utility bills should be in you and or your spouse's name.

This should be a quick and easy fix. So many documents support not just your ownership, but your occupancy, that's the big deal. The Homestead thing, the appraisal should note if it's a rental, your Loan Officer should be all over this.
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Old 02-26-2013, 10:07 PM
 
28,110 posts, read 63,531,084 times
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Quote:
Originally Posted by Pfhtex View Post
OR -

They are concerned about bank fraud and are doing their jobs - albeit, in slipshod fashion.

Ultra - do you and your Dad have the same first name? You should be on the title work and be claiming Homestead Exemption on the home you are trying to refinance. Also, utility bills should be in you and or your spouse's name.

This should be a quick and easy fix. So many documents support not just your ownership, but your occupancy, that's the big deal. The Homestead thing, the appraisal should note if it's a rental, your Loan Officer should be all over this.
No... no one in the world has my name... as far as I know... I'm the one and only...

I have my home owner exemption and my parents have their home owner exemption...

My credit union statement goes to my home and my parents with the same credit union goes to their home. My W2 and Health Insurance all have my address.

I have my home owner insurance and utility bills... I don't have a land-line phone bill.

Out of being lazy or convenience, I do still have some mail go to my parents... like if I'm expecting a package from Amazon... no one is home during the day at my house and mom is always home...

In a strange twist... the loan officer said she will call me tomorrow to discuss what non owner occupied loan programs they have???

Wouldn't it be fraud to get a non-owner loan on a home you live in?

The appraiser came out over 3 weeks ago... I let him in, he took a picture of every room and measured the outside... commented on my antique cars in the garage... 1905 Curved Dash Oldsmobile next to a 62 Covette.

Not a word has been said about the appraisal... I did pay $480 for it upfront.
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Old 02-26-2013, 10:52 PM
 
3,805 posts, read 9,302,051 times
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Oh my God, you are dealing with morons.

Might they be concerned that your job is not a reasonable commute and you cannot feasibly live in that house 51% of the time? That's the only possible thing - wow.

The thing that sucks is that, if and when you decide to tell them where to go, and you go to another lender, you cannot transfer your appraisal.

If you are in the mood tomorrow, mark out your SS# (and name and other confidential info) and DM me the underwriter's decision? Or just cut and paste here?

This is a nutty one.
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Old 02-26-2013, 11:16 PM
 
28,110 posts, read 63,531,084 times
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4.9 miles to work... on the job 22 years.

My problem is I never fit the mold... couldn't get a loan to buy my first house at age 22 in the neighborhood I wanted... had the down payment and just graduated... been paying into social security since age 12 and sold my Model A Ford that I restored every nut and bolt to get enough for a solid 20% down.

Went and found a house my down payment could buy for cash in full in East Oakland... it was marked for condemnation and that was my start... still own it today and have had two renters since I moved...

Seems owning rentals, even free and clear is more of an impediment than it is an asset.

Interested to see what the loan officer has to say...
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Old 02-27-2013, 04:58 AM
 
Location: MID ATLANTIC
8,666 posts, read 22,853,798 times
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If any of the following use the parent's address as your address, this is how that door got opened: Tax returns, bank statements, paystubs, W2s. It is customary for most adults to use their own address for these documents.

How do you prove a negative? A couple ideas: Ask your parents to pull their trust docs and the note on their home. Or, ask them to pull their year end mortgage statement and you pull yours (use 2011 if 2012 taxes not filed, or both years and only your returns) and show you declared your mortgage interest, no other. If you put any of their mortgage interest on your return, you're done.

Do go talk to another lender, there's always the possibility you have someone on a witch hunt.....and that's only because these investors are asking these questions and throwing loans back for exactly these reasons. Your loan officer should have caught this on the first day and have you address any conflicts.
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Old 02-27-2013, 09:03 AM
 
Location: WA
5,641 posts, read 24,904,544 times
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Quote:
Originally Posted by Pfhtex View Post
...
The thing that sucks is that, if and when you decide to tell them where to go, and you go to another lender, you cannot transfer your appraisal.
...
Yes, in my area the standard residential appraisal is $550, the credit check is $40, and package delivery of signed documents $10 so on top of the many hours of scrambling around divulging my financial status it cost $600 every time they tell me I can't afford my house.

I am now working with my third mortgage firm where the 'loan officer' has no concept of how investments, taxes, or financial management works in the real world. I have come to accept this level of ignorance with these firms but am really taken back by the questions from your local CU... I would have thought you would get more consideration as a customer.

It is clear that if you do not fit the profile of borrower that these firms have geared up to serve that they have no capability to process a loan. I have had two previous lost opportunities and am now jumping through hoops trying to fit into their system.
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Old 02-27-2013, 09:58 AM
 
28,110 posts, read 63,531,084 times
Reputation: 23235
Quote:
Originally Posted by SmartMoney View Post
If any of the following use the parent's address as your address, this is how that door got opened: Tax returns, bank statements, paystubs, W2s. It is customary for most adults to use their own address for these documents.

How do you prove a negative? A couple ideas: Ask your parents to pull their trust docs and the note on their home. Or, ask them to pull their year end mortgage statement and you pull yours (use 2011 if 2012 taxes not filed, or both years and only your returns) and show you declared your mortgage interest, no other. If you put any of their mortgage interest on your return, you're done.

Do go talk to another lender, there's always the possibility you have someone on a witch hunt.....and that's only because these investors are asking these questions and throwing loans back for exactly these reasons. Your loan officer should have caught this on the first day and have you address any conflicts.
I picked up my parent's Trust Binder this morning... Mom wants to know why she is involved in my refi

What gets me is I told the Credit Union loan officer I was not going to waste $480 on an appraisal or have my credit pulled unless my documentation was first reviewed... she said they had to pull credit and I said OK... my score is 834

Her message saying she can do the loan as NON OWNER has me baffled... wouldn't it be fraud to get a non-owner loan on the home I own and reside?
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Old 02-27-2013, 11:51 AM
 
8,562 posts, read 12,339,419 times
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Have they shown you what "proof" they have? I'd ask to see it.
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