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Old 08-03-2016, 02:29 PM
 
Location: Atlanta, GA (Sandy Springs)
2,869 posts, read 2,136,941 times
Reputation: 2292

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Quote:
Originally Posted by notnamed View Post
Title company and got the mortgage through a wholesale broker who got us hooked up with the mortgage lender.

Having reread it, it's a statement saying that you do not plan to get new credit for next 30 days, otherwise explain.

So would think certainly not enforceable. Unless, maybe you wrote a post on a forum stating that you were going to do that ahead of time heh.
It's probably a provision to try to avoid someone not really qualified for a mortgage because they substantially overextend themselves to set things up to secure the financing and then bank on new lines of credit to bail them out after it goes through.
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Old 08-03-2016, 08:54 PM
 
Location: MID ATLANTIC
7,519 posts, read 17,281,082 times
Reputation: 7940
Quote:
Originally Posted by notnamed View Post
Title company and got the mortgage through a wholesale broker who got us hooked up with the mortgage lender.

Having reread it, it's a statement saying that you do not plan to get new credit for next 30 days, otherwise explain.

So would think certainly not enforceable. Unless, maybe you wrote a post on a forum stating that you were going to do that ahead of time heh.
There's an animal on every lender's back called a non QM mortgage. Meaning the mortgage isn't a Qualified Mortgage if your ratio exceeds 43%. And when that happens, when a borrower is a non QM, that means the borrower that is not qualified can sue their lender for giving them a mortgage they can't pay for. Now how backasswards is that? So, that is why they have that statement. So they can point at it and say, "they told us they didn't intend to add any debt!". Talk about trying to cover every angle. Now that is slimy, bypassing the consumer's ability to take action. I don't think it would hold up. But nice try.
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Old 08-04-2016, 06:21 AM
 
Location: My beloved Bluegrass
13,720 posts, read 9,474,737 times
Reputation: 18413
Quote:
Originally Posted by SmartMoney View Post
There's an animal on every lender's back called a non QM mortgage. Meaning the mortgage isn't a Qualified Mortgage if your ratio exceeds 43%. And when that happens, when a borrower is a non QM, that means the borrower that is not qualified can sue their lender for giving them a mortgage they can't pay for. Now how backasswards is that? So, that is why they have that statement. So they can point at it and say, "they told us they didn't intend to add any debt!". Talk about trying to cover every angle. Now that is slimy, bypassing the consumer's ability to take action. I don't think it would hold up. But nice try.
No, it isn't slimy. The borrower should not be able to sue a mortgage company if they are under that 43% on closing day and then run out the next day to purchase a big ticket item that bumps them over it. If that statement is what they need to do to protect themselves from irresponsible borrowers then that's reasonable.
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Old 08-04-2016, 06:36 AM
 
Location: MID ATLANTIC
7,519 posts, read 17,281,082 times
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I definitely think It's slimy if a borrower applies for a mortgage and they get the mortgage, default, then sue the bank for giving them what they applied for.

We have eliminated lpersonal responsibility.....the gubbernment once again deciding what is best for the individual.
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Old 08-04-2016, 05:11 PM
 
Location: My beloved Bluegrass
13,720 posts, read 9,474,737 times
Reputation: 18413
Quote:
Originally Posted by SmartMoney View Post
I definitely think It's slimy if a borrower applies for a mortgage and they get the mortgage, default, then sue the bank for giving them what they applied for.

We have eliminated lpersonal responsibility.....the gubbernment once again deciding what is best for the individual.
We are not disagreeing. I thought you were saying the bank was slimy for putting the clause. Since you clarified - I agree.
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Old 01-30-2018, 02:28 AM
 
2 posts, read 866 times
Reputation: 10
I'm in the process of buying a house, at the stage of everything done except contract. I have arranged a mortgage for this. Is it possible to get a car loan before I exchange contract? would this affect my mortgage?
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Old 01-30-2018, 04:45 AM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
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Quote:
Originally Posted by lantranhana View Post
I'm in the process of buying a house, at the stage of everything done except contract. I have arranged a mortgage for this. Is it possible to get a car loan before I exchange contract? would this affect my mortgage?
It definitely could. Be careful.
Speak to your mortgage loan representative, and get guidance.
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Old 01-30-2018, 04:46 AM
 
Location: Cary, NC
31,018 posts, read 54,276,279 times
Reputation: 29515
Quote:
Originally Posted by lantranhana View Post
I'm in the process of buying a house, at the stage of everything done except contract. I have arranged a mortgage for this. Is it possible to get a car loan before I exchange contract? would this affect my mortgage?
It definitely could. If you are borrowing, it will certainly change your Debt-to-Income ratio.
If you are paying cash, it will affect your cash reserves.

Be careful.
Speak to your mortgage loan representative, and get guidance before proceeding.
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Old 01-30-2018, 03:54 PM
 
12,357 posts, read 8,941,069 times
Reputation: 8752
Quote:
Originally Posted by SmartMoney View Post
I definitely think It's slimy if a borrower applies for a mortgage and they get the mortgage, default, then sue the bank for giving them what they applied for.

We have eliminated lpersonal responsibility.....the gubbernment once again deciding what is best for the individual.
Well, this type of thing is intimately tied to the fact that it has now become acceptable, even expected, for people to sign contracts that they have not read or do not understand. Of course you can sue, though it doesn't mean you'll win...
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Old 01-30-2018, 06:25 PM
 
Location: MID ATLANTIC
7,519 posts, read 17,281,082 times
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Quote:
Originally Posted by ncole1 View Post
Well, this type of thing is intimately tied to the fact that it has now become acceptable, even expected, for people to sign contracts that they have not read or do not understand. Of course you can sue, though it doesn't mean you'll win...
What I am saying is it's guaranteed and they are definitely suing, it may not be the consumer, but the CFPB is doing it for the injured consumer, and then they send the payout. I got a check in the mail this week, it was determined that I was harmed by a financial transaction and this was my award. It's already already happening. I don't ever remember working with this lender. And if the consumer lies to get in the home, the lender is on the hook for their lies, unless the lender can prove the consumer committed fraud. Not real easy to do if a lot of time has passed.

https://www.consumerfinance.gov/abou...-if-its-legit/

Actually, the CFPB has so much money from fines and suits, they aren't taking a dime of federal funds in this year's budget.

Trump consumer protection chief requests $0 in funding - Jan. 18, 2018

Not reading what you signed has never been anything but a poor excuse for not taking responsibility. It's another thing entirely if you don't understand, speak up.
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