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For the new lender to do this AT month-end is huge. Hope they get it done for you!
Yeah, he's been running around and looks like really pushing to get this done. He told me he's pretty tied up with month's end stuff, so I'm super thankful to him for taking this on.
Definitely will be giving this a guy a gift if he pulls off this miracle.
One thing that keeps popping up as a potential problem is me writing off the interest on the mortgage on the property that my parents live in. They pay for it, but I wrote off the interest since it's in my name(they didn't). My LO said it's because of that they couldn't remove it off our DTI, but the new lender doesn't see this as as problem. Is there some validity to either side on this?
Both, unfortunately. Some underwriters are goalies, working to deflect anything that looks like a pink flag. Others have a broader perspective, are empowered, more seasoned, or have access to upper management to review scenarios such as yours. All I can say is that there is substantial inconsistency in the interpretation of guidelines, and also in Risk Tolerance, between lenders. There is no set-in-stone rule among all, and you seem to have perhaps gotten involved with a conservative one.
Yeah, he's been running around and looks like really pushing to get this done. He told me he's pretty tied up with month's end stuff, so I'm super thankful to him for taking this on.
Definitely will be giving this a guy a gift if he pulls off this miracle.
One thing that keeps popping up as a potential problem is me writing off the interest on the mortgage on the property that my parents live in. They pay for it, but I wrote off the interest since it's in my name(they didn't). My LO said it's because of that they couldn't remove it off our DTI, but the new lender doesn't see this as as problem. Is there some validity to either side on this?
FYI, a friend of the family just had this blow up in her face. She owned a condo and dad made the payments. She wrote it off and the IRS has put her through living hell. She got picked off because by some reasonableness test. Even though she had a good income, somehow they calculated she did not have the income to make those mortgage payments. They got into where she worked vs. where her address was vs. the address of the property in question (rent + mortgage??? not really sure). Not trying to alarm you, but be very careful. In the mortgage industry we have something called a "fraud tool." Many loan officers aren't even aware it's run, as many investors or companies do not put it within the loan officer's reach. Its a computer program the runs the all of the names in the file, agents, employers, creditors, everything imaginable and spits out this percentage off likelihood of fraud. (It even calculates if your income is within reason for the neighborhood you are moving into - it goes that far). The insurance industry has something similar, called the CLUE report (run prior to accepting a new customer or property).
Our electronic age is going to be so intrusive on our kids' lives. This is just the tip of it all. My imagination goes nuts thinking about the scenarios of the future.
Ah ok, that must be the "fraud score" i saw on my loan denial report. Wondered how they calculated those. Any idea on what scores are good or bad? I'm assuming lower the better.
Hopefully the new broker can work something out. He is much more knowledge than our old one and already had the UW take a look at our file, so I'm hoping for the best.
Yeah, nothing will be private anymore. Insurance companies will have a field day with all the data that's available to them.
The fraud reports I am seeing are around 20 pages in length. If you thought credit scores were complicated, these animals make my eyes cross......and it's all very, very grey. You could have a perfect file, but if your employer is also involved elsewhere in your loan, it could sound the alarm. If there have been other sales in your neighborhood and the one you are buying is below market (or above), alarms. These are not published reports given to the consumer, so we have no training on what is good or bad. It's very subjective, depending upon who's hands it is in.
I personally am concerned about the data that is collected and it's turning me into a paranoid fool. I was thinking the other day (you tell me possible? conceivable?).......let's say the police wish to speak with you (or anyone for that matter)......and since you are so reliant on your GPS, they punch in an override code and the next time you enter in a location, it takes you to where they want it to take you. I have one son that don't know his way around and is for the most part 100% dependent on GPS. I can see it being abused by several entities, besides mom and dad, the insurance agencies and the employers. Our kids and kid's kids are in for one hell of a privacy ride.
I personally am concerned about the data that is collected and it's turning me into a paranoid fool. I was thinking the other day (you tell me possible? conceivable?).......let's say the police wish to speak with you (or anyone for that matter)......and since you are so reliant on your GPS, they punch in an override code and the next time you enter in a location, it takes you to where they want it to take you. I have one son that don't know his way around and is for the most part 100% dependent on GPS. I can see it being abused by several entities, besides mom and dad, the insurance agencies and the employers. Our kids and kid's kids are in for one hell of a privacy ride.
In this day and age, I don't think you can be paranoid enough. There's so much people can do now days with all the information that's out there...
Quick update: New LO is AWESOME! He's been terrific and explained to us exactly what he's going to do and been answering all of our questions since our previous LO didn't and stuff he's saying now contradicts what we've been told before so he had to explain all of that as well. So he's confident that this deal can be done.
But now my agent is being uncooperative(since I basically fired his wife I'm guessing) and I'm left handling communication between escrow, agent and broker which my agent should be doing, no? The agent seems uninterested now since he probably feels we're too much work and honestly doesn't seem like he wants this deal to close or help us in any way.
Any idea how to deal with him and also should he share the responsibility of the late fee that's racking up daily?
Don't know if anyone's still following this but today I was hand delivered a Demand to Close escrow notice by the selling agent. I was kind of shocked to be honest and sure didn't expect the selling agent to come to my house! Is this kind of practice common? Thought it was all agent to agent communication.
This really has turned into quite a farce..now my agent seems disinterested in helping me get this resolved asap. He just told me to fill out some form to send to his legal advisor, and the form is something that he's supposed to fill out. Our new broker is really the only one who seems to want to help us at this point. He's the one contacting the selling agent and trying to smooth things over while my agent...I don't know what the hell he's doing at this point.
Hopefully there may be good news tomorrow. I hope. Ugh, nm probably some worse news lol
So finally after 71 days since we entered escrow, it has finally closed after paying out more than $6k more than what we originally signed up for due to late fees and paying out for a second appraisal. This has been one of the most infuriating and traumatic buying experience me and my wife has ever experienced. We kept having unexpected issues that kept popping up right onto the day escrow was supposed to close. Thankfully it was all resolved and everything got done and closed on the closing date.
The original loan officer still would not admit fault after our new loan officer was able to close the deal she originally could not. Also found out our agent was making things really difficult and not communicating properly with the selling agent as he should have, which basically prompted her to take drastic actions which ended up increasing our stress levels to the stratosphere for the past month.
If there is one thing I learned from all this and I hope to share with everyone is that a competent and skilled loan officer makes all the difference in the world. As many have shared already, pre-approvals mean jack and a good loan officer can "vet" your file to make sure there won't be any issues.
I've encountered lot of unsavory folks during this transaction and will be filing the necessary complaints and maybe a stronger action against some that were involved due to some violations that occurred. I honestly still can't believe this deal went through after all this, and kind of shocked to be honest.
Thank you all for your assistance in helping me navigate through the HUD and other pitfalls. At least I will have a story to tell when anyone asks me regarding my buying experience. It was definitely an "extraordinary" one! haha
Ask your loan officer directly all these questions. Loans are easy, everything is explainable. Don't go to title/escrow for questions.. they didn't intially talk to you so they have no idea.
hmm, it is better to ask from your loan officer, because loans are easy and can be easily explainable. If you talk with your legal adviser then it is much better because he will inform you about that from the basic and in a correct manner.
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