Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes the 1040's took up plenty of pages. Yes I'm a self employed attorney and also receive about $2k a month from notes on land I sold.
The only one in my family who might sign is my little girl but she's only 8, lol I do have a 16 yr old son but he's too wise to get involved. A paw print from my pet possum Alex would likewise prove unhelpful. I do not pay child support (they asked me that) and wasn't a good (mean) enough attorney to demand and receive any. Hope that helps.
There aren't too many options here.....and the answers I offer won't be too helpful. It sounds like Wells may have actually had a loan product for your situation, one not many could offer right now.
Short of the possum having a TV career and pulling in the income (we had a hedgehog for a while), the only other way besides a co-borrower for a full doc loan (for the best rate) would be to find a job as a salaried employee. You have the track record for the position, so odds are high as a salaried attorney, you would be approved with a salary. (And no ownership, no billable hours, commission, etc, and even then, it won't be a cake walk).
The other options (and probably what Wells offered) are the abbreviated documentation loans, no ratio, no doc and so on.
I had a thirty year loan with county wide, then wells fargo wanted me and gave me an option for
4.75 for 15 years. No closing, no appraisal, however I could not get cash out money. Anyway,
I did take it therefore will pay this off in 2 more years. Howevere, that was 2 years ago. They did save
me some money. However, now we are in the crash. Anyway, I am happy with what they did give me.
I got lower fees, and had to pay them nothing. Be4 I had 6.75 for 30 years.
Well I went to my local WELLS FARGO and I should add never paid my mortgage late in the 11 years I've had it. I underestimated my house its assessed at $728k and Wells Fargo said probably worth $850k.
I had to produce over 100 pages of documents and finally they offered me a loan. They would refinance the $90k I have in my house currently at 5.87% with a new 8.63% loan and then lend me the rest at the same 8.63% $1500 in fees and 1/2 point.
I asked him if he could honestly recommend such a lousy deal and he had some integrity and said "no".
I am going to see the manager tomorrow. Part of the reason I need this is because I was upset with the schools and ran for school board. I devote too much time to this and I had let my law practice go pretty much. I also had contracts on two pieces of land I owned for $1.8 million and $250k both free and clear and BOTH fell through.
This is really depressing. Not so much for me because I won't lose my house (its the only one my little girl ever knew and my son was 4 when we got it) but what happens when the average American needs help?
You might try a private loan from a colleague who has worked with you, trusts you, and has come to respect you over the years.
In terms of your second question, if you can't get a loan, the average American is S.O.L.
This only serves to underscore how bass-ackwards the system has become. If you're in imminent danger of defaulting, lenders will give you many concessions, including better rates and terms. If you're an employed, bill-paying person feeling the pinch of a down market but with no risk of default, you'll likely be quoted higher rates and fees than those nearing default. If you're self-employed or have variable income, you're really going to get hosed-- if you can even get a loan-- thanks to all those who abused low-doc programs. Stable prospects are being denied mortgages, while less qualified people are kept in homes they never should have purchased. It's easy to see why so many people are bitter.
I am now working with a mortgage broker that someone on here recommended- they seem to be legit out of Emery federal credit union in cincy. They claim the rate is 4.375% and no points. I have that in writing. There are always fees and I had to send PILES of info once again. Two other mortgage institutions quoted me higher rates - I'll let you know how it goes.
A 4.375% rate with no points is way below market. I would check your GFE and APR. There have to be major fees buried in there. I don't know anybody getting anything close to that rate with no points. Good luck!
That is without the closing costs and an origination fee- I also have to pay for title insurance and there was another $500 fee. It better be legit! I used to be a prosecutor! lol
4.375 with no origination fees or points or lender fees?
is this a 10yr fixed?
Quote:
Originally Posted by ocean2026
That is without the closing costs and an origination fee- I also have to pay for title insurance and there was another $500 fee. It better be legit! I used to be a prosecutor! lol
NO I think I said there was $1k in fees plus a title policy and appraisal. 15 yr note.I called him this morning and he says its still a GO. Rates are down a tad today. I don't know if i should list his name and phone number - I sort of wanted to make sure it went as advertised because I don't want anyone getting burned.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
