I knew it was too good to be true

[Anonymous]

I called around 1030 this morning and got his voicemail. I hadn't gotten a return call 2 hours later so tried again. He answered this time and acted like it was putting him out to call for a status report when he was the one who made me hang all weekend. Again, is it my fault the UW is having health/personal issues right now? I don't think so and I don't think I should be penalized because of this. I explained that I was frustrated and I didn't know what was going to happen or what to do. His reply, "It's not my fault you didn't pay your taxes." He has a point, but I've never blamed that on anyone! I've always planned to use the 8k credit for the taxes. It's never ever been my intention to defraud or try to put anything over on anyone.

A little after that he called and asked me to send a letter stating that the 8k credit would go to pay off 2008 taxes. I sent it to the wrong fax number (totally my fault), but resent it around 3:30. Of course he can't even give me the decency to email or call and let me know that he did get it this time and that I might hear something by x date. At this point I have no idea if it's going to be tomorrow, Wed, Friday, when. I want to close a week from Wednesday. I realize they're busy, but I don't think it's unreasonable of me to be told when I might be able to hear so I'm not sitting here stressing for no reason. It would have been nice if he'd said "since xyz is what we talked about, everything looks good, she just needs to sign off." No words of reassurance or anything. What am I paying him for? I'm terrified that I won't hear anything until Friday and then it'll be 'so sorry, we can't do anything for you."

Who knows how long it'll take to get another loan by that point if I have to or if I even can. I get that I'm not his only client, but silly me, I thought mortgage people were supposed to reassure you and make this easy. I don't feel like he is and I no longer have confidence in him. I have a nice letter I'm sending to his boss as soon as the keys are in hand.

I sit here listening to my neighbors' dogs barking and annoying me as I try to unclench my teeth and calm down enough to work. I was finally able to get some packing done today at least. Thanks for the good thoughts! Any words of wisdom?

Karen

[Anonymous]

Hi Karen:

How are you making out?  I hope the letter did the trick.....keep us posted. 

[rockymtngrl]

Getting a mortgage can be very stressful. I've had 5 or 6 mortgages over the years and each time after closing I say Thats it I am never going to go thru that again, I mean it when I say but things change and here I am again preparing to get a mortgage once again.

I don't know that I've ever had a LO reassure me and tell me everything is going to be okay. In fact I have found they are usually very non-committal until the underwriter gives the final okay.

Waiting for underwriting seems to be the hardest part but the underwriter is the one who has the final say not the LO and sometimes underwriting can really drag on and take a lot longer than expected.

[NAMC80]

Karen,  I have a little saying that I like to keep in mind, "It is well".  Trust me you'll be done working with that crappy LO in no time.  Just try not to stress, it is out of your hands at this point. Just remember that whatever the outcome may be is well.  Hang in there!!!!

[Anonymous]

Very good point NAMC. Also, today the lovely former LO officially said the UW will only approve it if I pay the IRS ALL of my back debt. I don't think so. If I had an extra 20K hanging around, I'd be happy to, but yeah not gonna happen. I emailed and spoke with 2 others on the phone. (I know you're only supposed to do 1 at a time, but I was supposed to close in a week, I want to see who can help me. My realtor knows I'm doing this and as soon as I'm sure one can help, I'll get rid of the other one.) The one, who shares my first name, replied to an email I just sent her about ARMS and said she's working different things out and would get back to me tomorrow. Fingers, toes, whatever crossed please?

My wonderful neighbors either abandoned their dogs or are out of town and left them outside or something but they've been barking for about 48 hours now pretty much non stop. Ok, I cant speak for when I've been able to drown them out with my earplugs and noise machine, but I heard them until I turned it on and pretty early again in the morning. I'm about to lose my mind and I might have to stay here another month? Someone shoot me please?

I did have a semi good day. Went to Walmart and the chairs I was looking at were marked down from $22 to $15 so even though I probably shouldnt have, they're sitting in my garage at the moment.

[Anonymous]

Ok, hate to have to say this, but I would never in a million years think that anyone would give me a mortgage if I had $20k in federal tax debt.  It's like the kiss of death. The only reason banks care about your other debt is if it's the kind of debt that can make them lose THEIR investment by seizing your new house, or even the bank accounts through which you are going to pay your mortgage. An old collection won't likely do that, but the IRS basically can do anything it wants and isn't shy about it. 

So it doesn't really make sense to me to press the issue. If you can do it, good luck, but I'll be surprised if a bank will loan you money in this climate.

Also, a little empathy might make your day brighter. The UW with chemo..."is it my problem?" you said. No, but sheesh.... that underwriter is facing death. You just have taxes to manage.

And lastly, if those dogs have been barking for 48 hours, they are probably in distress. You can wait till they expire so you are more comfortable, or you can call the SPCA and get them some help and along the way, have some more peace. 

[SonorityGenius]

AMEN, likewise!

I was disgusted after reading sentence after sentence of selfishness, and a whole "entitlement" attitude, you are NOT entitled to a mortgage just cause you applied! The LO may have a DUTY to report to you the status, but in the end, you are NOT their only client and as much as you want to believe that with 20k in back taxes you will qualify for a FHA or conventional - FORGET it in this climate (Unless you pay over 6.5%)

And you're inquiring about ARMs?? No wonder we're still in this mortgage mess, enough said! ugh

[llecs]

Public reminder to be friendly and supportive!

[marty56]

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@SonorityGenius wrote:

And you're inquiring about ARMs?? No wonder we're still in this mortgage mess, enough said! ugh

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There are still good reasons for someone to consider an ARM.  I was going to do an 5 year ARM to refi my mortgage since I knew I could PIF in 5 years and thought the rate would be lower.  I was wrong about the rate and got a 5 year fixed with a local CU for 4.0%.

Also in San Antonio, an ARM might be a option for a military  person who is going to move in a few years and will sell the home anyway.

[NAMC80]

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AMEN, likewise!

I was disgusted after reading sentence after sentence of selfishness, and a whole "entitlement" attitude, you are NOT entitled to a mortgage just cause you applied! The LO may have a DUTY to report to you the status, but in the end, you are NOT their only client and as much as you want to believe that with 20k in back taxes you will qualify for a FHA or conventional - FORGET it in this climate (Unless you pay over 6.5%)

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I agree that she's not entitled to a mortgage, but she was entiltled to know that this application was one that could not be funded from the very begining.  The LO should have been upfront and honest with her about her situation.  Then he should've advised her as to which steps needed to have been taken to resolve the debt prior to him even pulling her credit and her making an offer on a home. 

She told him upfront that owed the IRS, but that she had been making  monthly payments on time for the past 3 years. He also led her to believe that the 8000.00 tax credit could go towards paying off the balance.  He either flat out lied, or he just didn't care enough to do his research first. He definately plays a major role in this whole mess.  He should've been honest from the beginning instead of avoiding her calls now. 

Furthermore, its money hungry LOs like this that knew that a loan application probably should'nt have been processed that also got us into this Financial Crisis!

Have A Great Day!