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tylersmom4
Posts: 74
Registered: ‎03-30-2012
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I'm confused as usual....Updated - heard those 3 words..You're loan's denied

[ Edited ]

This was included in another message but I remain confused......I got this email from my LP the other day, I responded the same day...I'm confused if this is a conditional approval or just send us this stuff and then we will decide what we're gonna do with you.  I emailed my LO but she isn't the best at responding....

 

 

 

Your home loan file has been through underwriting and I need more documentation from you.

 

  1.  Need completer bankruptcy papers.   I sent schedules and the plan (initially I only sent the petition)
  2. Need payment history from bankruptcy court plus we need balance and payment to bankruptcy court.  I sent the Trustee's ledger, shows my payments in and theirs out.
  3. Need copy of borrower and co-borrowers filed divorce decrees or child support documentation  Child support was waived at the divorce but both exes came back later, sent her a print out from both child support accounts showing what the monthly amount due is.

4. What are 2 garnishments on co-borrowers pay stubs?  One is my child support and one is the Chapter 13 payment

 

5.  What is Venture CO child support debt on credit report?  Is there a judgment filed?  Back support being paid through the chapter 13, no judgment filed.

 

6. Need status of ACS/Dept of Ed student loan $36,605.  Has this loan been paid?  Yes and sent her print out from great lakes showing no balance.

 

 

 

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tylersmom4
Posts: 74
Registered: ‎03-30-2012
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

So my LO called today to tell me they denied because my student loans were in default.  My student loans have never ever been in default.  I have no idea what she is talking about.  But thanks for costing me $1500.00....

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beb86
Posts: 1,117
Registered: ‎10-31-2011
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

Get something from your SL provider to prove the are not in default and fax it to your LO you are so close to let something like this stand in your way
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jessica04
Posts: 34
Registered: ‎07-02-2012
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

you've come to far to give up! I agree, I would get something from Great Lakes saying that they are not in default.


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tylersmom4
Posts: 74
Registered: ‎03-30-2012
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

When we intitially applied I went to 2 banks, them and another one.  After that call today, I immediately called the LO at the other bank and sent him everything I have and said, get started....he said 2-3 weeks for approval through full underwriting.  We are asking the sellers for an extension until the end of December.

 

I had a bad feeling about the first company anyway.  The LO never returned calls or emails. 

 

I found the student loan in question.  On my EQ report it says, "closed due to inactivity".  I have no idea why but I have disputed the comment.  Also on the national student loan database it says non-defaulted, paid in consolidation.  Still doesn't say DEFAULTED anywhere.  That's what you get for assuming..... 

 

 

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Sunshine85
Posts: 367
Registered: ‎01-14-2012
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied


tylersmom4 wrote:

When we intitially applied I went to 2 banks, them and another one.  After that call today, I immediately called the LO at the other bank and sent him everything I have and said, get started....he said 2-3 weeks for approval through full underwriting.  We are asking the sellers for an extension until the end of December.

 

I had a bad feeling about the first company anyway.  The LO never returned calls or emails. 

 

I found the student loan in question.  On my EQ report it says, "closed due to inactivity".  I have no idea why but I have disputed the comment.  Also on the national student loan database it says non-defaulted, paid in consolidation.  Still doesn't say DEFAULTED anywhere.  That's what you get for assuming..... 

 

 



An unresponsive LO is never a good thing, so the denial may actually be a blessing in disguise.

 

Hope everything works out with the new lender. Keep us posted!

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tooleman694
Posts: 2,296
Registered: ‎08-25-2011
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

[ Edited ]

I would have them do a rapid rescore on you and throw it back to underwriting.

 

I would be pissed too that the LO didnt see this from the start.

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tylersmom4
Posts: 74
Registered: ‎03-30-2012
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

Ok, we are now at lender #2 - so far I'm really impressed.  I spent 2 1/2 hours going through every line on our credit reports, every line on our BK papers and every paper that the first lender transferred.  I even left there with a list of more stuff she needed that didn't get transferred over. 

 

 I did find out that one student loan is reporting as defaulted (it's been paid since 2010)...I called Sallie Mae, I called Oklahoma Guaranty Student Loan people and no one knows why it's reporting that way because it never defaulted, it was paid through consolidation.  Finally the Sallie Mae Consumer Advocate people are getting this fixed for me before the new lender pulls credit. WooHoo! 

 

So now that the title work has been done, the appraisal, inspections and repairs have all been done, we are only waiting on the loan.  I'm still really mad that the first people didn't tell me about the student loan - they only said I defaulted and when I said I never did it was like they didn't believe me or didn't care to take the time for it.

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IOBA
Posts: 2,659
Registered: ‎08-13-2009
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied

Hang in there!  :smileyhappy:

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: I'm confused as usual....Updated - heard those 3 words..You're loan's denied


tylersmom4 wrote:

Ok, we are now at lender #2 - so far I'm really impressed.  I spent 2 1/2 hours going through every line on our credit reports, every line on our BK papers and every paper that the first lender transferred.  I even left there with a list of more stuff she needed that didn't get transferred over. 

 

 I did find out that one student loan is reporting as defaulted (it's been paid since 2010)...I called Sallie Mae, I called Oklahoma Guaranty Student Loan people and no one knows why it's reporting that way because it never defaulted, it was paid through consolidation.  Finally the Sallie Mae Consumer Advocate people are getting this fixed for me before the new lender pulls credit. WooHoo! 

 

So now that the title work has been done, the appraisal, inspections and repairs have all been done, we are only waiting on the loan.  I'm still really mad that the first people didn't tell me about the student loan - they only said I defaulted and when I said I never did it was like they didn't believe me or didn't care to take the time for it.


This is great news!  Hang in there!  You can get a letter from Sallie Mae indicating loan status and use that for your lender to do a rapid rescore.


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