Trying to get loan? who can get me approved?

[Anonymous]

Hello, I went through a short sale process in March of 2010. At the time I had 2 mortgages. The 1st was with Bank of America for $198,000 and the 2nd was with Etrade for $48,000.

1. When I short sold the house the 1st was legally paid in full for less than the amount.

2. 2nd mortgage agreed to let go of the lean on the house, but with stipulations that I will still be legally obligated to pay them off. I paid the 2nd $3000 while Bank of America paid them $2000.

3. Ever since the the short sale, the 2nd mortgage is still reporting on my credit as owning them money and CLC Consumer Services is the one trying to collect the amount from me.

4. My credit score is somewhere around 710 and my wife is 690.

5. My annual gross income is $100k a year.

6. Have 2 car payments totalling $700 a month, 1 Credit card for $50 a month, Students loans $200 a month

7. Pay rent for $1100 a month.

8. I do not have any other delinquent accounts on my credit other than the second mortgage still reporting on me.

Right now I've been talking to QUICKEN LOANS and the LO said i qualify for a Conventional Loan at 10% down payment. I have sent him all of my HUD short sale documents and the documentation saying I still owe the money to Etrade (CLC Consumer Services) and said with that documentation, that It was good enough to get me this loan.

Is this legit? As I tried last year to get a loan with local lending people and was denied by 3 banks.

Is there someone else On here that I can work with to see if I can get Approved for a loan? I heard 3 people talk about a guy named BRIAN...............I've just been skeptical about QUICKEN because I've heard horror stories about them.

[Anonymous]

I have heard Quicken will pre-approve anyone but will fail to do a final approval and some realtors won't accept a preapproval from Quicken. I would talk to a realtor see what they say.

[Anonymous]

Any good loan officers on here that can help me out in my situation?

[DallasLoanGuy]

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@Anonymous wrote:

Hello, I went through a short sale process in March of 2010. At the time I had 2 mortgages. The 1st was with Bank of America for $198,000 and the 2nd was with Etrade for $48,000.  when did title transfer? 

1. When I short sold the house the 1st was legally paid in full for less than the amount.

2. 2nd mortgage agreed to let go of the lean on the house, but with stipulations that I will still be legally obligated to pay them off. I paid the 2nd $3000 while Bank of America paid them $2000.

3. Ever since the the short sale, the 2nd mortgage is still reporting on my credit as owning them money and CLC Consumer Services is the one trying to collect the amount from me.

4. My credit score is somewhere around 710 and my wife is 690.

5. My annual gross income is $100k a year.

6. Have 2 car payments totalling $700 a month, 1 Credit card for $50 a month, Students loans $200 a month

7. Pay rent for $1100 a month.

8. I do not have any other delinquent accounts on my credit other than the second mortgage still reporting on me.

Right now I've been talking to QUICKEN LOANS and the LO said i qualify for a Conventional Loan at 10% down payment. were you approved thru automated underwriting? I have sent him all of my HUD short sale documents and the documentation saying I still owe the money to Etrade (CLC Consumer Services) and said with that documentation, that It was good enough to get me this loan.

Is this legit? As I tried last year to get a loan with local lending people and was denied by 3 banks.

Is there someone else On here that I can work with to see if I can get Approved for a loan? I heard 3 people talk about a guy named BRIAN...............I've just been skeptical about QUICKEN because I've heard horror stories about them.

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agree with other poster. although quicken has gotten better.... a lot of those guys are 'yes men'

[ShanetheMortgageMan]

No one can directly solicit you here, as that isn't the intention of this forum, although there are obviously mortgage and other industry professionals who provide feedback and assistance.  You are free to reach out to anyone though.

So with the mortgage to Etrade that you mentioned is required to be repaid - how much is owed?  And it's reporting late payments every month now?  Does it report a past due amount?  As far as I am aware, CLC Consumer Services is a mortgage servicing company and not a collections company.

Was your wife also on the mortgages on the home that was short sold?

Quicken does a brief preliminary review of your credit as part of the pre-approval process, but doesn't go to an actual underwriter until you are under contract... and that is where people start having issues.  If the loan is very straightforward, then Quicken (or any lender for that matter) should be a breeze. 

For your situation, I would absolutely recommend that your file is reviewed by an underwriter as part of the pre-approval process.

[Anonymous]

The mortgage that is owed on the 2nd is $45,000. I short sold the home in March of 2010 and all paperwork and HUD was completed then. I tried calling CLC to see if i can give them a percentage of the amount but they want $28,000 and will not accept a Penny less and I dont have that kind of money either lol.

Payments stopped being made to both mortgages on June of 2008. It took me 2 years from then to short sell the house.

On my credit report it shows as:
Account delinquent 180 days past due,
Last reported delinquencies 05/13,
Consumer disputes after resolution,
CHARGE OFF ACCOUNT,
CHARGE OFF,
DISPUTE FOLLOWING RESOLUTION
Secured
Open
Equifax, Experian

Wife was on the mortgage at the time.

[Anonymous]

Also, the only thing QUICKEN has gotten from me so far is my explanation of what my situation is like, verbally told him what my income and assets are, also gave them the HUD paperwork from short sale and note saying i still owe the 2nd mortgage after short sale. It took him 1 week to get back to me and told me i have been pre approved. Guess he took it somewhere for review but not sure to who.

I was asked to submit my proof of income and W2s today by LO.

[ShanetheMortgageMan]

First, starting Aug. 16th, Fannie Mae is making changes to their guidelines to where a charged-off mortgage (although it's arguable that this is no longer a mortgage and just regular consumer debt, going to come down to underwriter discretion) will require a 4 year waiting period from the time it was charged off.  Quicken portrays to use their own proprietory automated underwriting system, but it is actually Fannie Mae's with a sleek makeover.  Freddie Mac (the other most commonly used conventional loan program) does not have that required guideline yet.  So whoever you go with, make sure they will be able to approve you through Freddie Mac's automated underwriting system rather than Fannie Mae's.  FHA will allow the $45k to remain unpaid, however it'd be up to underwriter's discretion if they'd approve with that large of a charge-off.

Second, the account you listed shows it may currently be in dispute.  Unless the information is inaccurate (and you have documentation from the creditor backing it up) then the dispute will need to be removed in order for any automated underwriting appoval with Fannie Mae or Freddie Mac to be valid (Freddie Mac doesn't permit any disputes even if it is inaccurate).  For FHA, it can remain in dispute, but your loan will need to be manually underwritten (something that Quicken Loans doesn't do, their guidelines specifically say If the aggregate total of the disputed account(s) is over $1,000, the dispute status needs to be removed from the account(s) and credit will need to be re-pulled to verify the account(s) is no longer in dispute.).  Fannie Mae & Freddie Mac's automated underwriting system will flag any account in dispute and inform that those are the options.

What state was the home in that had the mortgages on it?  It may be past the SOL for CLC to be able to legally collect on the debt.  The $3k you paid them in March 2010 may have reset the SOL though.

[Anonymous]

The short sale was completed in New Jersey. Im currently trying to buy in Arizona.

[Anonymous]

Also to add, I did just speak with the QUICKEN LO and he did say that he reached out to the underwriter which reviewed my documents and stated iam good to go with 10% down.