topic Re: Someone Please help in General Credit Topics

Someone Please help

Anonymous — Wed, 12 Nov 2008 20:29:18 GMT

I made the mistake of thinking that maybe someday a person like me may actually benefit from this mythical financial "rescue" so I tried taking a look at refinancing my home. I pay my bills, every month, on time but my interest rate is high and I wanted to try to get it down.

Every lender basically laughs at me and is acting as though the $700 billion is theirs and they aren't giving it to anyone! Then they tell me that all my 'factors' are good but my property value has dropped so low that even if they wanted to help me I would have to bring "a lot of money to the table" in order to reginance. What a joke!!

The they send me this form teling me that they are rejecting me because my property isn't worth it and additionally they include credit scores/info that is saying I have "problems". I have been hearing that my credit balances are too high vs. available credit so I'm trying to work on that but then they are also saying that I have delinquent accounts!? There shouldn't be!! I paid for and pulled my report a couple of months ago and the only delinquent account was one payment to a jewelry store almost 3 years ago................now I'm in a position where I have to pay even more money to get all these reports/scores.............they don;t list the reason for the denial based on credit so I can't get the report that way......what a scam! Anyone have any ideas, about either the credit reporst or this financial rescue scam?

David

Re: Someone Please help

Anonymous — Thu, 13 Nov 2008 01:03:57 GMT

If you just need a credit report you can get your free ones at https://www.annualcreditreport.com/cra/index.jsp unless you already used those up.

Re: Someone Please help

Anonymous — Thu, 13 Nov 2008 03:14:07 GMT

@Anonymous wrote:

but then they are also saying that I have delinquent accounts!? There shouldn't be!! I paid for and pulled my report a couple of months ago and the only delinquent account was one payment to a jewelry store almost 3 years ago

I'm not sure why you would say "there shouldn't be" deliquent accounts on your report if you do in fact know that there IS a delinquent account on your reports... what do you mean?

Re: Someone Please help

laz98 — Thu, 13 Nov 2008 08:01:04 GMT

they don't have to tell you the specific reason. if it says you were denied based on information in your credit report, the bureau has to give you a copy of it for free.

Re: Someone Please help

Anonymous — Thu, 13 Nov 2008 19:11:24 GMT

I don't know why you think it's a joke that the bank's are turning you down because your property is worth less than the amount you are looking to borrow. Bailout or no bailout, why would a financial institution want to payoff another lender and assume risk that they don't have to, by giving you a new loan for more than what your house is currently worth?

Additionally not all banks are participating in the bailout, so depending on who you've gone to for a refi they may not even be receiving any money from the government.

If the adverse action notice received from the bank states that a reason for your denial was that you have delinquent accounts, the only way the bank could get that information other than you telling them yourself is from the credit bureau. Since you were denied because of information contained in your credit bureau you should be able to get a free copy of your report from the credit bureau.

Message Edited by jb1004 on 11-13-2008 11:11 AM

Re: Someone Please help

Anonymous — Fri, 14 Nov 2008 19:33:50 GMT

Maybe it's just that I'm stupid................I pay my bills, every month, on time, I don't have any "delinquent accounts" and I was hoping just to refinance to a more reasonable interest rate, which seems to say that I would be in even better financial position to continue "paying as agreed". The companies (banks, mortgage companies, etc.) that have contacted me all have said that they could/would do the loans, my credit was fine, income fine but the value on my house had dropped almost $90K in a little over a year! They did not turn me down due to credit so I CANNOT get my reports for free and it's just irritating that I have to go out and spend another $40+ to try and figure out/fix a problem that seemed to come up that is not accurate! I got my "free" reports earlier in the year and everything was fine................

The comments I read to this post are absurd and I would guess there is some "bankers"/"brokers" responding!? Same kind of comments, I'm to blame for the financial crisis that they created and now the $700B is going to be fed into stocks/bonds of those institutions and from there right back into the pocket of the Exec's/CEO responsible for this greed! Now they will be making all of the 'lending' decisions and it's apparent how well they've been doing at that!?

My frustration is just that the people in the "middle" like me are getting nothing out of OUR tax dollars while upper level Exec's and CEO's refill their pockets and the other end of the scale that aren't even paying their bills are being given access to programs to help them. If I want to stop paying my bills for a couple of months, end up on the verge of bankruptcy/foreclosure, I could get help but until then I'm just stuck!

No, I don't expect banks to banks to DO anything besides what they have always done, it's been working GREAT!

Re: Someone Please help

Anonymous — Fri, 14 Nov 2008 19:35:21 GMT

Which bank do you work for!?

Re: Someone Please help

Anonymous — Fri, 14 Nov 2008 20:39:27 GMT

jacred:

"too many delinquent accounts" = one late payment 5 years ago!?

Re: Someone Please help

llecs — Fri, 14 Nov 2008 22:36:39 GMT

I've unlocked this thread. Wanted to remind everyone to be friendly and supportive.

Message Edited by llecs on 11-14-2008 05:36 PM

Re: Someone Please help

Anonymous — Fri, 14 Nov 2008 23:38:11 GMT

So I don't mean to be piling it on, but I would have to agree with others on this post. The fact that there may be serious deliquences or not is sort of immaterial. The main factor is that your home valuation doesn't support the ability to do a loan. As a disclaimer I do work for a bank but this is what I see all day long. Someone wants to do a loan against their house. Only now instead of being worth $500,000, their house is now worth $300,000, but they owe $450,000. Now what bank in their right mind would take on a $450,000 loan on something that isn't even worth that much. I understand it is upsetting in these economic times, but I tend to lend to the fact the home valuation isn't there, rather than a credit problem. Even if you had stellar credit they still wouldn't be able to do the loan. Just my thoughts anyway.

Re: Someone Please help

Anonymous — Sat, 15 Nov 2008 02:52:32 GMT

I'm really sorry to read about your situation. Your frustration is palpable. I have to agree with you that it's a lot of audacity to take taxpayer money to bail out the banks, and to not bail out the homeowners in these tough economic times. I sincerely hope that something is done to remedy that situation for all of the scores of homeowners who are in the same situation.

It sounds like you're 'upside down' in your current mortgage, which is the real reason why you can't get refinanced. Unfortunately, I'm thinking that's going to be a problem for some time to come. BUT, have you tried (and forgive me if you have) talking to your current lender to get them to lower and/or fix the interest rate at a more affordable rate. With talk of the government 'forcing' lenders to go to the table with homeowners, a lot of lenders are starting to do so, to whatever degree, before Uncle Sam intervenes on their behalf. Even if you've got a "No" in recent months, now might be a good time to give it a go again.

At any rate, good luck. I hope this turns around for you, and sooner rather than later.

@Anonymous wrote:
I made the mistake of thinking that maybe someday a person like me may actually benefit from this mythical financial "rescue" so I tried taking a look at refinancing my home. I pay my bills, every month, on time but my interest rate is high and I wanted to try to get it down.

Every lender basically laughs at me and is acting as though the $700 billion is theirs and they aren't giving it to anyone! Then they tell me that all my 'factors' are good but my property value has dropped so low that even if they wanted to help me I would have to bring "a lot of money to the table" in order to reginance. What a joke!!

The they send me this form teling me that they are rejecting me because my property isn't worth it and additionally they include credit scores/info that is saying I have "problems". I have been hearing that my credit balances are too high vs. available credit so I'm trying to work on that but then they are also saying that I have delinquent accounts!? There shouldn't be!! I paid for and pulled my report a couple of months ago and the only delinquent account was one payment to a jewelry store almost 3 years ago................now I'm in a position where I have to pay even more money to get all these reports/scores.............they don;t list the reason for the denial based on credit so I can't get the report that way......what a scam! Anyone have any ideas, about either the credit reporst or this financial rescue scam?
David

Re: Someone Please help

Anonymous — Sat, 15 Nov 2008 22:47:45 GMT

Hope for homeowners http://www.hud.gov/hopeforhomeowners/consumerfaq.cfm don't listen to the brokers your talking too! Have you read up on this?

Re: Someone Please help

marty56 — Sat, 15 Nov 2008 23:36:53 GMT

The problem I see is that you have to be "at risk" in order to qualify. While I do not suport the bailout, I also think it unfair to support those who have fallen behind in their payments and not made an honest attempt to keep current while others have taken second jobs or cut their lifestyle so that they wouldnt fall behind.

What might be fair is to adjust the interest rate on the existing loan for a primary residence to a fixed 30 year rate based on your credit score and what you could qualify for now.

If you cant get your house payment lowered, you might look into a DMP to lower your credit card payments by reducing the interest rates.

Re: Someone Please help

Anonymous — Tue, 18 Nov 2008 01:19:33 GMT

@marty56 wrote:
While I do not suport the bailout, I also think it unfair to support those who have fallen behind in their payments and not made an honest attempt to keep current while others have taken second jobs or cut their lifestyle so that they wouldnt fall behind.

Go Marty! I totally agree with this. People who are busting their butts and drastically cutting all they can don't get any help from others... we help ourselves!

WE HATE THE BAILOUT.