topic Re: Cant catch a break in Mortgage Loans

Cant catch a break

babyeyes00 — Tue, 29 Apr 2014 18:06:50 GMT

Im so tired of going to different lenders and hearing them say the same thing..."your income is great, your score is great, your DTI is great but the automated system wont approve you" or "I have approved other people with a really low score not even close to yours and this situation with you has never happened"

I wish someone would throw me a bone. I have Santander to thank for all of this stress....they have reported late payments incorrectly and wont fix their mistake. Now Im paying for it with HPs and no house. If anyone out there has any suggestions, please feel free to post. But at this point, I have no hope.

Re: Cant catch a break

Anonymous — Tue, 29 Apr 2014 18:19:20 GMT

What seams to be the problem? Is there a specific reason for the denial?

Re: Cant catch a break

TimeToRecover — Tue, 29 Apr 2014 18:55:35 GMT

If it is soemthing that you have proof is incorrect have you tried the CFPB. ( i think that is the correct orgnization)

Re: Cant catch a break

babyeyes00 — Tue, 29 Apr 2014 19:07:37 GMT

I look into that. I have contacted Santander and they will not budge. The car loan is paid off and they still wont budge. Hopefully the CFPB can help me because this stressing me out!

Re: Cant catch a break

tooleman694 — Tue, 29 Apr 2014 19:23:38 GMT

What the score, DTI, income and when was the last late on the loan.

Also what type of loan and down payment are you looking at.

Re: Cant catch a break

babyeyes00 — Tue, 29 Apr 2014 20:02:26 GMT

The lowest of my scores was 676, income at 61,500, and the last late on my santander was january of this year but it was not late. I wanted a VA loan so no down payment.

Re: Cant catch a break

tooleman694 — Tue, 29 Apr 2014 20:04:34 GMT

Yeah thats not good. I would fight it with the CRAs with documented proof and get the lates removed.

Re: Cant catch a break

babyeyes00 — Tue, 29 Apr 2014 20:26:16 GMT

I have sent proof to experian and equifax and they keep "verifying" it by e-oscar. I noticed that Santander charged a lot of hidden fees. Im thinking maybe I should consult with a lawyer......thoughts?

Re: Cant catch a break

StartingOver10 — Tue, 29 Apr 2014 23:16:34 GMT

Two thoughts:

1) With a late in Jan you are going to need to wait 12 months before applying

2) The fact is: if you are going for a high LTV, which in your case you want a 100% loan, then there are some issues that are a little more difficult to overcome. The lender see's this as a higher risk loan even though the loan is guaranteed by the VA. The interest rate is a little higher, the appraisals come in a little lower on high LTV type loans* *even though LO's say it isn't true...I've seen it often.

Your high LTV loan is considered a higher risk loan. You have a recent late in less than 6 months so you can't really show that you have recovered from the circumstances yet that caused you to be late. If Santander is reporting wrong and you can prove it might overcome the problem. But it sounds like you made a payment and didn't account for extra charges so it is considered a partial payment. If you do have proof that it is a Santander error, that would be the way to go.

Or, put down a down payment. The underwriting criteria gets a little looser when you have a down payment. The more you put down, the more 'exceptions' you can get through because you will be seen as a smaller risk with these compensating factors. Plus you have other programs available for financing with a down payment. If you put down a large down payment, then your options really open up.

Re: Cant catch a break

babyeyes00 — Thu, 01 May 2014 14:18:18 GMT

Awesome post Starting over. Thank you so much.

Re: Cant catch a break

Barneygirl — Thu, 01 May 2014 23:47:09 GMT

Agree with StartingOver... it's probably due to the $0 downpayment.... you have no skin in the game, and are therefore "high risk" with recent late payments.

Now...I can sympathize with you. Santander is a nightmare to deal with. My auto loan was bought by them a few years back, and I paid on time, every month. And paid it off in December of last year. However, they're reporting on my CR that I had a 30 day late, even though I didn't!!! I have written, called, and even disputed this one... and have gotten nowhere I finally gave up.

I hope you have better luck than I have!!!! When I went to pay the jeep off early, they told me that I had to wire in my last payment via western union... for $77!!! But the kicker is, there are NO western unions in MN!!!! I went round with them for two month on how the heck to pay the vehicle off, since they wouldn't accept the last payment via their payment system!!! They're absolutely HORRIBLE to deal with!