topic Re: Itching at the bit.... in Mortgage Loans

Itching at the bit....

George2037 — Thu, 14 Feb 2008 17:39:11 GMT

I'm supposed to go to settlement on the 28th and my Leasing Office just told my Broker that I've been 30 days late 12 times this past year, I pay on the 5th and it's due the 1st (5days late). I went to the leasing office and they said they have to report lates doesn't matter if it was 5 days or 30 days. I've got an appointment with his Regional Manager in 2 hrs and can't wait to get this straight, it's a do or die for me on this one stupid issue.

Not to mention I have AFNI still reporting on EQ even after DV sent in Nov. and itching to send that to CRA's.

Also I have a "Reported in Error" letter from Comcast and itching to send that in to CRA's.

But don't want to do anything until I have underwrighting.....

Re: Itching at the bit....

fishbjc — Thu, 14 Feb 2008 18:24:00 GMT

Same thing happened to a friend. She got a letter stating the loan was NOT 30 days late, just a couple of days each month and it wasn't a problem.

IMHO, that's just plain ridiculous of them to report you for a couple of days.

Re: Itching at the bit....

George2037 — Thu, 14 Feb 2008 19:52:42 GMT

I know It's frustrating. I just got off the phone and got them to send a letter that I have been a resident since May 2005, my current lease expires June 2008, and my current rent is $837 a month. Hopefully that works.

Their explination is it's their policy to report all payments late after the 5th, no matter what the lender is asking for (any 30 day lates). I came 2 words from being locked up on my way home, but I have to see if that letter works first before I strong arm them The one leasing agent got frightened when my 6'-0" / 285lb self walked in there frustated yesterday, he really doesn't want me pi$%ed, lol

Re: Itching at the bit....

fishbjc — Thu, 14 Feb 2008 20:08:53 GMT

A. That's Plain Ridiculous.

B. Is that spelled out in the lease?

C. I'll bet that 75% of the residents have a few lates on the CR's...

Re: Itching at the bit....

George2037 — Thu, 14 Feb 2008 20:33:24 GMT

A. Totally agree.

B. Unfortunatly I just looked and If paid after the 5th it is concidered late (guess i should have read that 3 years ago).

C. I know for a fact just about 75% have them.

P.S. ~I just got home and there was a Manager Memo stuck in everyones door reminding them that if paid after the 5th they will be concidered late....wonder why they did that?

Re: Itching at the bit....

fishbjc — Thu, 14 Feb 2008 21:56:01 GMT

Tell them to make up their minds. Five days is Five days. If it's due on the 1st and you pay on the 5th, that's FOUR DAYS. So, do they report ALL LATES or just FIVE DAYS?

So, they report to all 3 CRA's?

Re: Itching at the bit....

fishbjc — Thu, 14 Feb 2008 21:58:51 GMT

I wonder if they stuck those memo's on everyones doors to shake them up. Do you know, for a fact, if it's LEGAL in your state for them to report that as late?

I remember my sister renting an apt & everyone was charged late fees right after the due date. Someone sued because the law in Oh, said they could not charge lates on rentals until the 5th day. So you never know. This was a while ago, but made headlines everywhere.

Re: Itching at the bit....

George2037 — Fri, 15 Feb 2008 12:36:06 GMT

No they don't report the the CRA's, but when asked for Rent Verification they told them I was late 12 times in the last year.

State of Mayland it's 5 days so on the 6th it's concidered late. I get paid on the 5th so after work I drop the Check off at the Office and I guess since they don't get it untill the morning of the 6th I was concidered late.

I talked them into sending a letter that I have been a tenant since May '05 and how much my rent is, without mention of lates. Still waiting to see if that was enough.

Forgot to mention that about two months ago they sent out a memo threatening everyones Credit if they didn't pay their rent.......I guess they didn't know that one of us has become a Debt Collection guru If everything falls through because of them I have a nice letter ready for the local news, and a copy of the memo for all to read.

Message Edited by George2037 on 02-15-2008 04:36 AM

Re: Itching at the bit....

fishbjc — Fri, 15 Feb 2008 15:36:33 GMT

Well any loan officer with half a brain can see that you weren't 30 days late. Crikey.

I really loathe strong-arm tactics.

Re: Itching at the bit....

George2037 — Fri, 15 Feb 2008 18:36:38 GMT

Well aparently the lender can't see the differance between 5 days and 30 days either. Everything just fell through, unless I can find someone to lend me $155K in 18 days I'm pretty much screwed.

Gonna go have a case a beer tonight.

Re: Itching at the bit....

ShanetheMortgageMan — Sun, 17 Feb 2008 09:11:40 GMT

George2037 wrote:
Well aparently the lender can't see the differance between 5 days and 30 days either. Everything just fell through, unless I can find someone to lend me $155K in 18 days I'm pretty much screwed.

Gonna go have a case a beer tonight.

Not all lenders require verification of rent. Perhaps it's just a matter of trying to obtain a mortgage with a new lender. Were you applying for FHA financing or conventional?

Re: Itching at the bit....

Anonymous — Sun, 17 Feb 2008 15:38:40 GMT

Did they ever charge you a late fee (get a full account sent to you - which you may be able to substitute for a letter from them - shows they 'posted' consistently on whatever day)? Check with the county also BTW- they have their own rules also... what they don't want to lose is a 'paying tenant' even if you do pay on the 5th/6th - so they are standing on 'policy' to hinder your moving IMO. Have you given notice?

Re: Itching at the bit....

George2037 — Sun, 17 Feb 2008 18:44:47 GMT

ShanetheMortgageMan wrote:

George2037 wrote:
Well aparently the lender can't see the differance between 5 days and 30 days either. Everything just fell through, unless I can find someone to lend me $155K in 18 days I'm pretty much screwed.

Gonna go have a case a beer tonight.

Not all lenders require verification of rent. Perhaps it's just a matter of trying to obtain a mortgage with a new lender. Were you applying for FHA financing or conventional?

It was a conventional. Mt DTI is 4-5% off for many lenders right now, I got a raise but it hasn't showed up on stubs yet and it's still up in the air on how much (VP Hasn't signed off on it yet, he may adjust) but it's roughly 20-25% increase. All is not dead yet if I can get proff of the raise by the 23rd but I'm not going to fight it. If it's ment to be it will happen, if not I have untill June 30th to find another place.

Re: Itching at the bit....

George2037 — Sun, 17 Feb 2008 18:52:49 GMT

Lady_Scarlet wrote:
Did they ever charge you a late fee (get a full account sent to you - which you may be able to substitute for a letter from them - shows they 'posted' consistently on whatever day)? Check with the county also BTW- they have their own rules also... what they don't want to lose is a 'paying tenant' even if you do pay on the 5th/6th - so they are standing on 'policy' to hinder your moving IMO. Have you given notice?

That was the feeling I got, all the people I went through as I went up the food chain said "We hate to loose you as a tenant". I know they have a 40% vacancy (out of 1,500 units) right now and are hurting. They did charge late fees but refunded them, I got a print-out of my account but with the late fees on there (even though refunded) the lender didn't like it.

I'm going to go through my CU and get something solid, I already spoke with them about the Rent history and they could care less. 100% financing at 7.2% and I can re-fi in 3 months to 5.75% no problem. Not all is lost, the house was just an investment that I would have to put a lot of work into, if my raise is as much as it's been hinted around to be I'll be able to buy something that doesn't need as much work. Plus I interview for a promotion in two weeks that will triple my salary and I'll be able to buy much more than what I'm loosing.

Again the old saying, Everything happens for a reason...just got to wait it out and see what that is.

Re: Itching at the bit....

George2037 — Sun, 17 Feb 2008 18:59:22 GMT

On top of all that i went ahead and sent in the documents I had gathered to clean up the last two things on my credit (satisfaction letter, and mistaken Collection TL), and paid my UTL down to 25% with another round to drop it below 15% at the end of this month. EX updated Friday and I would assume that TU and EQ will in the next 2-3 weeks. With those taken care of my score should jump 40-50pts putting me past the ever so elusive 700, my current median is 640 (probably why they are focusing on the rent thing so much).

Re: Itching at the bit....

Anonymous — Sun, 17 Feb 2008 21:09:59 GMT

LOOK at & READ your lease - many leases only tack on late fees if paid after the 10th... if this is the case it would 'explain' them removing the lates fees on your account (and I would 'request' that they delete the fees as they were placed on the account in violation of the lease) If the lease does read this way - then ask them nicely to correct their error and if they won't file a complaint with the county L/T office.

Re: Itching at the bit....

ShanetheMortgageMan — Tue, 19 Feb 2008 04:01:29 GMT

George2037 wrote:

ShanetheMortgageMan wrote:

George2037 wrote:
Well aparently the lender can't see the differance between 5 days and 30 days either. Everything just fell through, unless I can find someone to lend me $155K in 18 days I'm pretty much screwed.

Gonna go have a case a beer tonight.

Not all lenders require verification of rent. Perhaps it's just a matter of trying to obtain a mortgage with a new lender. Were you applying for FHA financing or conventional?

It was a conventional. Mt DTI is 4-5% off for many lenders right now, I got a raise but it hasn't showed up on stubs yet and it's still up in the air on how much (VP Hasn't signed off on it yet, he may adjust) but it's roughly 20-25% increase. All is not dead yet if I can get proff of the raise by the 23rd but I'm not going to fight it. If it's ment to be it will happen, if not I have untill June 30th to find another place.

Then the verification of rent is definitely not needed... it's just the lender you are working with requires it, many lenders do not need it.