topic Re: And it has begun...... in Mortgage Loans

And it has begun......

chan85 — Tue, 17 Apr 2012 03:59:30 GMT

So this morning had a phone call with a loan officer. I am going through the Georgia program for Dream Home Ownership. It offers flexible loan guidelines and they also have a program offering $5000 for closing costs in the form of a second mortgage. I have always planned to apply for the loan on 4/16 (waited to pay stuff off and it update on my credit) and to make it better, I got an email alert that the interest rate on their loan program was at 3.5%- it had ben hovering around 4.3%!

They had a list of top closing loan officers for the end of last year, so I called #1 on the list. She was quite friendly and even though we had to play a little phone tag, she always called back. She pulled my credit and she said my score was good, it was either 697 or 657 (5 and 9 sound so similar on the phone!!) so I will need to clarify which it was, as well as of that was my middle score or just one report. She did explain I need to show proof my student loans are deferred for at least a year, which shouldn't be a problem since I am still in school and they update that at the end of each term. That should happen around end of May, if not before. Also, I have a judgement that I paid directly to the collection agency, and everybody on the creditors side can't seem to figure out how to go about filing a satisfaction. I literally have been trying to clear this up for the past 2 years. My LO said I need to start threatening to sue, and I may end up having to actually sue to get it taken care of. Hopefully I will get somebody on the line who can help. I was dealing with a lady for the past 2 years, and then last week I guess she got tired of me calling so she forwarded me to somebody who I had to re-explain the whole situation to, as well as explain how to file a satisfaction of judgement. I practically had to explain how to put a stamp on an envelope to her..... smh.... Plus I called and left a message for the legal department.

Anyway, my LO sent me an email with my list of required documents, most of which I had already put together in a file on my computer. I faxed my last 3 years w2s and last month of pay stubs and she said that would start my qualification. The rest of the list she said I can send later, so I will try to get it all in by Wednesday, but it appears that my loan process has started!!!

I only wanted to throw up once today from nervousness, so I guess that's a start!!

Re: And it has begun......

my25reasons — Tue, 17 Apr 2012 17:04:23 GMT

Good luck! Hopefully you can get the loan portion all squared away prior to finding your dream house. Many people tend to find the home first, then stress about the loan. It's not fun either way, but much less stressful if you have it all sorted out first.

Re: And it has begun......

chan85 — Tue, 17 Apr 2012 17:09:58 GMT

Yeah I am trying to get the loan all secured first and then go and look at houses. As for now, I will just settle for browsing online for homes. Hopefully getting the judgement cleared up won't take too long....

Re: And it has begun......

chan85 — Wed, 18 Apr 2012 15:40:19 GMT

Got my final bit of documentation together and will be faxing tonight when I get off work. I emailed my LO and she said she got my taxes and check stubs no problem and will be working on my file today. I am hoping that once I fax everything, I can have a definit answer by this time next week....hopefully earlier, i want to go look at homes on my off days!!

I also have been contacting attorneys. I sent a last ditch effort letter through planet feedback to the apartments who have the judgement to get them to file the satisfaction. After sending i relaized it only went to the generic info email on the website. My contact person has been ignoring my calls all week so now Im angry. My letter said I would sue later on just because of the hassle, even if they file the satisfaction like they should now. Or they can file a dismissal of the judgement as compensation for the run around (which my credit would prefer)..... So I sent my info to a few lawyers today, we will see where we end up....

Re: And it has begun......

chan85 — Sat, 21 Apr 2012 17:47:43 GMT

Got my preapproval for $100k yesterday, which is sufficient because I would like to be around $75k at the most. There are plenty of properties in that range where I am looking. I teared up a little

Only thing she said i need do is get my zync card to report zero balance..... which is essentially impossible becase everything bills to that. Had a mini panic attack but I checked and she said i can withdraw from my 401k to pay it down, which is what I will do this week which is plenty of time before the statement closes. First crisis averted....

Then, this morning got a myfico alert about a hard pull on my Bill Me Later account! I freaked out! I did place an order with wal-mart on thursday but i already have an established account, which is supposed to be a soft pull each time you use it. Called BML and they said i may have acted like I was applying for the first time, not using my established account. She sent my info to her manager to fwd to the CB to delete the inq....we will see.... but she said it will take possibly 30 days and Ill get a letter... I will not be placing any orders through BML until after this whole mortgage thing is done! I wouldn't care except I know my LO is going to pull my credit again after i pay the zync card down...hope this doesnt mess me up.... Second crisis is pending....

Re: And it has begun......

webhopper — Sat, 21 Apr 2012 20:44:28 GMT

@chan85 wrote:
Got my preapproval for $100k yesterday, which is sufficient because I would like to be around $75k at the most. There are plenty of properties in that range where I am looking. I teared up a little

Only thing she said i need do is get my zync card to report zero balance..... which is essentially impossible becase everything bills to that. Had a mini panic attack but I checked and she said i can withdraw from my 401k to pay it down, which is what I will do this week which is plenty of time before the statement closes. First crisis averted....

Then, this morning got a myfico alert about a hard pull on my Bill Me Later account! I freaked out! I did place an order with wal-mart on thursday but i already have an established account, which is supposed to be a soft pull each time you use it. Called BML and they said i may have acted like I was applying for the first time, not using my established account. She sent my info to her manager to fwd to the CB to delete the inq....we will see.... but she said it will take possibly 30 days and Ill get a letter... I will not be placing any orders through BML until after this whole mortgage thing is done! I wouldn't care except I know my LO is going to pull my credit again after i pay the zync card down...hope this doesnt mess me up.... Second crisis is pending....

Instead of her re-pulling your report, ask her to do a rapid rescore on just the Zync line... pulling your credit too many times can tank your scores. Even though they claim that mulitple mortgage inquiries don't hurt...

Re: And it has begun......

boomhower — Sun, 22 Apr 2012 13:19:13 GMT

Don't use/apply for credit in the middle of a mortgage app!!!!!!!! As mentioned have them do a rapid rescore on the one account. With most modern FICO formula's you have 45 days that pulls count as one score but I wouldn't want to chance they are using an older one.

Re: And it has begun......

chan85 — Mon, 23 Apr 2012 15:13:12 GMT

@webhopper wrote:
@chan85 wrote:
Got my preapproval for $100k yesterday, which is sufficient because I would like to be around $75k at the most. There are plenty of properties in that range where I am looking. I teared up a little

Only thing she said i need do is get my zync card to report zero balance..... which is essentially impossible becase everything bills to that. Had a mini panic attack but I checked and she said i can withdraw from my 401k to pay it down, which is what I will do this week which is plenty of time before the statement closes. First crisis averted....

Then, this morning got a myfico alert about a hard pull on my Bill Me Later account! I freaked out! I did place an order with wal-mart on thursday but i already have an established account, which is supposed to be a soft pull each time you use it. Called BML and they said i may have acted like I was applying for the first time, not using my established account. She sent my info to her manager to fwd to the CB to delete the inq....we will see.... but she said it will take possibly 30 days and Ill get a letter... I will not be placing any orders through BML until after this whole mortgage thing is done! I wouldn't care except I know my LO is going to pull my credit again after i pay the zync card down...hope this doesnt mess me up.... Second crisis is pending....
Instead of her re-pulling your report, ask her to do a rapid rescore on just the Zync line... pulling your credit too many times can tank your scores. Even though they claim that mulitple mortgage inquiries don't hurt...

Ok good to know! I will ask her about it!

Re: And it has begun......

chan85 — Mon, 23 Apr 2012 15:14:03 GMT

@boomhower wrote:
Don't use/apply for credit in the middle of a mortgage app!!!!!!!! As mentioned have them do a rapid rescore on the one account. With most modern FICO formula's you have 45 days that pulls count as one score but I wouldn't want to chance they are using an older one.

Oh I learned my lesson!!! I don't need anything until I close and if I do, I better have cash on hand!

Re: And it has begun......

chan85 — Mon, 23 Apr 2012 15:17:33 GMT

I emaild my LO this morning to find out is there a minimum loan amount they will approve? I know a friend of mine had problems getting funding for the second home she purchased because it was so cheap no one wanted to finance it since they wouldn't make that much. Anyone have dealings with Homestar Financial Corp? Somewhere on my loan docs or an auto email I received I read the name "Ellie Mae" too.... don't know what that's about.

I also contacted the agent I plan to use as well, trying to get with him this afternoon to go see a few places!

Re: And it has begun......

chan85 — Wed, 25 Apr 2012 14:02:55 GMT

Was told that had no min on loan amount, but just to keep in mind would need to pass FHA guidelines....

Also was able to get the money to pay off my Amex this month to completely zero. They took 10% for taxes, but will I likely still owe more federal come tax filing??

Finally, told my LO I had a letter stating I my judgement was satisfied and nothing was owed, she said that would suffice..... do you think this will be flagged by UW since the judgement still shows open with the court??

Re: And it has begun......

Anonymous — Thu, 26 Apr 2012 00:05:16 GMT

I think as long as you have supporting documentation then I dont think there will be a problem, I am glad that you have a savy MB.

Re: And it has begun......

chan85 — Thu, 26 Apr 2012 00:16:15 GMT

Probably an hour after that post, I got a phone call from the property manager at the apartments and she said they contacted the filing attorney and he is going to court on Friday and filing the satisfaction!!!!!!!! Guess that angry letter through planet feedback worked!!!

So now I think I am all clear! Just got to find THE house!!!

Re: And it has begun......

chan85 — Thu, 24 May 2012 19:51:29 GMT

Dragging this post back up...

So I got the copy of the satisfaction last week. Had been calling the court and they had no record. Finally went up to the complex and was ready to act a fool and they had a copy for me, the manager said she knew I would come looking for it. So I look at it, and there are all sorts of typos in both my name and the plaintiffs name, so no wonder it wasn't showing up under my file. But now that is all clear!

I went looking at a few houses and last night found the ONE. My agent was preping to make an offer for me, when the listing agent informed me that the property had been rented out yesterday morning! I think whoever owns it is an investor so they didn't want it sitting empty so they listed it for sale for $98k and for rent $950/mth. The agent was disappointed that we missed out, and said they would contact us if something went wrong with the renter..... not off to a good start.... I need to find a house basically this weekend in order to close before my lease is up July 31st..... pressure is on!

Re: And it has begun......

chan85 — Fri, 01 Jun 2012 14:46:15 GMT

Officially under contract as of yesterday at 5 pm!!

Found another house that was even better than the one I lost to the renter!! Was in my dream neighborhood, 2 car garage, big fenced back yard for the pup, plenty of space, 2bdrm/2bth, unfinished basement,and reasonable HOA fees! Only had to go back and forth once on the price negotiations, I got it for $92,500, original list price 54 days ago was $109,000! It is a short sale however.... so crossing all fingers and toes that Chase (original lender) accepts that amount AND moves quickly since my lease is up July 30th. I read on here someone who got a answer in a matter of weeks on their short sale with Chase.... hoping for that same type of luck....

Tentively have inspection scheduled for this Sunday morning, depends on if the tenant is willing to let us in that day (its the owners income property I guess)....

Edited for grammar error

Re: And it has begun......

chan85 — Thu, 07 Jun 2012 14:15:41 GMT

Inspection was done on Sunday morning. Cost me $475 but this guy could be the cousin to Holmes on Homes lol. Very thorough and I know what I am walking into since the property is sold as is. The biggest concern he had was the deck needs to be secured. But my parents are contractors so that can be fixed quickly.

The other issue is the house also has PB piping which after hearing the stories about it bursting freaked me out. But he recommeneded I talk to neighbors and see have they had any issues. When we left the neighbor was in their driveway and I explained to him I was under contract and wanted to know if he had the same pipes. He said he did, but had no problems with them. He said there were some people in the neighborhood who did have it replaced but he wasn't sure if they did it out of caution or need. But for him not to have a horror story made me feel better. My inspector also suggested that because this house sits at the top of a mountain and probably a good distance from the water facility, the level of chlorine in my water may be less so its not eating the pipes up as bad. He said he tested the water at his house once and the chlorine levels in his drinking water was higher than what was in his pool. Either way, I will likely get it replaced but if it can last another 2 years that would be great.

Right now we are just waitiing to hear from the bank for approval... hopefully it comes soon. I talked to my agent and had her communicate to the sellers agent that while I am flexible with closing not happening in July, I don't plan to wait around until the end of the year for approval either..... I am hoping by August, and the latest September we will be good to go! I looked on redfin and the house is listed as pending bank approval and it has a tentative close date of 9/16. Crossing fingers and toes this works.

Contacted my lender with the executed contract. Has me sending in updated bank statements and check stubs until we get approval along with a cleared copy of my earnest check. Also have to order my 2009 and 2010 W2s since I can't find them at home. I hate waiting.....

Re: And it has begun......

Anonymous — Thu, 07 Jun 2012 14:20:46 GMT

@chan85 wrote:
Inspection was done on Sunday morning. Cost me $475 but this guy could be the cousin to Holmes on Homes lol.

If this is the case, then money WELL spent.

Good luck!

Re: And it has begun......

Anonymous — Thu, 07 Jun 2012 14:28:05 GMT

@chan85 wrote:
Dragging this post back up...

So I got the copy of the satisfaction last week. Had been calling the court and they had no record. Finally went up to the complex and was ready to act a fool and they had a copy for me, the manager said she knew I would come looking for it. So I look at it, and there are all sorts of typos in both my name and the plaintiffs name, so no wonder it wasn't showing up under my file. But now that is all clear!

I went looking at a few houses and last night found the ONE. My agent was preping to make an offer for me, when the listing agent informed me that the property had been rented out yesterday morning! I think whoever owns it is an investor so they didn't want it sitting empty so they listed it for sale for $98k and for rent $950/mth. The agent was disappointed that we missed out, and said they would contact us if something went wrong with the renter..... not off to a good start.... I need to find a house basically this weekend in order to close before my lease is up July 31st..... pressure is on!

at one point there was a huge class action lawsuit about the pb pipes. they had to pay out a lot of money. so if your neighbors were smart, hopefully they got their lines replaced for free!

Re: And it has begun......

chan85 — Thu, 07 Jun 2012 14:38:53 GMT

the one i talked to didn't. but im sure some others probably did. wish there was still money in the pot :-( i would get that taken care of immediately!

Re: And it has begun......

Anonymous — Thu, 07 Jun 2012 15:01:50 GMT

it cost the company roughly 950 million! and unfortunately, that pot is empty. there were deadlines to apply by and they are over.