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Home Equity Loan

Adkins
Legendary Contributor

Re: Home Equity Loan

Email from personal loan person yesterday, the appraisal results are due in house tomorrow! It'd be nice to have this wrapped up by the new year! 

Last HP 05-21-2022



Message 21 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

Update: Appraisal is officially in, and the house came in at $285K. (A $100K over what's listed on our property taxes!) All the paperwork is ready for the underwriters but there's yet another snag. The house is held in a trust that only has my DH listed on it. If it was any other state, according to our loan person, we could just used a quit claim deed to get me listed. Since there's some weird law in TX, we have to actually get me added to the trust. 🤦🤦 I really wish I'd known this weeks ago, because we could have had it done while we were waiting for the appraisal. We're in the middle of getting the trust updated right now. 

Last HP 05-21-2022



Message 22 of 54
ridgebackpilot
Established Contributor

Re: Home Equity Loan


@Adkins wrote:

All the paperwork is ready for the underwriters but there's yet another snag.


With mortgage underwriters, I've learned there's always another snag! My loan with Discover fell through because I have an old second mortgage on the title and Discover didn't want to take a third position. The loan servicers somehow didn't flag this issue but the underwriters caught it. The old second is from a previous employer who gave me a "silent second" for downpayment assistance when I originally purchased the home nearly 15 years ago. So I have to regroup and do a cash-out refinance instead to get rid of the old second. Par for the course, I suppose! At least I have plenty of equity in my home. Good luck with your trust issue.

Message 23 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

And trust has been updated and the relevant paperwork has been sent to Discover. Now we're waiting for underwriting. 

Last HP 05-21-2022



Message 24 of 54
tcbofade
Community Leader
Super Contributor

Re: Home Equity Loan

...and?

05/02/22 Fico 8: EX 780, EQ 783, TU 772.
05/05/22 Fico 9: EX 769, EQ 766, TU No idea.

Zero percent financing is where the devil lives...
Message 25 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan


@tcbofade wrote:

...and?


And their legal department is now they are requiring the deed also have my name on it. This will be easy to do, smack dab in the middle of the holidays!! *total sarcasm* 

Last HP 05-21-2022



Message 26 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

I received a call from Discover last night, asking to speak to my DH. I asked if there was something I could help him with, and once he verified I was in fact on the loan, he asked about the property taxes. I had already figured they would be a problem since they are due in February. Obviously there wouldn't be enough money in the escrow account to pay the property taxes after two months (assuming this is all over in January). I told him we had planned to pay them ourselves this year. He told us, as a condition of underwriting, they needed a receipt showing the property taxes were paid. He also asked if anything had changed in our credit (assuming they are going to either a SP or HP) since we started the application back in August. I told him nothing had changed. 

Last HP 05-21-2022



Message 27 of 54
cincydavid
Frequent Contributor

Re: Home Equity Loan

I feel your pain. After a miserable 60 day process with SunTrust now Truist we finally closed on our HELOC with a 3.49% fixed rate...getting our kitchen reno going. Seemed like every day there was something else they needed. The capper was the 4506T they needed at the last minute, wet signatures only.

Message 28 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

Since we've been in the loan process since August, they are giving us a deadline to get the loan finalized - Monday, January 3rd. I let them know my displeasure about such a short notice date when we waited over two months for their appraisers to do their job! Not to mention a lot of offices are closed due to the holidays. We've got an extension until next Friday. We got the deed paperwork done today, and before getting it signed, we verified with them that it was the right paperwork. It got signed and notorized with two witnesses today. I plan to stop by the county offices on the way home Monday and get it filed. Then we will pay the taxes and let them know it's ok to do another credit pull. I refuse to start the loan process all over again! 🤬

Last HP 05-21-2022



Message 29 of 54
Adkins
Legendary Contributor

Re: Home Equity Loan

All county offices were closed yesterday, so I got the new deed registered and the property taxes paid today. I called discover and had them set up two files to upload the documents into. Now I'm waiting for a call from them, asking permission to pull our credit one more time. It would be nice to get that call today, but I'm not holding my breath on it. 

 

 

Last HP 05-21-2022



Message 30 of 54
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