Itching at the bit....

[ShanetheMortgageMan]

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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.

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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?

[Anonymous]

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?

[George2037]

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ShanetheMortgageMan wrote:

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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.

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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?

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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.

[George2037]

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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?

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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.

[George2037]

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).

[Anonymous]

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.

[ShanetheMortgageMan]

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George2037 wrote:

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ShanetheMortgageMan wrote:

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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.

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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.