Our horrific attempt at buying a ho

I'm sorry to hear this happened to you, and thanks for the warning.

There HAS to be someone who can help! Have you approached your local bank or credit union yet??

Dont' give up. Something has to work out! Perhaps your Realtor has connections??

 

did you make your offer contingent on financing - if so, you can get that money back.

have you tried other lenders? it would probably be subprime with the recent bankruptcy, but may be doable

unfortunately they can pull your credit and don't have to take them off. a broker will try to get you approved - but there are no guarantees. sometimes finding a loan just isn't doable. a broker is not a lender - they are someone to assist with finding financing.

was the preapproval through the broker or actual lender...if you didn't have the approval from the lender you weren't.

as far as the realtor goes - its nice you have a heart, but even if they only a couple clients per month, they make off fat.

take it as a lesson learned not to work with people you meet on the internet. go to people you can trust, ie, referrals from friends and family.

 

Hello BytemeCA,

First, I am a Mortgage Banker and I appologize for the unprofessionalism from another Broker... however, not all of us are bad.!!! Remember we don't get paid if you don't close either.

OK..let's look at this and see what you can do. There is time. Where are you located? What is your midscore from the Broker? Not PG...not accurate, nor is it a "mortgage score". Sounds like he sent it to a couple of lenders and they ran backup credit and found something they didn't like.

What loan to value? Purchase price? Do you have reserves? There are many lenders that will lend to you one day out of BK. Loan to value will depend on score and established credit.

I would be happy to direct you...please give me details.

Loan Queen

 

Re: Our horrific attempt at buying

I know you are freaked out - justifiably so! - but I have to say the title of your post struck me as hilarious! I know that's not what you meant but still...

Anyway, not to make light of your situation. Unfortunately, a pre-approval letter means nothing. What you needed was a "committment" letter indidcating that the mortgage company had finished all their processing and provided nothing changed in your situation, you were a go. Someone on this board wrote an interesting piece about preapproval - search under Willtygart I think.

You didn't mention what your scores are - that detail is very important. The poster who is a mortgage broker asks some good questions that make it easier for you to get better answers. I'm not sure there's anything you can do about the inqs on your record - they did have a permissable purpose - you applied for credit and were denied. However, they should be coded as inquiries for a mortgage app - you are shopping a mortgage in other words = and they shouldn't pull your scores down too much as long as they're all in a 30 day window. If you are still interested in the houe, ask your realtor to get a 15 day extension on the closing date. Then print a copy of your credit report and pick up the phone. Call mortgage companies that have local underwriting - NOT another broker. Explain your situation, fax over a copy of your report, and ask what they can do for you. Don't let anyone pull your report unless they have already seen your info and still think you have a chance. If you decide to go after this house you already have a valid inspection report. And if you pass on the contract you should get your earnest money back no problem (if your realtor wrote that loophole into the contract). As someone else noted, you'll probably be stuck with a subprime loan based on the recent date of discharge, so make sure your budget is realistic based on a higher than average interest rate. The more you can put down up front, the easier it will be to refi with a competitive interst rate. Allow yourself PLENTY of leeway with your budgeting - do not over commit to a loan just to get inot a house. Real estate can be a real albatross when the economy turns.

Good luck to you

Poochie

 

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NO!! In his situation he needs a "Broker" that has many outlets to send loans....not the local Wells Fargo or any other bank. They will throw you out the door. You need a "broker" that has many avenues to send your loan. Not all loan officers/brokers know where to send loans such as this. I have been in this business for years brokering loans and doing loans for loan officers/brokers that have loans such as this that don't have an idea where to send them.

Correct that you should give the new loan officer/broker the full sitation...don't leave anything out. If you have a copy of the old brokers credit report, then fax it to them. (I'd call that lousy broker and ask him to fax or email your credit report). If you know your scores, give them that and ask them to prequalify you with those numbers. They will however need to run your credit in order to submit the loan for an approval.

Could be that you are asking for a 100% mortgage without a high enough score. I am speculating here...but without this information it's hard to steer you in the right direction.

You need to take action now to find out if you truly qualify.

 

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Correct me if I'm wrong but doesn't working with a broker open him up to the possibilities of more wasted inquiries, more runarounds, and more time wasted? Wouldn't it be better to work with someone who is close to the decision makers in the process, who can pick up the phone and talk to the underwriter, and who can assure our hapless poster that an actual human being is going to review thier file? Perhaps this is a philisophical discussion, but I can tell you that of the three times I've purchased real estate the one time I went with a broker was definitely the bumpiest. The other two times both of my mortgage reps (two different companies in different states) were able to get me timely responses, smooth things over that could otherwise have been time-consuming to work out, and both seemed to have good relationships with the departments that did the actual approvals. What about the possiblility of an FHA loan - would that be possible under the circumstances?

 

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No Poochie, You only submit to an investor that you know you'll qualify. Some loan officers will double app (send to multiple investors which can cause mulitple inquiries)...but, knowledgable loan officers know their guidelines before they send it or get a conditional approval with the credit we send them . I can speak to any of my underwriters....I know who they are and how to deal with them. It's not like we just send them to some black hole.

Brokers...are just that...they have more investors than a banker where you have to fit a square peg in a round hole. Subprime is not like going to your local bank...they don't have options due to guideline issues. I don't know what mortgage companies you are referring to...but, they also may be brokering out...especially with subprime. The prime market is completely different.

FHA limits are low, they just raised them, but here in CA it's difficult to find a home in that price range.

Unfortunately we all have some bumpy closings as consumers..but that doesn't mean that the brokers are to blame, there are a lot of factors that can make some loans go smoother than others. Here in CA we are backlogged with loans and certain times things take longer than others. NO excuses!!! I understand it is a stressful time and we all want it to go as smooth as possible. My goal is always to make it as painless as possible. I will admit that there are quite a few people that have jumped into this field with little or no experience that make bad names for us all. Please understand that there are Loan officers that truly work hard for their Borrowers and do whatever it takes to make a happy transaction for all.

 

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i think nowadays brokers aren't as necessary as in the past. i have over 100 programs available and because we have the opportunity to sell loans to other investors we are able to find a loan for just about anyone. i am not a broker, i am a mortgage underwriter. our loan officers at our local branches submit the loans to us and we utilize programs like DU and LP to get the right program.

 

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Sorry to hear about your situation!!!! Perhaps a situation that was not meant to be.

Best of luck to you and if ya need some help for the next round let us know!!! There are loans out there for you!!!

Take care!!!!

 

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If you live in Jersey, I can hook you up with a mortgage. I do mortgages on the side through a local company. So yes, I am a broker as well. I suggest going with National City as the lender since they offer alot of programs that you would probably qualify for.

Let me know if you want help. I can get financing quick if need be.

 

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That's the sad part - there are loans out there for just about anyone right now, if they can sign their name.

 

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1. I am a mortgage broker

2. I know the guidelines of my over 800 investors beffore I send ANY loan to them. For this purpose exactly.

3. I can easily pick up the phone and talk directly to the underwriter working on the file. Just seems to me that there are too many lazy uneducated brokers out there that are still in the industry because they got in when the refi-boom was going on and do not really KNOW how to underwrite a file correctly.

4. this file could NOT go FHA even though regulations under certain circumstance will allow for a person to purchase/refi a home 1 yr after BK but that is circumstances under no control of the borrower. e.g. death, illness. Of course everything would have to be documented and be manually underwritten.

5. Not all brokers and lenders are bad, you must find one that you can trust. Ask your realtor who they normally use in these situations. I personally get refferrals from realtors because they know I know my programs in these situations.

6. As been mentioned above. Disclose eveything regarding your situation up-front to avoid the song and dance down the line.

Hope this helps, and best of luck next time around and do NOT take just a pre-approval letter as means that you will be able to obtain the financing. Anyone can just type one up without assuring you the financing and that is a BIG problem with the uneducated loan officers!

BB

AHMCC

 

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I know I just did a True NO DOC Loan for 6.25% 30 year fixed and no points. All was needed was a appraisal and my name and SS#. Done deal. These loans are FICO driven lucky me I have a 805 TU 785 EQ and 765 EXP......

 

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Creditnet note: This posting contained references to another board where willtygart states he was unfairly treated. Rather than remove the message entirely as was done with another posting that similarly leveled allegations at willtygart himself, those references were removed. willtygart's self-references, including his apology and explanation, were not deleted.

AH yes! I found this post!

First off, always remember that when you have people posting on here, and many of you may do this yourself, you ay leave out tiny details that make it look like you are just getting railroaded when the addition of those missing facts would paint a different picture.

I will openly admit that I was the "Uneducated Broker" that is in reference in this post.

Now while I am not able to divulge specific information about this persons loan, notice that after I "railroaded this person" they were still unable to obtain a mortgage through another broker. So quick we are (and I am too often) to judge a particular posters lender and spout off how WE would do a loan when in actuality talkign the talk and walking the walk so to say is much more difficult.

I wish I had the luxary of spouting off the entire set of details regarding the posters loan but unfortunatley while they can bash me, I am not allowed to set things straight.

Always remember that there are two sides of the story, just remember that there is a round robin of people that go to these forums and talk to all of the mortgage guys on and off of the forums.

Sometimes they attempt to obtain a mortgage through us and sometimes it does not go through well. AND......believe it or not, some of your very own PRIZED mortgage contributors have made some moves with cllients that have not only been unethical but have been ILLEGAL and if were ever reported your "golden Boys" would be out of a license in a month.

If anyone has EVER felt that anythign was EVER done wrong by me I have always said that they could go to http://www.dfi.wa.gov/ and file a nice complaint on me and have the governing authorities sifting throguh my files within 48 hours.

 

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will,

i think you made a very good point - we only hear one side. i think that is true in even my posts. not to say that the OP is lying (or anyone here is) its just that we don't get the opportunity to hear both side of the whole story.

also, your point about not all information being posted is good too. i have too often made a post about something and had to go back and add more information that i missed. too often when we post we are maybe upset or angry and miss key points that while we find unimportant, may very well pertain to the situation at hand.

 

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Byte me had a loan....Byte me made me pre approve her WITHOUT PULLING CREDIT.....and then when I was able to pull credit when she thought the scores were up I sent the credit into the lender and they then pre approved the loan. Then when I got the package in they denied the loan. How is that MY fault? That is THEIR program not mine and I in good faith gave them the info I was told. Then I got them an approval from a lender and they didn't like the rate.....decided that they would go throguh a different broker, and then they couldnt get it done by that broker but i still had the deal. f course none of that was put into the post. Nothing I have ever done was against the law. How about some of the lovely guys on [another board] that HAVE broken or tried to get people to break the law. I can't name names but I have never told someone to falsify information on an application, asked them to make up fake incoem documentation, tried to employ family memebers to form fake companies and employers, and tried to create fake rental agreements. Some of the wonderful guys you have over there HAVE done this.....imagine that. so to anyone, if you think I have wronged you then go to the links above and file a complaint and if I deserve to be punished I will be.