Friday, June 24, 2016

Just kidding

So, the loan documents I received last night were just a "mistake". Well, not a mistake per se. Apparently this is how this bank does stuff. They have to send out the complete loan documents package within 3 days (even though I had already been denied). Then in about a week I will receive a denial letter. Then for some reason I will receive another UPS package of docs and then another letter with a cancel notice.

Good grief! What a waste of a tree and $25 in overnight fees. Not to mention to total confusion (and hope) it caused me.  Just another cruel joke the universe is dishing out to me. For some reason I must just deserve all this.

I am trying to get going this morning. I'm feeling like I got run over by a truck again :/

Thursday, June 23, 2016

SO CONFUSED!!

oh my gosh, am I confused! I was sitting here this evening, watching some news on tv and UPS pulls up. A big overnight packet of some sort of documents for me. I open it up and it's a big huge packet of mortgage loan application documents all written up with our info and details. It's from the bank lender that on Tuesday morning told me that underwriting declined us. There's a cover letter from her, dated yesterday (though the address on the UPS packet shows it coming out of a Kansas office) that says "thank you for allowing Bank the opportunity to serve you with a home loan".

Why would she send this out the day after she told me we were declined? I AM SO CONFUSED! Did something change that she didn't call or email me about? Is it just a big old computer glitch and was sent by mistake? (that's what I'm guessing, at this point). I mean it's pages and pages of stuff to sign.

I sent her an email, figuring she'll see it first thing in the morning......and she now has her out of office reply on. She is on vacation now until July 11th! OMG!  This is driving me crazy wondering what the heck.

Then as I'm typing this another email pops up. It's from a loan processor at the Bank, introducing herself as the loan processor for our loan.

WTH? I feel like I am in the twilight zone!

Still trying and still waiting

After Tuesdays emails back and forth with this original lender, where she apologized but still continued to change her story....and I continued to provide her with proof that I had told her all along I was looking for a construction loan.......I get an email from her yesterday afternoon.

She was letting me know she had done some more checking of construction loan lenders in the area and had talked with a guy with a small local bank and he sounded like he could do the loan for me. Turns out it is the same guy I had called up myself and talked to on Tuesday. She, of course, had no idea I had already contacted him, when she called him up, and I said that he did sound very promising, but that every lender I have talked with has sounded the exact same way, so I wasn't holding out much hope anymore. I said but maybe it's a sign that we both ended up with the same guy.

She said they talked in length quite a bit and she wanted to know if it was ok if she forwarded him all the info/docs she had on me. I said yes, please do so as soon as possible. I had already filled out an online application with him on Tuesday afternoon, but had not heard back anything from him yesterday. She said he said that his only real concern seemed to be that he might have a hard time getting the appraisal to come in what we need it to be. (he told me this too) Not because our builder or land costs are unreasonable, but just because in general this area/county of the state is pretty rural and it's hard to get something appraised that high. (Hmm...so I guess they all just want people to come in and build little shacks, instead of a nice home that the county can earn nice property taxes on?).  I don't get it - the house costs what it costs to build - it should be worth what you have put into it, as long as it's not some multi-million dollar thing or something. It's just an average type of house - 3 bedrooms, etc.

I know there is no sense in looking ahead at that issue, we first have to get approved for the dang loan! But I wonder if when they do the appraisal (the one done prior to starting construction) they look at what is surrounding? Do they base part of the home value on the "neighborhood"? Out of the 7 lots in this little subdivision on the river, only lot 2 has a home on it and it's a doozy. The guy told us it ended up costing them $800,000, but, he also told us a majority of it was paid for with an inheritance his wife got, so if they had run into the same low appraisal issue, it likely wouldn't have been a problem since they had the cash to pay the difference, if there had been any.  Would having an $800,000 home next door to us help our appraised value?

And someone explain this to me? All (but one) of these lenders say their criteria for a conventional loan is you have to be 4 years past your bankruptcy (we are 5 1/2) BUT, when they deny me the reason given is "delinquent past obligations with others".....well,  yes - because of the bankruptcy, that you just told me wouldn't be an issue, if I was 4 years past it.  How do they get to have it both ways?

In the meantime, I had discovered the secret to weight loss. Try and get a construction loan. I finally put my scale in the cupboard. It was stressing me out even more to see a pound drop every 2 days.





Wednesday, June 22, 2016

and the nightmare continues

This loan process has turned out even way more stressful than having to go through bankruptcy! I'm to the point I don't even care anymore what happens or what we end up doing.  Friday afternoon I get a bank mortgage lender that gives me verbal approval. Tuesday morning, as I'm on my way to work, she calls me up and says "sorry, underwriting decided to say no. I'm really surprised, you meet all the guidelines and criteria, but they just decided overall it's a risk."

So, I had to turn around and go back home (at least I was only a few miles into my commute) and spend yet another day taking off work (thank god I have the most understanding boss in the world) so that I can try to figure out what to do.  I was still waiting to hear back from this lender at a very small bank, so I email him again. He's the VP and informs me he was going to meet with his loan processor yesterday afternoon to go over my file.

in the meantime I'm emailing my realtor - just so I know all my options. Apparently we do have some wiggle room to cancel this sale, if we wanted. The buyer is still out of the county, and not following up with communications, until the end of the month. I said I thought you said he finally called in and now they were going to get the FHA appraisal finally ordered (this was 10 days ago now). Well, now I'm being told he switched lenders, so it still hasn't been done. Well, if he was able to switch lenders, then why didn't he authorize or the new lender get the FHA appraisal ordered? they know it has to be done. Something is starting to smell bad in all this, too.

I'm also emailing with this lender lady who screwed me over in all this. She's trying to cover her butt, (because I talked to a lending manager yesterday morning) so her story changed again, though she's still trying to stick with that she didn't know we needed a construction loan. Bottom line is on June 6th I sent her an email with house and shop plans and builder's cost breakdowns, that came in higher than what she told we were originally approved for, to ask if we could get approved for this. June 8th she told me we got approved for the higher amount (but our property was too far away). So what the heck type of loan was she approving me for and telling me I got approved for the higher amount if it wasn't a construction loan?! ummm.....house plans and specs should have been the first clue...not to mention all our other emails and phone calls about it.  And she again tried to tell me that when she first talked to me only said I wanted a regular loan on a home purchase. I forwarded her my very first email to her, where I specifically said:


We are also considering building a home, so would appreciate any info you have on the financing process for that, as well as any requirements that might differ from just buying a home already built.


right after that first email we had a phone call where she explained the whole construction loan process to me. Obviously I'm not going to get a straight answer from her.

Then someone suggested another small saving and loan type bank in the area, so I gave a call. Again, super nice person. "Oh ya, we should definitely be able to do something for you." "Our construction loans are great, they run really smoothly." Same thing they all say (I have decided that lenders are really just salespeople - wish I could just circumvent them and go straight to an underwriter!). He sent me a link to do an online app, which I promptly did. I then emailed him some additional info and a follow up email this morning. No word back.

The other small bank is following up with me first thing this am with more bk filing questions. Again, and as I told him would come up, the issue they are running into is our mortgage, and supposedly the HELOC, are not showing up on our credit report, since we filed bk. Making it look like we had a foreclosure, etc.  Well, I can prove we kept the house. I can prove I have continued to make on time monthly payments the past 5 1/2 years. Good grief.

I called up the HELOC bank and said apparently you guys haven't reported any of my payments to the credit bureau in almost 6 years. Is there a way to remedy that so I can start getting some credit for all my payments?  She looked up my loan account and it has the box checked off that says they will report it to the bureaus monthly. Hmm. so that needs to be looked into further. She asked me to send any credit report I have that is not showing it, so I have asked the most recent 2 lenders to get me whatever they have, no reply back.

I called up the bank that has our mortgage. Big national bank, so I wasn't expecting anything out of them. Sure enough, they said if I didn't re-affirm the mortgage with my bk filing, then they won't report.

So, it's all like a big catch 22 that no one can just use common sense on. How about I just supply them with the past 70 months of bank statements that show my mortgage payment being transferred out of my checking account on the 15th of each month to the mortgage loan with same bank?




Tuesday, June 21, 2016

Feeling better

I am feeling much better this morning. My brain finally "unlocked" and is moving on. LOL. What a weird feeling. I've never had that happen before. I think it helped to write it all out and then talk it all out with my boss. A bit of purging, I guess. Then I got busy with work, which helped. Then DH texted me that a realtor had called and wanted to show the house at 5:30 for a possible back up offer. Eek! I was so wiped out over the weekend, I didn't do much cleaning at all. So, I left work an hour early, came home and vacuumed, dusted and tidied up. DH had kindly cleaned the bathroom. Didn't get an offer last night, so who knows. Our buyers are still out of the country and still the FHA appraisal has not been taken care of. It's been 3 weeks now. I think my realtor is getting a bit nervous it's going to fall through. Apparently these were people that looked at the house before, but I'm not quite sure.

I slept much better last night, though I still woke up and went into panic mode as I do every morning nowadays. I still barely have an appetite. I think of all the stuff still do do and mostly about all the stuff that can still go wrong. Ugh. We have 8 working days to meet our sales goal and get our mid year bonus. As of today we are at 48% of our mid year quota. So close! I really need that extra money.

Here's a weird construction loan story. My boss said one of my co-workers is also going through construction loan hell. Trying several lenders, etc. So this lender he finds wants a 20% overage cushion. I guess he negotiated it down, but they also want him to have additional liquid cash on reserve. They are telling him that even if this reserve is not needed and the house comes in at cost, that money will be used as a lump payment towards his end loan! I asked my lender if this was how theirs worked and the construction loan officer was like no way, that is strange! I have a feeling maybe my co-worker misunderstood what his lender told him.

My boss told me her construction loan horror story. Back when she was like 19, she had married a guy like 10 years older than her. They decided to build a house and did a whole bunch of sweat equity. Once they were done building the lender didn't want to appraise the house what it was really worth and were just going to keep the house......knowing that because my boss and her dh had put so much of their own money and labor into it, that the bank could resell it and would make all that money and my boss would be out. They finally "won" and got their house financed like it should have been, but she said it was so stressful and she was so young an inexperienced with it all.

I have been reading a whole bunch lately. I used to always be reading a book, but sometime around the time my eyes started changing to needing tri-focals it got so I didn't like reading as much or couldn't read very long. So, I really haven't read much the past several years. I bumped up the font on my ipad mini and have gone to town reading the past couple of weeks. I just started reading the Walt Longmire series that the Netflix tv show is based on. The characters personalities in the book are just like the show, so I am enjoying this read already and lots more books in the series to keep me entertained.

Monday, June 20, 2016

Help

I have always been an optimistic type of personality. When something negative or bad happens I do not dwell on it at all. I do my best to accept it and move on. Sometimes moving on just means trying not to think very much about what happened (usually what I do) and I can do that. I can tell myself there is nothing I can do and I did all I could do, etc and move on.

But, for some reason, since this episode Friday with that bank mortgage lady, I cannot stop thinking about it! It's like my brain has gotten stuck in this continuous loop and won't get off this track. I replay the whole past 4 months of conversations and communications with her over and over, trying to see where I might have dropped the ball on all this or didn't communicate properly. It's pretty much all I have thought about since I hung up the phone with her. I can't seem to not think about it. I don't know what to do - it's such a weird feeling to me. Like I said, I have never been like this with anything before.  I guess I now have a peek into what it's like to live in my husband's brain and I've always said it must be exhausting to live in his head.

Since the end of the day Friday I have felt like I got run over by a truck. Completely wiped out. I have tried to get lots of sleep this weekend, hoping that would "break" this loop going on inside my head. I read a book. DD spent the day with us yesterday. Even that didn't help. I can't seem to get past it and move on. I am hoping a long talk with my boss about it when I get to work this morning will help jar me out of it. Maybe she can give me some insight as to where I supposedly went wrong, because it's certainly not going to do me any good trying to get that answer out of the mortgage lady - as soon as I tried to question her her story started changing and you can't argue or get truthful information from someone who is changing the facts of a story.

Maybe if I type it all out, I will see the answer or someone else will see it. Sorry to dwell on this. Like I said - this is so NOT me!  Here is the timeline and info:

February - my boss refers me to her. Turns out she's with the same bank we have our HELOC with (lots of branches around the area). I call her up and we have a long conversation that first call. The first thing I tell her is about our bankruptcy in 2010, because I wasn't sure if that would be a problem in obtaining financing for a new mortgage. She assures me enough time has passed. I give her a quick summary of my income, no other debts, keeping job, etc. Then I tell her we have been looking at homes online, just to get an idea of what is over there and how they are priced. I said we aren't seeing a lot that fits our needs of also wanting a shop and we are also considering building a home and shop. She then tells me all about how the construction loans and end loan process works. (I took lots of notes). I then said we were going to make a trip over there in March sometime to look around. So, lets see what we are pre-approved for, so that we'll know what price range to look in. I send her all my financial docs and the week before we head over there she tells me we are pre-approved and how much. If our realtor over there (referred to by her) needs a letter from her, let her know. I said, we're just looking this weekend, won't be making an offer on anything.

March - we make the trip and spend 4 days over there looking all around. Look at a few homes and some properties. Find this property on the river we really liked. Talked with a builder about building on it. Came home and the next day I emailed the lender to let her know we decided to build and that we were going to talk with some builders to see if with the price of the land and cost to build a home would fit into what our budget/pre-approval is. At some point in the next week or two I had a phone call with her. I had more specific questions about the construction loan process and did she need anything from us or could we just make an offer on the land. At this call was when she told me once they had the builders plans and cost reports (and she warned me builders are slow about it) it would then take them 45 days to process the loan.

Three weeks later we make another trip over there to meet in person with the builder our friends used last year to build their home. We came home and that Monday I told our realtor we were ready make an offer on the land. I emailed the lender that this is what we were doing, where it was, etc., and let her know we were having the plans done up and the builder was working on his cost breakdowns for the house and shop. I also told her we'd be listing our house in 2 weeks.

End of April we listed our house. Ten minutes after the listing went live, I emailed her that we listed it and included a link to our listing and told her our realtor was going to try to first see if she could price it at getting any developers interested.  Three weeks later we re-priced it to sell as a residential home and I emailed her that info.

12 days later we accepted an offer on our home (Memorial Day weekend). Tuesday I emailed her that we accepted an offer on selling our house and that we should have the builder's costs reports any day now. The following Monday I emailed her the cost breakdown reports as well as the plans for the house and shop. They were higher than we were originally approved for, so I needed to know if we could go any higher or  needed to make some adjustments. I spent 2 days trying to get a hold of her. Wednesday (week before last) she calls me up and says "I have good news and bad news, which do you want first?" I say give me the bad and she says "we realize your building spot is 80 miles outside our construction area and we can't do the loan for you" I said what's the good news?  "The good news is you were approved for the higher amount" I said how is that good news if we don't have a loan? She said "well, that just means you shouldn't have any problems finding a lender. We approved you and we all use the same guidelines and ratios, etc".

So, I spent the last 10 days talking to a bunch of local lenders in the area. I also called this original lady up and kind of told her I wasn't very happy with her. That if I had known we didn't have financing I wouldn't have even listed my house for sale, let alone accepted an offer! She offers to call some lenders over there and see what she can help figure out.

Wednesday night I was looking at her bank online and see "locations": Oregon, Washington, Nevada and Idaho". Hmmm...the Idaho branch is closer than the one she told me they were using to calculate the distance. So, I called her up again. I said this branch is 33 miles closer, so it's really 50 miles we are outside of the area. She says, no - it's 150 miles away. Turns out they were using a city 50 miles farther from our property in her calculating. I said no, we are 50 miles from there and she got a bit snippy and said "well, I don't know where you will be living! We just used that city because you said that's the area you were living". I said, so then really, we are like 30 miles outside the area - is there any way we can get an exception? She's says she'll check into it.

Two hours later emails me she might have a different "Fannie Mae construction loan product" that might work for us, but it doesn't start until July 1 and she doesn't really know much about it and has some calls in about it.

Friday I email her and ask if she has any update for me. Three hours later she calls me to let me know she's referred me to yet another lender, because that new Fannie Mae Construction loan product won't work with our time crunch we are now in. I say, well, what about the 30 miles, you can't get an exception for the loan we were already approved for? and she says "Oh, the 30 miles isn't the problem, I can get exceptions for that, the problem is we can't do a construction loan with a bankruptcy".

At that point I was flabbergasted. I said "what do you mean? you just told me last week were were approved for the even higher amount1?" She was silent for a second and then says "well, when you first came to me you were going to buy a house, not build, so that's what I pre-approved you on and I wasn't sure what you were doing, so I never updated my system"

Umm....let's see.....first conversation was we had a BK. We were considering both buying and building. Third conversation - we are buying land building.  Fourth conversation - more info on construction/end loan process, timeline, etc. Fifth conversation - here's our house and shop plans and cost breakdowns, that she said we were approved for!

What the heck am I missing in all this? because honestly, I think I'm about to go nuts :/

Friday, June 17, 2016

Beyond furious

I am so furious right now! This original lender is changing her story completely on me now.


Wednesday I kind of let into her that, based on what she had told me, I thought we had construction and end loan financing set up, so we put our house for sale and accepted an offer. Then a few days after that I sent her our builder's final cost breakdown with floor plans. The builder's estimate came in higher than what she told us previously we had been approved for, so we needed to know if we were approved for that higher amount or needed to come up with Plan B and go with what we were originally approved for.

This was our exact phone conversation last Wednesday when she called:  "I've got good news and bad news for you Which do you want first?" I said give me the bad first.  She said "we realized that your lot is 80 miles outside of our construction radius, so we can't do the loan for you". I said what's the good news? "the good news is that you were approved for the higher amount". I said how is that good news if we don't have a loan? and she said "well, it just means that you probably won't have any problem getting approved by a different lender".  That was the conversation. NOTHING else mentioned.

So, every day since then I have been trying to get financing from somewhere else with road block after roadblock. Wednesday I kind of told her off, as I've mentioned already.  She calls a couple lenders in the area we are moving and tries to help. Yesterday I keep emailing her that they are all denying me because they are saying we have to be 7 years past bankruptcy because we listed our house in our bankruptcy filing. She tells me they are full of crap, which I say maybe, but that's not getting me any financing. One of the lenders (who needed like 30% down for a construction loan) said to me "to be completely honest with you I really doubt the 80 miles is the issue. My guess is it has to do with not getting approved and she doesn't want to tell you that". Turns out he was spot on

So, yesterday morning I had looked up and found they had a branch 33 miles closer to our place than she said and asked her why they couldn't use that branch, would it be in the radius then? That is when I found out they were using a city 50 miles farther from our lot, to calculate the 80 miles. Then she tells me she'll check into it some more.  Then a couple hours later she tells me they have this new Fannie Mae construction loan product coming out July 1st, it might work for us, but she doesn't really know anything about it yet and has some calls in about it. So today, I email her, asking for an update.  She calls me up to tell me she is referring me to a different lender, that she just talked with that might be able to help. She says this new loan program they are getting in July isn't fitting in with our time crunch issue. I said, so you can't get an exception on the construction loan with you guys for the extra 30 miles outside of your area on the loan we were already approved on?

Get this......she then says "well, that isn't the issue - we can get an exception for that - the problem is I can't do a construction loan if you've had a bankruptcy." WHAT?! I'm like what are you talking about? You told me last Wed that the issue was the distance, but that we were approved.  Then she starts in with all this bluffing crap. "Well, when you first asked me to approve you, you were going to buy a home and that approval is different.....I wasn't for sure what you were doing, so I wasn't going to update you in my system until it was decided. " When I first asked her to approve me the first thing I told her about was our bankruptcy. I said we were looking at homes to buy but also considering building. Our very first phone call she told me all about how their construction loan/end loan works. I still have the notes in my notebook I took as we talked. This was February. In March we went to look at homes and property. I came back and emailed her that we decided to build. Three weeks later we made the offer on the land and I gave her all that info. Two weeks later we put our house up for sale (which I emailed her our listing) and I told her our house plans were being drawn up and that the builder was then going to get us his cost estimates. He was slow at getting us those, and we actually got them a few days after we accepted the offer on our house.  Then she calls me last Wed and we have this conversation about it being 80 miles too far, but that we were approved. That was the exact conversation.  How about all those times she was told we were building to say "hey, I can't do a construction loan for you, because of your bankruptcy"?

My boss is the one who referred me to her. I don't blame her one bit, but I just emailed her with this whole new development on what the real story apparently is now. I said am I that bad at communicating? because I don't think I am. I'm extremely thorough and my boss said, no you are amazing at communicating.

I'm about to blow a cork right now.