Wednesday, July 6, 2016

Spinning my wheels

The 4 day weekend (I got yesterday off, too) was much needed. I actually slept in, actually didn't wake up in a panic and cold sweat at 6am, actually felt a bit relaxed. I think it was because I knew everyone I've been having to deal with was not going to be contacting me for 3 days, so couldn't get any bad news.

I woke up yesterday morning back to "normal". And still spinning my wheels getting absolutely no where.  The lender who, 2 weeks ago, practically assured me this construction loan wouldn't be a problem just keeps telling me they are working on it. Well, good grief - you have all the info - make a decision one way or the other and let me know. He rarely returns my calls or emails, only after I've sent him about 3. This morning I left a voice mail on his cell phone that I needed an answer one way or the other today.

The original lender, who finally got her underwriter to go through it all, says Chase is showing us late as of May. She email connected me to some guy with a credit repair service they use. I finally connected with him this morning and he can't figure out what she is talking about, so needs to contact her back for more specific info. He asked me if I called Chase to ask them why they are reporting me late. I said, yes, that's the first thing I did. They say they aren't reporting me late, in fact they told me the week before, when I called to ask if they would start reporting my payments, that they aren't reporting me at all. He said that even if they aren't reporting my payments (like everyone else keeps telling me) that he doesn't see why that is such a huge problem for the lenders - as I (and they) can obviously supply them with payment history going back to whenever.

And the couple who was supposedly considering making an offer has decided they want to find a home in a different city, nearby. Which is honestly still a good thing, because I really don't want the pressure of accepting an offer when I don't have my own future home financing lined up!

I think I mentioned we are considering buying a small older home right in town. $125k - with a good sized down payment, practically no house payment and I can't even get an answer from anyone on if we can even qualify for that, with a supposedly "easy" to get FHA loan.

Other than the bk (which of course isn't a small thing, but all the lenders act like "oh you are far enough past it now) I feel like I am doing everything "right".

5 1/2 years of on time monthly mortgage and heloc payments (not to mention I was on time every month prior to our bk). I make almost $2400 a month in payments between the two. More than the new monthly mortgage amount we are requesting to have.

re-established some credit the past couple of years - a gas card, 4 store cards, the "care credit card" (used for dental) and a credit card.  All paid off on time and 95% of the time charges were paid in full the next month. The only ones I spread out where if I got no-interest for 6 months. All ended up paid off without incurring any interest charges.

a "middle" credit score of 700.

11 years with my job, at a decent salary. My combined yearly income is over $98,000 a year.  We own our vehicles. No car payments. There's just me and DH now, no other dependents.

Not really sure what else I should be doing. At this point we'd just like to sell our home. Use the money/proceeds to put a down payment on the property and buy the small house in town. Between the 2 of them, a total mortgage of $143,000. Big whoop. You can't even buy a condo in my area for much less than that.

here's my latest denial letter results:

"serious delinquency and public record or collection filed"
"number of accounts with delinquency"
"too many inquiries the past 12 months"
"time since delinquency is too recent or unknown"

so, the lender say I only need to be 4 years past bk (we are 5 1/2), so that it's not considered an issue any longer, yet the BK is the reason for #1,2 &4 and the reason they are denying me....

#3 - most all the inquiries are within the past 3 weeks - from all the lenders I keep trying with, which I am told is not supposed to hurt my credit score, if all done within 30 days



  1. I hope you get it all sorted out. This just came to my mind though. Your son is supposedly in Canada, maybe he has been using your names to get credit then not making the payments. That usually takes time to show up everywhere, especially if he is doing it from out of country. It happens to parents frequently.

    1. Thank you. he's been back in the states for almost 2 years now (just in a different state than we are). I have ran all my credit reports last week and not seeing anything that isn't my credit or that looks like an error. The bad credit I'm showing was from the bk and all the credit since then is paid on time and usually the balance paid in full when I charge something.

  2. Ridiculous!
    The people you have had to deal with appear to be idiots.
    This has turned into a real nightmare for you and it shouldn't.
    Can you put all this on hold in order to save your sanity? I would be going nuts by now.
    Sorry you have had to deal with such morons!

    1. We've seriously considered putting it all on hold, but we really need to get out of this neighborhood, for sure. It's getting worse instead of better. Well, our whole surrounding area is getting overall worse. I am hoping we can do the small house and separate land loan. Take a couple of years "off" of this merry go round and then work on a construction loan.

  3. To me the older, smaller home you have mentioned sounds ideal. Perhaps it might be easier to come by than what you have been trying to work out.

    1. I think it will be easier, too. Still working on it!