People just plain suck. When I contacted this very last lender Tuesday of last week, he sounded all gung-ho (ya ya, so did the rest of them). I sent him all my financial info right after we got off the phone. And then heard nothing from him the rest of the week, despite a couple of follow up emails and a voicemail.
Monday - I gave up on him and wasn't going to try calling him again. Everyone else said no, so would he. I was trying to work on my "new plan", when Monday afternoon this lender calls me up - still all gung-ho about a construction loan. I was like, well, it really doesn't appear that it will go through with anyone, so this is our alternate plan. He was still like "hold off on that, I really think we can do this construction loan. I will call you tomorrow morning"..........and here it is mid-day Thursday. 3 emails, 2 phone calls and even an email this morning by our realtor and NOTHING back from him. This is beyond rude. If you can't do it (I didn't think you could anyway) then just let me KNOW! How freaking hard is that?
Finally, the stupid original lender emailed me this morning (my last contact with her was Friday afternoon) to tell me she doesn't have any news - she said her underwriter had given it an approval, based on the info they have, but it was now going through complete underwriting and that takes "time". Ok - so you still didn't answer my simple question from Monday's email: do you do land/lot loans? and your underwriter gave me an "approval" for what? a conventional loan or an FHA loan (she had mentioned both on Friday)? It took like 4 emails back and forth to answer my questions. She'd answer one of my questions and then not the other. She still hasn't answered my question of when it should be done with underwriting. Well, until I have a real approval an I "think" you have approval isn't working. She said the "approval" was for conventional not FHA.
So, there was another lender I had spoken with a couple of weeks ago (referred to by our realtor). Turns out they don't do construction loans, so I didn't go any farther with her. So, I emailed her back at like 5pm yesterday. Told her the construction loan is dead, we are trying to get financing (FHA) for a cheap house and a land loan. Can she help? She emails me right back she'll work on it first thing in the morning. NOTHING. What the hell is wrong with people? I guess I am the one that sucks, because I filed bankruptcy 6 years ago and apparently am no longer worthy of peoples time and effort. Never mind that I make almost $98,000 a year, have been at my job 11 years, that we'll have $110,000 to put as down payment, and we have no other debts, and my credit score is 714.
oh and the buyer for our house? the one that's been out of the country for 3 weeks and done nothing to get his financing figured out and the FHA appraisal done? He supposedly got back yesterday. I told our realtor we want an answer today as to what he is doing.It's been a month now and since they left the country and then supposedly changed lenders, we have no updates. I want confirmation of financing and the FHA appraisal scheduled.
So, I've been reading every day and the struggles your having with your loan. I , too , have went bankrupt. It was many moons ago. But every thing we tried to do came up my name was mud. Again, making good money and doing what we needed to do.
ReplyDeleteSo we wanted to buy a new house. And the struggles were unbelievable! We went to a Mortgage company, sat down with the guy and said what the heck do we have to do to get what we want... straight out asked!
His answer was this: Because I field and my name was on every thing it took longer for them *the charges* to be actually charged off. So say I filed in 2000 it took until almost 2009 to charge off/ so it looks like its still there during those years.
Second. We had to get charge cards. Yep, you heard me right. Store charge cards... open them.. charge a small amount, pay it off, charge more, pay it off... and so on. They Actually want to see that you can manage charges! Also, if they give you a 500.00 limit you can not go over 50% of that amount in charges.
We did this for a year. I got a few CC's. My husband got a few. One Capital One for me and one for him and a few store cards... this proved to them that we could manage the debt to ratio of money.
Then after one year we went back to the mortgage co and went through some more holy hell for almost 45 to 50 days but finally approved for our home.
Your Credit score is right there... but you have no debt for them to look at and if you haven't had any since bankruptcy its tough.
I read you faithfully but NEVER comment. Just wanted to let you know there is hope!
Rose
JazzyMae/Rose - thank you so much for commenting and sharing your story with me. I have gotten some store cards the past few years, as well as I got a Capital One card with a $200 limit, last December. I do charge on them, and pay them off each month, charge a little again, pay off. Capital one just upped my limit last month to $1750. I think I am doing everything right. Eventually we will get there, but it sure isn't easy.
DeleteI had a bankruptcy but never tried to buy a house since the one I had was paid off. However, everything was easier afterwards. People wanted to lend me money. Store cards were easy to get.
ReplyDeleteMaybe you should see what is on your record by checking the items on your credit report.
I have just checked them last week. Can't see anything wrong (other than of course the bankruptcy in 2010). All the new credit I have gotten since bk is on time/ok.
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