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pissarita

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  1. The first loan didn't go thru b/c of the employment verification came back as temp/contract; however the new lender did a VOE and stated there was no indication of temp/contract so they could proceed with it; hence that issue has been resolved... The LO did state it would be interesting to see how the seller will add 20k. But we are waiting to see if the agent will accept the 200k offer. File is scheduled to come out of underwriting to present the agent an approval on Monday. I understand the seller's frustration
  2. FHA financing... I was just baffled at the price increase in 2 mons with nothing moving in the area and nothing done to the house to accommodate the increase. I get it... appraisals can come back at contract price but I do know it has to be reasonable contract price since there's this nice thing called 'inflated appraisal' and no one wants that. I just figured as Dallas Guy stated... Seller might be being a greedy a$$. But im waiting to see how seller wants to play it out in the end... Will definitely keep this thread updated! Thanks as always for all replies. Great guidance and encouragement is always found here!😊😊😊
  3. Another question with it staying in the database for 6 mons how will play out if a new appraisal is completed?
  4. Not sure how seller is rite... Seller is stating that appraisals typically come back at what ever is on the contract so if they can get a contract/offer at 220k then they feel it will get appraised at that amount. I've never heard of this especially since appraisers have gotten cleaner since the mortgage bust!
  5. 2 accts were deleted by the original creditor in 2012. Then CC started calling b/c the accts were sold to them. The accts date back to 2009. Docs et al were requested from the CC to establish paper trail and question how they got the accts since they were deemed as error reporting from the original creditor. How can CC be prevented from adding the accts to the credit report and stop collecting activity.
  6. House was under contract and it was appraised for 200k... Deal didn't go thru with 1st lender & contract expired. Now back at it with a new lender and 2 months later now seller puts property back on the market and will only accept my offer at the 220k price increase because they say the last appraisal only came back at that 200k price because that's what was on the contract and they are sure if the contract states 220k then the appraisal will come back at 220k. In 2 months they say their value has increased; there has been no upgrades or nothing done to the house nor has anything sold in that price range in 2 months... Am I that off with real estate's increasing equity that fast or are appraisals really based off the contract price to favor the lender in certain instances!?!? I thought an appraisal will stay on record for about 90 days. I really want the house considering losing a job 2 weeks before initial scheduled closing, (secured new job) then turned around and got denied 4 days before new closing date.
  7. The loan wasn't FHA but a portfolio product. The LO says he's not sure how the VOE was done. (Go figure...) With that comment I accepted the denial with no intent to do any more business. Personal or Mortgage I guess case closed
  8. This is stemming from another topic relating to a loan denial and my loan officer's misguided info... Any thoughts of the miscommunication from a loan officer .. Ok I sent bank offer letter with employment type on it may 10th which stated it is a contract scheduled to go perm in 60 days and then in six months it will go perm with my actual consulting firm. Bank tells me everything is good once they got a copy of my offer letter and stated to just send in pay stubs for 30 days to get a pending loan approved... June 15 an update is Requested from bank to make sure all is ok... Reply : all is good. Now 30 days of stubs are submitted on June 26. July 2 bank calls and said they have to deny due to employment type .. Even though income is near 6 figures. I asked why this wasn't brought to my attn in MAY because it was listed on the docs I sent in. Bank Said they were working on the back end with the info I provided... But no flag was brought to my attn. my concern is if this is such a strict FHA guideline then the loan should have been noted as denied in May instead of waiting until JULY to tell me... Am I off with my thoughts??
  9. It's always nice to hear encouraging words and I knew I could count on CB to give that... Thanks all!! Trying to keep my head up, tears dry, and a smile on my face )
  10. Employer offered to do an expedited conversion on contract to permanent status and bank agreed to accept change; however because of holiday employer can't complete the conversion until Monday and bank says they can't hold the loan open too much longer because of the denial . My fingers are crossed that my employer can submit the proper paper & the loan stays open another day. Or I would have start the process all over again. #i believe in miracles!!! I really want this house!!! & stop living out of my bags!!!
  11. I got the news of death this morning after 5 months of working with the lender and prepping to close. My journey: 1. First Contract submitted for a property but seller refused to repair major damage so I pulled out 2. Found another property and had to start loan process all over due to timing of submitted application 3. Lost job 1 day before bank verified employment 4. Application went on hold until another job was secured. 5. secured another job 19 days later. sent bank offer letter with all details of employment on it including type, i.e. Contract position. Bank initially required 2 weeks of paystubs. Then came back and requested 30 days of paystubs. 6. Been on job for 30 + days, submitted paystubs as requested. 7. Bank Called for employment verification and because it is listed as a contract to perm after 90 days.. I was denied. Heart broken and displaced as seller does not want to stretch out any longer....
  12. No language in the contract... No breach by buyer... Just seller demanding money, undocumented, for his outside transaction... Thanks for all the input!! Very much appreciated!!
  13. Another note, he moved from the payment being listed as earnest money to just write him a check.

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