Spike Brewing 12.5 Conical Fermenter Giveaway - Enter Now!

Home Brew Forums > Home Brewing Community > General Chit Chat > Home Refinance Nightmare

Reply
 
LinkBack Thread Tools
Old 10-22-2012, 06:30 AM   #11
jgln
Feedback Score: 0 reviews
Recipes 
 
Join Date: May 2008
Location: Southern, NJ
Posts: 3,496
Liked 50 Times on 39 Posts
Likes Given: 2

Default

Quote:
Originally Posted by JJL View Post
I don't think they really care much about it. It's getting to be more of a hassle for banks to generate loans. Not that this is a bad thing, but they were just rubber stamping everything up until a couple of years ago. Now they actually have to spend time researching the viability of an applicant. So as bad as it sounds, it's all about not writing bad loans (or at least showing they followed all of the rules) as opposed to customer service. Plus, if they're like most banks they really don't care about the loan itself. They are just trying to collect fees associated with the loan generation. They'll probably sell it off as soon as the ink dries.
Part of the terms of this type loan is no appraisal needed and they all agree that is true. I am sure they want one and when they find a reason to demand one they do. The problem is depending on the appraisal it could kill a loan that would have otherwise been approved...all because of an address being a bit different. They don't want to refinance our loan and are looking for a way out of it.
__________________
jgln is offline
 
Reply With Quote Quick reply to this message
Old 10-22-2012, 06:44 AM   #12
jgln
Feedback Score: 0 reviews
Recipes 
 
Join Date: May 2008
Location: Southern, NJ
Posts: 3,496
Liked 50 Times on 39 Posts
Likes Given: 2

Default

Quote:
Originally Posted by ACbrewer View Post
OP - Start this same process with a different bank. 2 reasons 1. it will give you competing numbers and leverage. 2 the old bank doesn't want to lower your rate (although the loan officers get paid to close a new loan) but a new bank gets both the closing and the interest on the loan.

As for the 'no need to reappraise' that is a feature of the Federally backed loans (fanny and freddie). There are conditions like wanting to refinance for what you have already ie no equity or any changes. The address counts as a change, and there might be a serious issue there legally if that is true. Start going through your documentation of the previous appraisal and see if it has the correct address. Also check your prior closing papers and original loan info. When you go to a new bank, it will only care about that sort of stuff, not what your current bank has on file.

They don't seem to alarmed the address is different, they just want to order an appraisal as their way to verify the correct address, but I believe more importantly they want to appraisal to find the value of our home and possibly turn it down even though it was not required originally. Since the original loan papaers cannot be changed, only verifed for the correct address, I am sure no matter what bank I use this address issue will bite us. What happened is at the time of the original loan they took the address from the survey which gives the street address and township only (and block and lot which should be enough), it does not give the town. So they put the township where it says "town", that is the problem. I knew the township was correct so I didn't think much when I saw it on the line for town.

This small error made a refinance loan that almost could not be denied, deniable. They are looking for a way to deny this loan application and they think they may have found it. Even though the "reason" for the appraisal is only, and only, the address mistake, they no doubt will use any other information it may provide to them. IMO they should only be allowed to use the address information and not the rest against us.

I am going to let them do the appraisal, again since I am sure any bank will see the address issue and order on as well. I just don't want to spend what will be close to $700 is fees to find it gets denied.
__________________
jgln is offline
 
Reply With Quote Quick reply to this message
Old 10-22-2012, 12:22 PM   #13
jmendez29
HBT_LIFETIMESUPPORTER.png
Feedback Score: 0 reviews
 
jmendez29's Avatar
Recipes 
 
Join Date: Nov 2008
Location: Holland, Michigan
Posts: 1,174
Liked 140 Times on 85 Posts
Likes Given: 44

Default

If you're going to get an appraisal at least get your own guy. If you honestly think the bank is looking for a reason to deny your refinance, then it's not so hard to believe that they will hire someone to give them exactly what they want.

__________________

Does that make me an ***hole?

No, that's not what makes you an ***hole.

jmendez29 is offline
 
Reply With Quote Quick reply to this message
Old 10-25-2012, 06:36 PM   #14
Slyko
Registered User
Feedback Score: 0 reviews
Recipes 
 
Join Date: Feb 2012
Location: Roseville, CA
Posts: 173
Liked 8 Times on 8 Posts
Likes Given: 120

Default

You've figured it out all by yourself! They are trying to deny the loan, plain & simple. Don't fight them, you won't win. 1st problem was..................... you went directly to the bank. Walk away. Go somewhere else.

Go to a Mortgage Broker. A reputable one. Get a referral. Someone who gets PAID directly to help you out. Just like anything there are good ones & bad ones. Find a good 1.

P.S. Appraisals are good for 3 months if you've spent $$$$. Make sure YOU get a copy of that item if you've spent for it.

Good Luck.

__________________
Slyko is offline
 
Reply With Quote Quick reply to this message
Old 10-26-2012, 03:00 AM   #15
jgln
Feedback Score: 0 reviews
Recipes 
 
Join Date: May 2008
Location: Southern, NJ
Posts: 3,496
Liked 50 Times on 39 Posts
Likes Given: 2

Default

Quote:
Originally Posted by Slyko View Post
You've figured it out all by yourself! They are trying to deny the loan, plain & simple. Don't fight them, you won't win. 1st problem was..................... you went directly to the bank. Walk away. Go somewhere else.

Go to a Mortgage Broker. A reputable one. Get a referral. Someone who gets PAID directly to help you out. Just like anything there are good ones & bad ones. Find a good 1.

P.S. Appraisals are good for 3 months if you've spent $$$$. Make sure YOU get a copy of that item if you've spent for it.

Good Luck.
Yeah, what was I thinking. I thought they would have wanted to keep my business and it would be easier working with the same bank...but they already got my business at better terms.

I spent 2 mo. on this refinance with them and they already got me $235 into it between the application fee $35 and the second load subordunation agreement so I am going to give it a shot. I have the appraisal set up for tomorrow morning. If it doesn't go at least I should have a decent valuation of our home. I guess the problem is now is that since no matter what lender I go with they will request the original loan papers and see there is an address issues and request an appraisal. Even with the address correction on file with BOA I cannot change the original document.

I swear everyone at BOA is doing backflips to help me make this loan go through except the loan processor, he seems to be doing everything but that. Even the guy who took the application but he apparently has no power in the matter.

The appraisal..what a rip off. First off I have to pay for it even though it is not to provide me with information, only information to BOA that could be used against me. Second, they won't tell me how much I will be charged for it. All I got was an estimate from BOA. It could be more or less, I won't know until after the fact. Third, they won't tell me anything about my home, that is a secret between them and BOA. If I want a copy I must request from BOA. WTF?
__________________
jgln is offline
 
Reply With Quote Quick reply to this message
Old 10-26-2012, 03:47 AM   #16
ReverseApacheMaster
Registered User
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jul 2009
Location: Keller, Texas
Posts: 4,887
Liked 229 Times on 192 Posts

Default

If the bank wants to deny the refi all they have to say is, "no thank you". They are not required to refi your loan.

BOA is just a rotten company to work with in every way imaginable. If it makes you feel better at all, they treat their employees pretty much the same way.

__________________
ReverseApacheMaster is offline
 
Reply With Quote Quick reply to this message
Old 10-26-2012, 04:21 AM   #17
jgln
Feedback Score: 0 reviews
Recipes 
 
Join Date: May 2008
Location: Southern, NJ
Posts: 3,496
Liked 50 Times on 39 Posts
Likes Given: 2

Default

Quote:
Originally Posted by ReverseApacheMaster View Post
If the bank wants to deny the refi all they have to say is, "no thank you". They are not required to refi your loan.

BOA is just a rotten company to work with in every way imaginable. If it makes you feel better at all, they treat their employees pretty much the same way.
Oh, I thought thr HARP program was some kind of government deal with certain banks that wrote bad loans and they had to comply. BTW, we are not a bad loan. We knew exactly what we were getting into and can make the payments, we just figured why not participate if it helps us.

I asked the attourney who went to settlement with us to review the paperwork. One interesting thing he told me was he spends most of his time getting people out of trouble they got into signing papers they did not understand. He also said BOA worst bank to deal with. His advise, as long as we are with BOA don't be late on your payment.
__________________
jgln is offline
 
Reply With Quote Quick reply to this message
Old 10-26-2012, 08:04 PM   #18
Slyko
Registered User
Feedback Score: 0 reviews
Recipes 
 
Join Date: Feb 2012
Location: Roseville, CA
Posts: 173
Liked 8 Times on 8 Posts
Likes Given: 120

Default

$$$$ talks & B.S. walks. Competition is the KEY. If YOU'VE spent $$$$ for anything............. get that anything, subordination agreement, appraisal, whatever. And go to a Mtg. Broker. Don't wait, run.

They've already shown you they know how to B.S. You've said it yourself.......................... they will be better off if they keep your loan as is. You've been making the payments, everything is honky-dory for them. Be careful since they know timing is the issue, they will try to forestall you again to keep the loan as-is. Don't worry about your original loan application, that is B.S. again. They are taking care of them. YOU take care of YOU!

This Bank is giving you B.S. Get you're stuff & GO TO ANOTHER REFERRAL. The clock is ticking.

Don't waste your time with a attorney. BofA has numerous attorneys ON STAFF. They write their own rules and I've seen them tell the Government F.O. in the past.

Do not spend any $$$ for anything until they give you something in writing. IN WRITING is key. You've already been stung....................... now make them perform before you do or spend anything else.

Good luck.

__________________
Slyko is offline
 
Reply With Quote Quick reply to this message
Old 10-27-2012, 02:03 AM   #19
jasonsbeer
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jul 2009
Location: Central Iowa
Posts: 413
Liked 22 Times on 12 Posts
Likes Given: 8

Default

I've always felt there is a special place in Hell for Bankers and child molesters.

People have nailed it...the bank makes the rules. You obey or drown.

__________________

There are a terrible lot of lies going around the world, and the worst of it is half of them are true.

Winston Churchill

jasonsbeer is offline
 
Reply With Quote Quick reply to this message
Old 11-13-2012, 12:21 PM   #20
Vaughan123
Feedback Score: 0 reviews
Recipes 
 
Join Date: Nov 2012
Posts: 6
Default

I don't know how much you're into this already with regards to any in advance side expenses, but you could just discover another financial institution. They are all asking for about the same prices right now, and the prices aren't going to improve much if any in the next few several weeks.

__________________
fitness Rutherford
Vaughan123 is offline
 
Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options
Thread Tools


Similar Threads
Thread Thread Starter Forum Replies Last Post
What a nightmare! Francis Beginners Beer Brewing Forum 20 02-22-2012 07:12 PM
Home brew Delivery nightmare venquessa Beginners Beer Brewing Forum 8 01-18-2012 01:03 PM
Home brew nightmare..... tallpaul07 Beginners Beer Brewing Forum 12 02-23-2011 11:57 AM
Nightmare, could use some help. queuetue Beginners Beer Brewing Forum 10 06-02-2009 10:21 PM
Time to refinance! menschmaschine General Chit Chat 13 12-19-2008 12:55 AM