Lender can stick it where the............!!!!!!

[moneytree]

Our 'awesome' lender can't make a phone call to us, but responds in this tone. NOW SHE TELLS ME that the rate could change. She's something else!!!! Total waste of everyone's time. We've always been open to 'whatever happens, happens', but I am not going to throw $500 in the air because she's been burned too many times. We were serious about the house from day one, then last week she gives us great news, and since then she's been dragging us down a little bit every 'business' day (letting us wonder over the weekend what the hell she was talking about) and then this today. Here's to you lender:

And what is the deal w/ you need to bring $5100 to close, when we told her we want all closing costs in the loan. This is where we are very annoyed w/ our lender. We just filed BK! Who has $5100 laying around.

I know you will all say it's GREAT news that we've went through this and see what a joke it is to get a mortgage right out of BK. I've known that all along, but have been trying to make it work. Grrr...I am so annoyed w/ this gal!

here's the email that has ticked me off for the last time:

On a loan that I am in full control of like a VA loan, I can personally approve and know it will close, getting a deposit isn’t as big a deal. Unfortunately, I have no control over a loan that has to be brokered such as yours, and the Lender can at any time come up with a condition that you can’t meet and if you don’t have the money to pay for the appraisal or chose not to honor that commitment, I personally get to pay for any appraisal I ordered that was completed when we don’t have a deposit. I just don’t go there any more as I’ve paid for too many appraisals personally in the past.

You won’t have full loan commitment until they have received all supporting documents including the appraisal.

The rates right now are as follows:
1st mortgage 8.700%
2nd mortgage 13.600%

NOTE: on a non-conforming loan, they can increase the rate if they feel there is added risk so the rates are not cast in concrete at this time.

See answers to your questions below….

The appraisal money is cashed and applied to your closing. In the event that your loan does not close and the appraisal is completed, then you are paying for it. So, yes, it would be money spent that you would not get back.

Can you at least fax over the 2006 W-2 ( or scan & e-mail) and year-to-date paystub along with the bank statement so the file can get submitted? I would like to see full loan commitment so we can order the appraisal.
****

*Will you be receiving a FULL LOAN COMMITMENT today/tomorrow based on the info faxed today? I CAN NOT TELL YOU WHAT DATE THEY WILL PROVIDE YOU WITH FULL LOAN COMMITMENT – I CAN TELL YOU IT WON’T BE UNTIL THEY HAVE REVIEWED THE APPRAISAL AS WELL.

*Appraisal $ will get sent at the end of this week. LENDING IS RISK BASED PRICED AND YOU ARE CHARGED ACCORDINGLY – NOT WAITING 2 YEARS AFTER THE DISCHARGE OF THE BANKRUPTCY, 100% FINANCING, (VA GUARANTEES THE LOAN), ETC.

*How much of our $1000 will we be getting back upon closing? We will not have to pay anything at the time of closing, correct? NONE – YOU NEED TO BRING FUNDS TO CLOSE – PLEASE REVIEW THE GOOD FAITH ESTIMATES THAT I PROVIDED – YOU WILL NEED TO BRING THE FOLLOWING ESTIMATED FUNDS:
1ST MORTGAGE $9308.25
2ND MORTGAGE $1824.82
TOTAL FUNDS $11,133.07
LESS EARNEST MONEY -$1,000
LESS SELLER CREDIT -$4950

FUNDS NEEDED TO CLOSE $5,183.07
*Are all closing costs figured out exactly? You mentioned we owe $6K. What is the exact loan amount? I've read $261K and $271K. THE NUMBERS PROVIDED ARE OUR BEST ESTIMATE AT THIS TIME – WE WILL HAVE ACTUAL NUMBESR AS WE RECEIVED QUOTES FROM TITLE & ESCROW, INSURANCE, ETC. YOUR 1ST MORTGAGE IS 80% OF THE PURCHASE PRICE OR $207,960 AND YOUR 2ND IS 20% OF THE PURCHASE PRICE OR $51,990.

[spongenotbob]

1ST MORTGAGE $9308.25

2ND MORTGAGE $1824.82

TOTAL FUNDS $11,133.07

LESS EARNEST MONEY -$1,000

LESS SELLER CREDIT -$4950

FUNDS NEEDED TO CLOSE $5,183.07

Are you saying she wants $11K for closing costs?!?! THAT is completely outrageous and you should walk.

Or does that 11K include a down-payment?

Best,
spongenotbob

[moneytree]

haha

I wish I could tell you what she wants. We've been very clear w/ her that we need the closing costs included into the loan. Basically what she's asking is that we need to take a loan from a 401K or an IRA for $5100, because she's known we are right out of BK. DUH...if we had $, the trustee would have it.

I guess she is saying that it's over $11K in closing costs. We were always told to figure 3%, so we've expected around $7500, but have actually been told maybe around $6500. Then the builder wanted to cushion the sale of the 2 homes, so our original $250K offer to US quickly changed to $259,950, but we (and my parents who bought the same house) countered back at $255. So the builder then decided to write in $4950 in closing costs into the loan, but the house is still $255. So we expected a loan amt. to be around $262. But w/ $11K in closing costs, that's where I was seeing $271 in the loan. It's hidden fees. She's never discussed points or anything w/ us. We haven't had a chance to ask. She's been hiding behind email today.

I feel like asking her if 'funds needed to close' is broker lingo for 'you can include it in the loan'. She knew from day 1 that we needed our $1000 dep. back and she's promised that. Now she says we won't get it back.

Well, we haven't signed the earnest money at risk letter yet with the builder, so we can walk and get our $1000 back at least. We also might try another lender. Not sure if it's worth the trouble though.

[MTG_BANKER_OH]

I wish I could tell you what she wants. We've been very clear w/ her that we need the closing costs included into the loan. Basically what she's asking is that we need to take a loan from a 401K or an IRA for $5100, because she's known we are right out of BK. DUH...if we had $, the trustee would have it.

I guess she is saying that it's over $11K in closing costs. We were always told to figure 3%, so we've expected around $7500, but have actually been told maybe around $6500. Then the builder wanted to cushion the sale of the 2 homes, so our original $250K offer to US quickly changed to $259,950, but we (and my parents who bought the same house) countered back at $255. So the builder then decided to write in $4950 in closing costs into the loan, but the house is still $255. So we expected a loan amt. to be around $262. But w/ $11K in closing costs, that's where I was seeing $271 in the loan. It's hidden fees. She's never discussed points or anything w/ us. We haven't had a chance to ask. She's been hiding behind email today.

I feel like asking her if 'funds needed to close' is broker lingo for 'you can include it in the loan'. She knew from day 1 that we needed our $1000 dep. back and she's promised that. Now she says we won't get it back.

Well, we haven't signed the earnest money at risk letter yet with the builder, so we can walk and get our $1000 back at least. We also might try another lender. Not sure if it's worth the trouble though.

You should keep looking for another lender. Can you post your Good FAith Estimate here? Depending on your state the fees can be normal for where you live. You can not typically include closing costs into your loan, but many times it comes down to a negotiation with the seller on the price and the closing costs, sometimes you pay a little more for the price to get extra closing costs if the appriasal will warrant that.

[tradewiz50]

Your right out of a bankruptcy so your sub-prime pickings baby! Good luck your gonna need it. Lenders won't roll those closing costs in the loan.