mortgage vent... UPDATE A LITTLE DOWN THE PAGE

i did not know that mid-way through the process, the lender had the right to change what kind of financing they were going to offer!!!!!!!!



we were $20/week short on their income to expense ratio!!!!!!!!!!!



so they changed the financing on us, WITHOUT TELLING ME!!!!!!!!!!!!!!!!

in the life of the loan this means that we would pay and extra $100,000 for our house

for $20?????!!!!!!!!!!

this throws a BIG monkey wrench into our ability to buy our house!!!!!!!!!!!

Message edited 3/14/2007 11:54:42 AM.

Re: mortgage vent

I had no idea they could do that. That's ridiculous!!!!

Re: mortgage vent

Re: mortgage vent

Is there anyway one of you might be able to get a part time job to show higher income??

Re: mortgage vent

UPDATE: the mortgage lady called me at work.

it's not $20/week

it's $20/MONTH!!!!!!!!!!!!!!!!!!!!

yes, you read right. we are $20/month short.

UPDATE CONTINUES: she goes on to tell me that her supervisor FORGOT to hand her some of our paperwork... she hadn't counted the child-support i receive for my son

and then people wonder why i'm going crazy.

she said she will "re-work" the numbers. we SHOULD now qualify for the original loan.



if i don't die of a heart attack/stroke in 2007 it will be a miracle!!!

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

Hang in there. It will all be over soon!

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

OMG...I have a pit in my stomach for you!
I hope when she reworks the numbers everything will be in your favor...

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

I would be telling her I was taking my business elsewhere. What kind of crap is that?

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

I hope she works something out - if not - is there anyway that you can put a little extra down to make up the small amount?

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

wow thats insane! they better work something out!!!!!

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

the mortgage industry is going thru a VERY bad time right now- VERY bad

20 banks went out of business, more are going too- all banks are changing their requirments and yes they can do it - up until you close

it sucks- sorry you are being affected by it- my husband has many customers affected by the new changes and he is trying to fix them all- but they are seriously changing the requirments for loans over night-

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

I work for countrywide and agree with Beth. The mortgage industry is going through a rough time right now. They can change the program based on what they feel best suits your income, but they should have notified you first to make sure you want to continue with the loan.

The mortgage industry has hit a rough spot lately b/c people cannot afford the houses that are out there, especially on Long Island, and a lot more houses that usual are going into foreclosure and people are defaulting on their loan payments. I see it all the time at work.

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

When they changed terms on me at closing ( I wanted to walk out but was scared to lose th house, fortunately we had a good lawyer who told us what to do) I filed a complaint with NYS- the bank re-did my closing at the original terms and paid all fees. Of course they asked me to withdraw the complaint which I did after everything went how it was supposed to the 2nd time!

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

I'm so sorry you are caught up in the turmoil. I have 2 good friends who are mortgage brokers and they are taking the heat for a lot of loan requirements that are literally changing overnight

Since they forgot to add in the child support it is likely that you can still qualify for the original loan they offered. But just know that they can change the terms up until you close

Re: mortgage vent... UPDATE A LITTLE DOWN THE PAGE

how annoying, I'm so happy in worked out in the end though. Best of Luck and keep us posted!!