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Old    B.C.P...........Mike (wakeeater2003)      Join Date: Mar 2004       02-22-2010, 7:29 PM Reply   
Dam I think they are going to want our first born male child the way things are going. We have a perfect credit don't owe on anything (car included) except our town house which we have over twenty percent equity and we are going to rent out. WE R putting twenty percent down with plenty left in the bank. And they are still giving me a crazy hard time.
The house is set to close next week and I guess they did one last credit check. My wifes credit score they said dropped a bunch because we openned up a joint american express account and they said the balance is too high (the balance is not even a quarter of the cards limit). So they were going to doc us a quarter of a point which is like 1700 bucks so now I am scrambling calling the credit card company to pay off the balance. And even with doing that they said the credit might not clean up in time for us not to have to pay the 1700. It is just crazy I have plenty cash and they are bitching about this. O well just had to vent!
Old    Barry Waste (barry)      Join Date: Apr 2002       02-22-2010, 8:13 PM Reply   
Yeah, while you're being considered for a real estate loan it's always a bad idea to do anything with your credit unless they request it.
They get weird about it.
Old    B.C.P...........Mike (wakeeater2003)      Join Date: Mar 2004       02-22-2010, 8:50 PM Reply   
THat is what is funny I asked my Loan Officer if there was going to be problem with that account and she said no. The only reason I opened a new account is my old credit card said that I had maxed out the amount of points I could get in a year. Neither of us have ever had a balance on card and we make good money. It is crazy how the credit crisis has caused the people that are responsible to get screwed!
Old    Barry Waste (barry)      Join Date: Apr 2002       02-23-2010, 12:03 AM Reply   
There are all sorts of 'products' available for people who can barely afford a loan, or people with poor credit... Nothing available for responsible, sensible people with their monetary affairs in order.
They keep on rewarding failure.
Old    jimmy z (strife)      Join Date: Feb 2010       02-23-2010, 7:12 AM Reply   
Hi, I just got a loan a month ago. Both me and my wife make a pretty good salary and have credit scores over 700. We had no problems at all (Wells Fargo) in fact, they approved my loan within a couple of hours. I only had to send them my W2's and last pay stubs. I also have a mortgage through Wells Fargo.
Old    Mark Anderson (puckinshat)      Join Date: Sep 2003       02-23-2010, 7:52 AM Reply   
That is BS! Why did they do one last credit check? They should have pulled a credit report at the time of the app and then been done with it. Ask for a copy of your credit report that they pulled and a detailed explanation to why they re-pulled. Don't bother paying off AMEX. Their reporting takes 30 days. The only way to fight this and close on time is to get them to eat the $1700 because they screwed up. Send me a PM if you want more specifics. I have been in the loan world (on both sides) for a long time.

Jimmy, glad you had a good experience at Wells. I can honestly say you are the first I've heard say that. I get unhappy customers coming from Wells all the time as well as know numerous people who work at their mortgage HQ and they are the first to admit their service is horrid.
Old    David Clements (dcdave56)      Join Date: Jun 2008       02-23-2010, 8:58 AM Reply   
Actually, it just kind of sounds like the old days of getting a home loan. I went through all kinds of drama back in 1999 when I got my first home loan, the next two where a joke, things are just going back to the way they used to be...
Old    B.C.P...........Mike (wakeeater2003)      Join Date: Mar 2004       02-23-2010, 9:35 AM Reply   
Well I paid off the AMEX and they sent a letter statiing it was paid off. This is supposed to solve the problem but I won't know until tommorrow for sure. Just a complete pain in the butt. I can't wait until everything is signed and I can buy a washer, dryer, and bed without being critized.
Old    Manzo (zo1)      Join Date: Aug 2002       02-23-2010, 9:39 AM Reply   
Yea, I went through the same thing last year. They were a pita with us trying to buy our new house without selling the old, throw the lake house into the mix and they were freaking out. 15 mths later, not a single issue and they are being a pita in the refi arena.
Old    C.I.E..... Evan (guido)      Join Date: Jul 2002       02-23-2010, 10:45 AM Reply   
Good luck Mike. We did the same thing last year. Not sure if it's a California deal or not. I know our banks are absolutely realing from the backlash of foreclosures right now.

They don't seem to want to loan at all.

We ended up doing alright. 20% down, credit scores over 700, but they wanted complete docs. Including bank records that went back months to show balances.

We actually refied after we got in and got the rate down 1 point. That process was much easier, but interesting to see that the appraised value had dropped over $100k from the time we bought to the time we re-fied (8 months-ish). Things are all over the place right now, but I still think it's a great time to buy.

Now, if only we could find a way to get our rental house re-fied. The cards are stacked against that one.

Where are you guys moving to?
Old    B.C.P...........Mike (wakeeater2003)      Join Date: Mar 2004       02-23-2010, 11:30 AM Reply   
Evan we are are moving about a mile from where we live now. It is new construction in dublin right off fallon exit. It is called Maranello. The house we got is 3400 square feet so we have plenty of room to grow and it has a huge bonus gameroom which works for me. It has small back yard but we go to the lake almost everyweekend anyway.
We kept the townhouse and already have it rented out.
The reason I am having this mess is they say my wifes credit score dropped below 740. What a bunch of crap! They requested all the same paperwork from me as well (with bank records going back many months). O well in a week it will all be worth it.
One thing that is nice is because it was new construction we got to pick everything out. So it is cool because we got exactly what we wanted.
Old    RileyBangerter (steezyshots)      Join Date: Feb 2008       02-23-2010, 11:55 AM Reply   
If you're underwater on your house look into hedge funds buying up the balances. That's the new thing and it has worked for some people i know on their primary and rentals
Old    B Fitz (jdrcrew8)      Join Date: Jun 2005       02-23-2010, 12:07 PM Reply   
Riley - what is this you are talking about??

We bought this summer, had to jump through hoops & sign in blood to get the deal done. Again, great credit, down pymt, no credit card debt, etc. It was BofA and only got moving once I called the office of the CEO in North Carolina to complain. They sent out an email and what was stalled for a week was suddenly priority one for everyone.

We rented our townhouse so now we are coming to the end of that year lease. It won't support the level of rent we are currently getting (bro-in-law & friends with no credit, couldn't go anywhere else) so we need to refinance it or dump it and take the huge financial hit.

So back to the original question Riley. This is the first I've heard of anything like this. Do you have any details or can you point me any direction so I can look into it? Thanks in advance.
Old    Ozark King (onthewatermo)      Join Date: Jan 2008       02-23-2010, 12:17 PM Reply   
"plenty of room to grow"...Ah, that's right, its legal out there.
Old    C.I.E..... Evan (guido)      Join Date: Jul 2002       02-23-2010, 12:22 PM Reply   
Cool Mike, Is that the neighborhood that is up the hill toward Castro Valley? I haven't been up there yet. I've been wanting to check it out.

Good call on the yard. Our new place has a ton of trees and almost a third of an acre. It's rediculous. We're the same as you guys. We're almost always in Tahoe or Discovery Bay on the weekends. Taking care of the yard is the last thing I want to worry about. I told my wife that I want a gardener for christmas next year. I keep telling myself that it'll be great when we have kids. Ha, ha.

Riley, interesting. I know there have got to be people out there standing to make a fortune off the mortgage (or lack there-of) industry right now.
Old    C.I.E..... Evan (guido)      Join Date: Jul 2002       02-23-2010, 12:24 PM Reply   
Hmmm, or is Fallon the exit between Hopyard and Airway? We looked at a place up there when we were house hunting. I liked that area a lot, too. I didn't want to make my commute any longer, though (Walnut Creek).
Old    M-Dizzle (liquidmx)      Join Date: Jun 2005       02-23-2010, 12:27 PM Reply   
Right now there are a few fund managers that are buying up and renting or flipping distressed properties. Specifically in areas that have been hit extremely hard like detroit. They are buying houses for anywhere between $4,000 and $200,000. The last meeting I went to they were looking at around an 86% return rate in the first year! The tough part is its for a specific group of investors with Cash ready to invest and let it sit for several years.
Old    RileyBangerter (steezyshots)      Join Date: Feb 2008       02-23-2010, 12:33 PM Reply   
There are some hedge funds out there buying up loans that are bigger than the property value I think you have to be at lease 24% upside down, they then get the bank to lower your principal limit and you have a new loan at the lower value.

That's the quick version. I have a friend doing it, i don't know much else about it.

See what google brings up when you search for it.
Old    RileyBangerter (steezyshots)      Join Date: Feb 2008       02-23-2010, 12:34 PM Reply   
I will ask him about the company.
Old    B.C.P...........Mike (wakeeater2003)      Join Date: Mar 2004       02-23-2010, 12:48 PM Reply   
Evan,
It is funny you say that about having a shorter commute. One of the reasons that we bought in dublin instead of Danville was that it is in between san Leandro (work) and Tulloch. If we moved to Danville it would be a longer commute. Plus this house would have cost probably 200k more in danville. Eventually I would like to end up in Danville but we are looking at staying in the new house for 10 years or so.
It will be so nice to be out of the town house. I want to get a poker night together once we get the house situated. I got some crazy ideas for the bonus room!

Andy,
I am a conservative republican there won't be anything like that growing near my residence.
Old    RileyBangerter (steezyshots)      Join Date: Feb 2008       02-24-2010, 8:59 AM Reply   
Here is the hedge fund.

The Guardian Group Fund
307 87th Street, Second Floor
Daly City, Ca 94015
Old    C.I.E..... Evan (guido)      Join Date: Jul 2002       02-24-2010, 11:10 AM Reply   
Yeah, for me, the commute was king. I love my 10 minute cruise to work. When it's nice out I have the option to ride my bike.

I'm a bit further from the Delta, but 20 mins closer to tahoe.

Either way, we're planning on staying in our current house basically forever. It would have been nice to get someplace newer, but we essentially bought the property.

Enjoy the new place. I'm sure it'll be great not sharing walls. Take some pics once you get moved in and get the game room going.
Old    B.C.P...........Mike (wakeeater2003)      Join Date: Mar 2004       02-25-2010, 12:45 PM Reply   
Well the updated credit just came back. And after paying off the American Express early we are ok and don't have to pay the extra $1700. What a pain but I just got back from stopping by the house and it is going to be pretty freakin awsome once this is all done!

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