AboutJoe Almirantearena Expertise I can provide all the mortgage information you need to make an informed decision about obtaining a mortgage in California.
Experience I've been working in the Mortgage industry for ten years, helping people throughout California, with all types of credit, employment, and rental histories, secure home financing for purchase and refinance. I have dedicated my website to provide FREE mortgage and real estate information to California residents. Visit http://www.findmyloanonline.com Publications Fresno Famous
Education/Credentials California Department of Real Estate
Question This is for a cash out refi to pay off unsecured loans. Well, I've been duped. Im extremely frustrated. I put most of my money on building my home. I took out a few small unsecured loans to do the rest. All but the exterior. The deed to the land was not even recorded because it was my parents land, they had given it to me, but just never gotten around to recording it. So the interest rates starting going higher and higher on what little loans i did have so i called the mortgage company. I told them EVERYTHING, the loan officer said no problem, we will get the title company to roll everything in it so you dont have to pay to record the title twice. I felt a little better if i just went ahead and recorded the land at least, as the house was not finished. I called the loan officer the day AFTER we finished the deed and told him i got the deed done. He took my $400 ish dollars for the fee and apraisal. The apraiser came out within a few days. I never heard from them again until a WEEK before closing. And "I" called "Them"! I asked them if they for sure had everything because i had never been asked for any info w2's ect. they said they had everything and were waiting on underwriting. well, then she said, no send me w2's paystub and insurance info, i sent it that day, (yesterday) I also told her i just saw they sent paperwork of a rider of 6 months, and asked her if that applied to me because i had already told them all my info, she said she would check with underwriting and see if they could redo my loan a different way. They wrote her back today and said: The borrower has to have owned the property for six months from the date of the deed to loan application date for cash out refi. There are no exceptions. The borrowers will have to wait until they have owned the property for 6 months.
Now, we were told to finish the house before closing and we spent TONS of money, thousands, as we BRICKED our home. we are a few days from finishing it, and were out all that money that we would have WAITING otherwise. We are now deeper in debt, for the fault of the mortgage company. I dont know what to do now? we were counting on that money because the payment would be cut down a thousand dollars a month. I guess the people that try to do right get the shaft. Now the interests rates are high, and the banks that dont have the 6 month rider want tons of money to get my 4.875% interest rate. I think this is a shame considering we were told nothing and that we were ok ect. and mostly out all that money for a loan that didnt happen? Do we have any recourse? or any other way they can re-write the loan?
Answer Hi Chrystal,
The fact is our industry is going through huge changes at the moment. Lenders are implementing new policies and altering guidelines substantially. If you want to be angry at your mortgage person, that's fine, but the changes that are being implemented are coming from the industry as a whole, and the mortgage professionals are informed after the changes have taken effect.
The ones to blame are all of those folks you know that decided to buy a home a several years ago, they could not afford, expecting the values to increase forever. When the market turned they could not afford their homes, and they could not refinance, so they decided to let their homes go into foreclosure. The amount of foreclosures in America is at such a huge level, that all the lending institutions that remain in business are adapting to the new market, and adopting new, stricter lending guidelines. Your situation is a consequence of the changing guidelines. Your mortgage person probably learned about the 6 month seasoning requirement for the first time when they heard back from the lender. If I were you, I would contact another mortgage company and try a fresh start. Let them know about how long the deed has been in your name, and see if they can offer you home loan that works. It's possible that a lender that works with non-Fannie/Freddie portfolios, may be able to help you. Good Luck!
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
