phound asked:


Should I work with 2 different individuals like a real estate agent and then a loan officer? I can see how one person w/ too much knowledge could be sticking me.
I am a first time home buyer so I am new to this.
Currently I am working with an individual who is both, a realtor and loan officer what are the disadvantages?
This is off topic but I am an Atheist, Anita. Please dont bring your religion into this and force it upon a completely unrelated topic. Loans have nothing to do with a god.

BOBBIE

Martin A asked:


One week after our closing date, the Underwriters rejected my loan due to “The value of the home is too much for the area, and there aren’t any comparable homes in the area.”. My Real-estate agent, Mortgage Broker, and the Appraiser all said “that is discrimination based on geographical location” and we have a law suit. This would have been my first home (as of 9/28/07) but they ‘pushed’ the date back to 10/02/07, and at 5:15 PM they told my mortgage broker that the loan was rejected, and they knew since 11:30 am that morning. My apartment lease was over on 9/30/07, so now, my wife and 2 daughters, are homeless; staying at a friends apartment until this gets resolved. The Underwriters pulled our (applicants) credit 3 more times, drastically reducing our credit, which in turn is making us come $5k out of pocket through a different Underwriter. Please, someone tell me i have a case.. We have already invested $2k into inspections, appraisal, etc, and would hate for it to be for nothing.
The house appraised @ $194,600.00 with the purchase price set at $166,600.00. There were 2 appraisals done; One i paid for, which lists 6 comparable homes, and the other that the Underwriters had done, listing 4 comparable homes. All homes in the area are from $130k to $200k. Which is why i am so frustrated as why they would say that. It makes NO sense.
Just in case anyone was thinking that they might have reasonable doubt that i would default on my loan…

I have a 30 yr fixed @ 6%, so the problem with the thousands of people that defaulted on their variable rate loan shouldn’t effect me what so ever. Those thousands of people are all moron’s for letting it happen to them. They should have either;
1- Refinanced into a fixed rate
2- Sold the house BEFORE they defaulted. It is very easy to find out what your payment is going to be 1, 2, 5 years down the road, even with a variable rate loan. Their fault for not planning ahead.

I make enough to pay 2x the mortgage payment, and have been @ the same job for 4 years now (only 21 yrs old). That’s not including my wife’s income, who makes almost twice more than me.

RAY

1twin4u asked:


My x-fiance and I have been seperated for approx 1 1/2 yrs, were together for 13 years. I have been the mother to his biological child since his birth , he is now 13 – I was also a surrogate mother ( to try and put him myself my daughter and his son in to a home ) we did get into a lease option but it went bad and we lost out on everything. HIs mother then told us she would put money down on home for us – We went looking for a home I picked out ( to this day I have the home loan agent and real estate agent – whom will acknowledge home was for us ) During our relationship we also took in a child ( his brothers wife’s sisters kid – he was 4 1/2 mnths ) when my x had us leave home – we left with nothing ( no money from home at all ) so it was my biological daughter and the baby was about 1 year. I now have legal guardinship of him – and he does think to this day that my x is his father.
Okay so here is what I have to ask ….during this time that we have been paying mortgage on home his mother of course has been claiming with the IRS that she has been living there ( collecting the taxes at the end of the year ) He has also to this day been keeping my name on the PG&E because he recieves a discount.
When we first got home we made a verbal agreement with eachother that if we split ….. he would give at least $7500.00 to me to start over again. Well of course that never happened, and he threatned me if I ever did anything to get his mother in trouble I would be in for it . So how could I go about this legally maybe with a letter first that if I dont get – I will contact IRS.
I dont mean to sound hateful but I have given soooo much time I was the bread winner – making sure mortgage paid he only had to pay utilities. I always made sure kids had the best of everything, helped out my family his family our friends. Now I have nothing I cant work because the little one I have soome issues. But I dont regret thing I love allmy children the same . I will admit yes I am hurt that after 1 year of dating he is getting married – she has been a stripper for 15 years ( fake everything ) the previous occupation just had was talking to men over the phone about their sexual fantasies…. no matter what it is kids, animals, and so forth. That just disgusts me !!!
Please let me know if anyone knows anything – he already has a friend to buy the home .
**** I DONT NEED A HOME LOAN *****
what I am trying to find out is ……Dont I have any legal right ? Shouldnt he at least keep the verbal agreement, He knows his mother will be in big trouble with IRS if I say anything. So can’t I just go to a paralegal and see if they can type up some type of letter to him first – hoping that he would be willing to settle without having to go through whole legal battle. I am sure there is something, please help. Thank you !!

STACY