I hate banks/lending institutions!

[jsantapau]

In my mind this is just ridiculous!

For 13 years my wife and I was paying off our mortgage diligently, bought and paid off 2 cars all other bills where met efficiently.
We had to relocate due to some family health issues so we sold the house about a year ago and moved.

Paid off all debts-slate is zero-saved our money and are looking for a new house. I have two marks against my credit. One is a a medical bill that should be a workmans comp issue that I have tried numerous times to straighten out over a couple of years AND this one is a doozy I used to pay electronic bill pay ,well when the house was sold, and I was closing all banks account and settling debts. The credit card company I owed money too and the bank I used to send them the money couldn't/wouldn't help me close the accounts out to the perfect balance of zero. so I paid off the credit card company in full made sure the account was zeroed, then closed the bank account out to move. The credit card sends a bill of zero the bank tries to pay zero with insufficient funds from a nonexistent account :bang:
well anyway back to trying to buy a house well my credit is not picture perfect because of these two things and I am thinking it shouldn't be too hard to straighten this crap out and buy a house. Now I don't have a lot of money for a down payment and we arent setting the world on fire with our salaries and I am preparing myself for what I will have to do.
Know why I got shot down for a mortgage? it is because I don't have a credit rating except for those two marks because I don't owe anybody money?!?!?!?!?!?

 

[Patman]

Yup lots of people hate the banks right now. The good people which you seem to be for the most part and of course those that tried to take advantage of the system. Since there are new rules of engagement you are sort of getting caught in the middle. Best thing I can suggest is take advantage of one of the lenders for an existing distressed property. The fools that bought a $400,000 place knowing full well their part time day care / part time Starbucks gigs wouldn't even come close will be getting the smack down from the same bankers that are being difficult with you. Another option might be a credit union, they have typically been a little easier to deal with in these times because they didn't walk so far out on the ledge.

 

[plynn41]

Hey Fella,
I sell real estate and so I work with lots of people trying to get credit to buy a house. I recommend you go to another bank, because what I'm hearing from your story doesn't add up. Your positive credit rating doesn't simply disappear when you pay off your debts. There is a difference between banks and lenders--don't trust the word of just one.
Having said that, it would have been better for your credit rating to have kept the 0 balance accounts open, but you probably know that now. Also, the negative credit marks you wrote about are easily fixed, but it will probably take one to two months for the improvement to show up on your FICA score. It's best to get a smart loan officer's advice on how to do this.
My best advice to you is to find a good realtor (the ones who are full time and haven't had to get a side job in this economy), and ask their advice on what local lenders to talk to. Trust me, the realtor will know which lenders to go to and which ones to avoid.
Good luck,
Lynn

 

[jsantapau]

well if they told me I don't make enough money,haven't been at my job long enough or even that they don't like the looks of me and I got bad breath I don't care because there is a real reason with a realistic solution.

just to clarify, I do actually have a credit rating, but they say mine wasn't good enough because I don't owe money . I think it was 680 or something but here is a real kicker, my wife, who makes more money than me, who uses a credit card and pays it off, whose name was on all of our major bills as husband and wife, joint ownership, has a lower credit rating than me.650 or something. so having a rotating credit open doesn't really mean anything because she doesn't have the marks that I have?!?

besides the double standard that I see with this particular company's explanation to me is , why if one of us runs up a bill and then dies the other one would get stuck with it..... or if one of saves like a shrew and the other runs up bills and we get a divorce both would be split down the middle but we are not considered a joint entity when it come to a mortgage?

I definately think it is this one company/person I talked to/ that is pulling my leg because of the split tongue technique he used and I guess I shoulda limited my flame to just him but...... I guess the whole electronic bill transfer snafu lumped them all together in my mind

 

[DEANSFASTWAY]

Try to get qualified at another bank thats an FHA house. If Your DTI (debt to income) ratio is good then credit of 680 should get you a 3% down deal. In some states the seller can give you a seller concession to help with closing costs. Sometimes its bad to pay off and close old debts , Ive seen clients that have paid off old collections or delinquent accounts that hadnt reported lose 100 points or so because they activated a dead account and although paid it, it reported and drug them down. Sometimes its good to use cards only for neccessities like gas and stuff. maybe try a good credit counselor I know some good ones but Im in NJ dont know where you are ... GoodLuck

 

[jsantapau]

hey Dean , Remember me? I Use to work at Hamilton Yamaha . I live just outside Jacksonville, Florida now. Well my Debt to income ratio I guess is zero since I don't owe anybody anything. The part that bugs me was the lousy explanation of why I don't qualify, Basicly it sounds to me that my wife has a lousy credit rating because she uses a credit card,while I have a lousy one because I don't?

MAybe it's just a Florida thing, I was told when I was looking for a job that relocated people have difficulty finding a job here because too many people think that Florida is some type of Utopia and when they realize that it is not, they head back to where they came from. Maybe it's the same thing with a Mortgage?

 

[DEANSFASTWAY]

yeah bud i still have that old YZ shock here, try to find two or three lenders locally that will qualify you .

 

[jsantapau]

Dean, if the shock is doing nothing but collecting dust, You can 86 it or fleabay it, if you got time on it and want to finish it , email me a price with shipping and I will take care of it. jsantapau at hotmail dot com oops forgot about that when I moved sorry. I hope you dont charge me storage :yikes:

 

[FatBiker]

Do you know who invented banking? Look it up. They control all money. :|

 

[Patman]

Why would a specific group have more control? Is it their fault? Anybody that lets things happen is the one at fault.

Well here's an interesting little tidbit. Did you know you can be your own banker? Yes control your own money. Check out something I've been working on for well over a decade and will continue to keep at for the rest of my life. The Infinate Banking Concept might not be for everyone but anyone can do it. Nelson Nash is a pretty amazing old dude that I have met personally and he's plenty sharp but can explain the concept in very basic terms. Check it out, maybe it is something that you want to do, maybe not but it will give you the chance to control more of your finances.

Not intended as spam but as food for thought to all those that are fed up with the way things have always been.

 

[Solid State]

My best advice to you is to find a good realtor
Lynn

Since this is the Flame Board - No such thing as a good realtor IMO!!

Sorry - you sound like a good person and you want to help the poster so nothing personal. But 6% of hundreds of thousands of dollars for what?? I sold my house with 50 cents worth of balloons tied to a stop sign - and for full asking price. And this after 3 separate realtors told me I was asking at least 35K too much!!! Shameful. The only thing worse IMO is the buyer-broker concept. What a rip.

 

[Patman]

I've been quite happy with the few realitors we have had dealings with. Might just be a luck of the draw or perhaps a local issue? Not all charge 6% especially in this market and not everyone has the time or knowledge to deal with the in's and out's of the transaction. I've seen what a good realitor actually does and I have no issue paying them 4-5% if they are doing everything they need to. In a down market you can even get them down to the 2-4% range depending on the broker.

 

[truespode]

SNo such thing as a good realtor IMO!

I just sold my house in SC and had a GREAT Realtor. She was constantly in contact with me and if an issue came up she was on top of it.

For me, having a Realtor that returns e-mail within 24-48 hours and returns phone calls the same day was awesome. Her knowing her stuff and able to market my house to the right buyer made all the difference.

In this economy, making a double digit profit makes me pretty happy :)

Ivan

 

[Patman]

I think like most any service provider there are good & bad. In my experience typically but not always looking for the cheapest of anything will usually get you one of the bottom feeders.

 

[plynn41]

Since this is the Flame Board - No such thing as a good realtor IMO!!

Sorry - you sound like a good person and you want to help the poster so nothing personal. But 6% of hundreds of thousands of dollars for what?? I sold my house with 50 cents worth of balloons tied to a stop sign - and for full asking price. And this after 3 separate realtors told me I was asking at least 35K too much!!! Shameful. The only thing worse IMO is the buyer-broker concept. What a rip.

Congratulations on selling your house so easily. But your story is exceptional. The overwhelming majority of FSBO attempts are unsuccessful.

 

[FatBiker]

[Mod Edit]

Take your anti semitic conspiracy theories somewhere else. You've used up all the tolerance we're willing to extend to you.

This is a DIRT BIKE site, but it appears a lot of you can't grasp that concept.


[end edit]

 

[jsantapau]

I think like most any service provider there are good & bad. In my experience typically but not always looking for the cheapest of anything will usually get you one of the bottom feeders.

yes, there is an old saying that good work ain't cheap and cheap work ain't good. Not that you can't find a good deal or pay too much for shoddy work.

must say I am happy with my realtor that I have, gave him a kinda hard thing to work with. (my salary is pretty limited). My biggest complaint was the double talk I got from trying to shop for mortgages. My credit isn't good enough because I don't have credit card and yet my wife's credit isn't that good because she does have a credit card?

Well things are looking up for me since I hope to close on a nice house that my family loves on June 25..... but I am still flustered that we really did'nt get a mortgage until I got a credit card and spent money on it and paid off my wife's.. so now I am in debt on a card and she isn't this time :bang:

I am not big on hi finances and I guess I am not that street smart but for the life of me I can't figure out that if the house is going to be in both my wife's and my name how is it no good if she is in debt and I am not compared to me being in debt and she's not? and I am only talking about a couple of hundred bucks that I am (against my better thought of not paying interest) stringing out just so I can say yes I have a credit card can I have a mortgage now?

 

[ellandoh]

is that chinese 'rithmetic or fuzzy math? :whoa:

 

[Solid State]

Congratulations on selling your house so easily. But your story is exceptional. The overwhelming majority of FSBO attempts are unsuccessful.

Well I figured I'd have to 'splain myself. Ever go to a car or bike dealership and just be totally insulted because you knew more about what they were selling then they did? Of course you have. How can this not be true with the very house you live in? It's not that there are no good realtors, its that (for me) they serve no purpose whatsoever.

Now I can see if you live out of state or its a rental, but 6% of the selling price??? Come on man. If they need to exist, then it should be an hourly fee. A CPFF contract (cost plus fixed fee). That is, you pay their cost to market your house plus a % of their cost to do that. So if it costs them $20/hr to do their job then they can get 10% profit - $22/hr. Period. Should be illegal to get a percentage of someone's home.

 

[plynn41]

Now I can see if you live out of state or its a rental, but 6% of the selling price??? Come on man.... Should be illegal to get a percentage of someone's home.

Do you vote democrat by chance? :)

I'll always tell you to sell your house yourself if you can do it--and I'm glad for folks when they can. But for most people and in most markets, realtors offer a service that people are willing to pay for--we'd be out of business if we were such a rip-off. And it has sometimes been the case that if I charged you $20/hr for my services, you'd come out worse than the percentage I negotiated with my client.

I've heard about how the real estate bubble a few years back in places like Florida and Phoenix were creating a great opportunity for sellers to just stick signs up in their yard and sell their houses overnight. I don't hear so much about that anymore. When and where did you sell your house so quickly if I might ask?

Anyway, to each his own and godspeed!

 

[Patman]

I know MY house, a good real estate professional will know the market that I don't. They will have more hits on their web site and listing on MLS that has my house on it thus opening a large group of potential buyers I don't have access to. Generally most buyers have an agent representing them so I'd like to have a professional on my side as well. I see it like going to court, I may not want to pay a lawyer but I know I sure stand a better chance having a good one represent me.

BTW 6% is split between both the seller and buyer agents and can usually be negotiated down especially if you as the owner bring the buyer to the table.

I guess I just realize I'm not an expert on everything and there is value in hiring those that are.

Ever wonder if maybe you could have made more on your sale? How can you be sure?

 

[Solid State]

Egg Management Fee......get it?

 

[Patman]

The egg management fee might also be the interest and associated closing fees you pay when buying a house. Or maybe they are the taxes and associated dollars removed from your pay check. There are egg management fees in the cars, bikes, tires, gas, orange juice and yes even eggs you buy. Any idea how much any of these things would be without all the tacked on we touched or thought about it fees? Unless you keep your money in a mattress you are paying egg management fees. I charge myself egg management fees, I'll bet you don't. So I'm pretty sure I do get it.

 

[dirt bike dave]

I don't get it. But if found this with Egg Management Fee on Google.

http://www.youtube.com/watch?v=QgdTymCZowU

 

[Patman]

That's it. The kid that asks "Egg management fee, what's that?" doesn't understand why he's getting charged for finding all the eggs and putting them in one basket while the old dude is watching the eggs. If there was no basket and nobody to watch the egss they might roll off the table and break or get stolen. Well while he's watching the eggs and supplying the baset he can't do other things so he's got to get paid for his time and supplies. If the kid wanted to keep everything for himself he should have showed up prepared for class with his own basket that he carried around with him and hoped a bigger kid didn't come and take it away. :nener: