fuck the mortgage industry
the shit just keeps coming my way. got a letter in the mail yesterday saying my refinance is denied. again. by the 2nd mortgage company i've gone through, been trying to get this done since december. the reasons (checked off in a form letter): "value or type of collateral not sufficient" and "unacceptable condo". still trying to figure out what either of those mean. i have a sneaking suspicion "unacceptable condo" means the same problem i had last time, too many *other people* (not me!) in my community are delinquent on their neighborhood association fees. a bullshit reason in itself. i was so pissed off yesterday i didn't know what to do with myself, there was a lot of screaming and banging on things done, which helped a little. i'm going to get to the bottom of this and if what i think is going on is going on i'm definitely going to be bringing up a shitstorm with me.
not only is what's going on probably illegal, it's just wrong. i have excellent credit (high 700's) and have never missed a payment on anything in my whole life. the house appraised for $49,000 over what i owe. i have very little other debt (i pay my credit cards off every month, i owe a few thousand on my car, that's it). i make probably $10,000 more now than i did when i bought the house 5 years ago. i'm not asking for any extra money on the loan, just the $120,000 i still owe. i've been approved for the loan this entire time, was set to get a settlement date this week, and then they sprung this on me. their sole reason for denying me has nothing to do with me, and there's nothing i can do to change the fact that other people don't pay their bills. oh yeah and i've already paid $450 for an appraisal based on the fact that i was supposed to get this loan. i WILL be getting that back from them.
i've got my dad talking to his friend (who works for the bank who was trying to approve my loan) trying to figure out what to do next. he seems to think it's freddie mac, which is in charge of all of the loans through all of the banks. in which case it seems like i am fucked, as well as many other people like me. he said he's been waiting on 20-something other loans for people like me who they keep making jump through hoops and wait months.
this same thing has got to be happening to many, many other people. if i can't find a way around this i'm just going to have to find those people and work together to bring it down. my dad's friend suggested a law suit, which i am not opposed to. this is bullshit and just completely wrong that they are finding reasons to reject a loan for someone like me who is extremely low risk for them. i've never had a problem financing anything, ever. they can't just get away with this. i left a message with the woman who signed my denial paper about 40 minutes ago. can't wait to hear what she has to say, assuming she calls me back.
not only is what's going on probably illegal, it's just wrong. i have excellent credit (high 700's) and have never missed a payment on anything in my whole life. the house appraised for $49,000 over what i owe. i have very little other debt (i pay my credit cards off every month, i owe a few thousand on my car, that's it). i make probably $10,000 more now than i did when i bought the house 5 years ago. i'm not asking for any extra money on the loan, just the $120,000 i still owe. i've been approved for the loan this entire time, was set to get a settlement date this week, and then they sprung this on me. their sole reason for denying me has nothing to do with me, and there's nothing i can do to change the fact that other people don't pay their bills. oh yeah and i've already paid $450 for an appraisal based on the fact that i was supposed to get this loan. i WILL be getting that back from them.
i've got my dad talking to his friend (who works for the bank who was trying to approve my loan) trying to figure out what to do next. he seems to think it's freddie mac, which is in charge of all of the loans through all of the banks. in which case it seems like i am fucked, as well as many other people like me. he said he's been waiting on 20-something other loans for people like me who they keep making jump through hoops and wait months.
this same thing has got to be happening to many, many other people. if i can't find a way around this i'm just going to have to find those people and work together to bring it down. my dad's friend suggested a law suit, which i am not opposed to. this is bullshit and just completely wrong that they are finding reasons to reject a loan for someone like me who is extremely low risk for them. i've never had a problem financing anything, ever. they can't just get away with this. i left a message with the woman who signed my denial paper about 40 minutes ago. can't wait to hear what she has to say, assuming she calls me back.