Comments | yeishlitikvah: Exhausted and Frustrated

yeishlitikvah

Exhausted and Frustrated

Oct 24, 2011 15:08

I'm agitated overall in the world. Last week I thought I was sooo close to having work, that I didn't want to say anything. Now I haven't heard back from contacts that I thought were golden and were going to cause everything to fall into place ( Read more... )

depression, fear, assholes, tired, mundane, to_do_list, complicated, married_life, kvetch, snarky, house, mike, bitchy

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skittish_derby October 24 2011, 21:29:35 UTC

aw man, that sucks. my only reaction though is shock... 3500? every month? I can't imagine anyone wouldn't be scraping by with that kind of monthly bill geez. is that a normal mortgage price?

yeishlitikvah October 24 2011, 22:43:16 UTC

The number is a touch high, but there are a few things to keep in mind, we live in NYC, our home is a two family so we have rental income ( ... )

skittish_derby October 24 2011, 23:00:06 UTC

oh, gotcha. Sounds a lot like the houses in California.

I am kinda new at the whole home ownership idea. My parents never owned, and husband's parents are never going to pay off their house. We scraped by an approval (that we aren't taking) for a 180 K loan with 50 thousand down... we barely scraped by because we don't have any credit. apparently that speaks more about you than a large down payment. :rolls eyes:

the payment would have been one thousand a month, not including taxes and utilities. no thank you. that is too much!

yeishlitikvah October 25 2011, 01:38:40 UTC

I have been following what you've been posting in terms of your housing adventures.

Some things that I have thought of while they communicate about your lack of 'credit' it's also you have nothing keeping you in the area, ie if you skip out on/foreclose on the mortgage you have no family/ties to the community. Additionally, they may not see your dh's job as a long term secure position. (Having longevity and or growth potential to guarantee their money).

$1k a month is what you pay for like a cheap two bedroom apartment in someones house plus utilities. It's actually what my tenant pays although I could get more for the apartment.

You also have to understand(my dad's in real estate for the past thirty years) so many mortgage companies and banks got screwed in this whole foreclosure crash. Banks are being super conservative as to giving loans, and even working with lenders which is a shame in the big picture.

skittish_derby October 26 2011, 01:59:17 UTC

they don't communicate that with us. it is all about our credit score. the longevity of the job maybe, I can see it being a problem.. they mentioned the fact that he was supporting all four of us with what he is making (so one income) was a negative, but not how long he has been employed where he was. (he has proof of his former employment going back 3+ years)

enh. I still am not going to side with the banks on this one. if they had done the leg work and then rejected us based on any of the things you mentioned, then I might side with them.. but they stopped at the score. (which is, I have read, the way they have buckled down... by only accepting people who like long-term debt)

yeishlitikvah October 26 2011, 02:28:45 UTC

I know when we bought our house. I sat down with the mortgage broker, I had to prove with bank records as well as documents ie stocks, bonds and bank statements, and pay stubs.

We had to prove/demonstrate:Not only were we employed. Our take home income could pay our monthly mortgage. Additionally the bank needed proof that not only did we have the down payment we additionally had on paper between 3 and 6 months, worth of money to cover additional payments. Not next months contingent on my pay check.

And realize I grew up in the real estate business. The mortgage broker I was working with had known my dad for like 30 years.

butterflymama3 October 25 2011, 17:34:15 UTC

Wow. I didn't realize housing was so high in SI. We bought our house (just under 1600sq ft) in 1999 for $184K and we thought that was a lot. We put 20% down and have been paying the mortgage twice a month through some program to hopefully bring the terms down but it is tough. I am so sorry you are dealing with that bull from Chase. (hugs)

yeishlitikvah October 25 2011, 22:19:15 UTC

Houses(detached) in SI run between like $400k and $650k. Keep in mind we're also in the eruv, which is a premium in itself.

WE bought in 2007, the house is 2800 sq feet I think. We put 20% down, ie over $100k.

While that is A LOT, we do have rental income. We also pay a little over $4k a year in taxes. When we bought it was like $3.5k. Which compared to other areas is NOTHING.

Chase can kiss my ass because I AM being accountable, and they can be screwed by the people who haven't paid in five years, but isn't me and that isn't going to be me.

To be honest, I have bonds and stocks I could cash out to catch up. But now I have no desire or willingness to do so, because they're being douches.

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