Author Topic: FAILED REFINANCE  (Read 15222 times)

Offline johngalt

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Re: FAILED REFINANCE
« Reply #30 on: November 16, 2010, 10:04:35 AM »
I understand that, but does it really matter which scum sucking userer holds the note?  Especially if you get a lower rate and pay them back with cheaper dollars in the future?

Offline Sweethearts Mom

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Re: FAILED REFINANCE
« Reply #31 on: November 16, 2010, 08:14:25 PM »
Well you are not going to believe this. I got an automated message from Quicken congratulating me on my approval! I went online and sure enough it confirmed the same thing...gave me 5 items which I have to fax in tomorrow. (grain of salt here...I will believe it when I close)

Offline Nadir_E

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Re: FAILED REFINANCE
« Reply #32 on: November 17, 2010, 07:58:13 AM »
Fingers crossed for you!

Offline I.L.W.

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Re: FAILED REFINANCE
« Reply #33 on: November 19, 2010, 09:44:08 AM »
It is agrivating. Insane it's bull shit thinking like that that make "city folk" shy away from the country. My opinion of course but since most of our country had farms on it at one time then most of the dirt in this world is contaminated and why event try.

And if what you say is true my property is basically now toxic and worthless because my chickens got a treatable intestinal pest.

I agree totally.  I just purchased a large rural plot of land and had my moron of a Realtor flipping out over the fact that the neighbors had free range chickens.  Of course I don't mind, I intend to start a new flock next spring on the land. But the fact that they were present knocked about $4,000 off the final sale price.  Good for me now, but that $4,000 could easily multiply in the coming years, hurting me if I sell the land.  More over, if people knew that raising chickens could impact their home value by even half that amount, would they still be inclined to keep them?  It's hard to recoup the costs. 

When I say "Biological Contaminant", that's their word, not mine.  The fact is, every animal is susceptible and very likely a carrier of Coccidia.  The avian strain (unlike that found in cows, sheep, dogs and cats) can be transfered to humans, hence the bull shit legislation, banking policies and restrictions.  You are right, much of the country was farm at one time, and most wild birds carry it, so it's likely to appear in any soil.  They vilify anyone who keeps the birds (poultry lobby pushed for it in NY), and it's a convenient point of dispute between Realtors, and an unlikely, but not absent liability if a bank must foreclose, since the Realtors love to make such a big deal out of it, they wouldn't get as much from the land. 

If someone is citing the chickens as their reason, it's some ignorant, city-dwelling bureaucrat who is protecting their own ass by adhering to a policy they don't understand in the most strict sense (talking to a supervisor may help).  You're dealing with someone who I doubt has ever seen a chicken that didn't come from a red and white bucket.

There's also another potential problem I've encountered with people and businesses. There's a stigma associated with rural land owners.  At best they think we're hicks, if not outright heretics for withdrawing from structure urban and suburban life.  There are people out there who think people like us are inherently stupid.  A few acres on the outskirts of town, raising animals for food... They see us as some throwback to the 18th century, incapable comprehending the modern world, and thus we're a bad investment.  I know it sounds crazy, but I've seen it first hand. These people are so obsessed with their urban metropolitan life, they can't see beyond the few city blocks where they live and work.  They are content to live their lives in an area smaller than my back yard, and then accuse us of being too distant from the realities of the world. 

Then there's the more insidious problem.  For all you know, the person handling the refinance was one of these animal rights nut-jobs.  You're enslaving chickens, breaking into their slave pens daily, stealing their babies, smashing their shells and frying them.  At least that's how they see it.  Pettiness and spite rule the ignorant, and they will lash out against you in the most passive-aggressive ways, like stamping "Denied" on any document that crosses their desk, based solely on their perverse political ideals.

Then there's the possibility that you're dealing with your typical run-of-the-mill idiot.  No malicious intent on their part, they just aren't motivated or intellectually capable enough to serve you.  My best friend works for a bank, reviewing mortgages. He's a great guy, but a moron none the less. They hired him because he's friendly, shows up to work on time, and looks good in a suit.  The job he had before the bank... He couldn't remember if people ordered the cheese burger with cheese or without.  I'm not making that up, he seriously had that problem.

Several people have recommended looking for a credit union.  I agree. Look for a financial institution that is based near the area in which you live.  Someone with ties to the community and the lifestyle that goes with the location.  Beyond the obvious structural differences between banks and credit unions, the culture of the company and the type of people it employs will be much more appealing to you, and you'll be more appealing to them. 

I'm sorry to hear you're with Bank of America.  I know they're trouble.  While I can't tell you my personal experiences with them (as per the terms of a legal settlement), I can say you need to get away from them.

You seem the type who will get everything settled, best of luck.

Offline Sweethearts Mom

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Re: FAILED REFINANCE
« Reply #34 on: November 19, 2010, 07:39:21 PM »
thanks Insane L....my heart gets so sad when I have to deal with idiotic uneducated city dwellers. I really wonder how long they would survive in really bad times; Still haven't signed on the dotted line. I hope they can finalize this soon so I can have my sanity back!

Offline Sweethearts Mom

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Re: FAILED REFINANCE
« Reply #35 on: December 03, 2010, 06:20:11 PM »
Well today was the day! I closed on my refinance. They paid off my remaining debt and reduced my monthly payment for all of that from over $1300/month to 757.
My first house payment isn't until February 1.

Which is cool because surgery is on the 28th so I know insurance won't pay 100%. And I can begin building up savings and then On the debtmd.com I will have the truck paid off by 2012 and the house paid off in 8 years instead of 30. Now I can get excited.

Offline TwoBluesMama

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Re: FAILED REFINANCE
« Reply #36 on: December 03, 2010, 06:22:57 PM »
Well today was the day! I closed on my refinance. They paid off my remaining debt and reduced my monthly payment for all of that from over $1300/month to 757.
My first house payment isn't until February 1.

Which is cool because surgery is on the 28th so I know insurance won't pay 100%. And I can begin building up savings and then On the debtmd.com I will have the truck paid off by 2012 and the house paid off in 8 years instead of 30. Now I can get excited.

Good for you - I wish I was close enough to you to give you a real life hug  - here's the best I can do: <hug> 

That just goes to show you what you can do if you really want to.  Blessings and keep us posted about the surgery.


Offline TexDaddy

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Re: FAILED REFINANCE
« Reply #37 on: December 03, 2010, 06:23:14 PM »
Congratulations! I am so glad this worked out for you.

I hope your surgery goes well.

Offline Sweethearts Mom

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Re: FAILED REFINANCE
« Reply #38 on: December 03, 2010, 06:28:35 PM »
Thanks guys!!!

Offline Nadir_E

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Re: FAILED REFINANCE
« Reply #39 on: December 03, 2010, 10:39:56 PM »
[virtual high five]Nice going! Enjoy the freedom that comes with that lower payment!!

Offline ncjeeper

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Re: FAILED REFINANCE
« Reply #40 on: December 04, 2010, 10:04:43 PM »
Sweet.

Offline Fyrediver

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Re: FAILED REFINANCE
« Reply #41 on: December 04, 2010, 10:26:17 PM »
Congrats Sweethearts!

This reminded me of a story about a dear friend who moved to a small rural town and got a job as a loan officer.  A farmer applied for a loan and reported he had sheep for collateral.  My friend, a die hard, sophisticated city dweller asked her superior if they could accept sheep for collateral.  Her supervisor asked, "Are they dead or alive?"  My friend replied, "Does it matter?" to which the response was, "Yes, are they meat or are they sheep?" 

Offline Fyrediver

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Re: FAILED REFINANCE
« Reply #42 on: December 04, 2010, 10:28:43 PM »
By the way, the farmer got his loan  :)

Offline Sweethearts Mom

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Re: FAILED REFINANCE
« Reply #43 on: December 05, 2010, 04:47:04 AM »
LOL this is very cute. I love city folks reaction to small town stuff.

Offline average_joe

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Re: FAILED REFINANCE
« Reply #44 on: December 05, 2010, 07:50:48 AM »
Congrats! Shaving off 22 years is great!

Offline dep190

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Re: FAILED REFINANCE
« Reply #45 on: December 05, 2010, 08:17:13 AM »
In the begining of 2010 I attempted to refinance my mortgage that was at 5.25 and the current rates were in the 4's. I called my bank a large bank that had just been bought out with tarp money by an out of state bank!
I wnent to the local branch and was told that I had a good rate and should be happy with it and it was not worth doing as it might only drop my payment $100.00.
Several months later the rates droppped again. So I went back and was told I have a good rate to be happy! I explained that a hundred dollars extra a month is a good amount and that in 9 months I could make one extra house payment a year shortening my loan amount!
No I am getting angry! I call the 800 number for my mortage payment book and ask for customer service! I speak to the Rep and tell them that I want copies of who currently owns my mortage, and any related documents! They began to balk at this! I explained that I have been trying to refinance for four months and that I have been told that I have a good rate and should just be happy with what I have. I ask them to explain why I cant refinance when I have 790 to 830 credit score and employment . Finally I confront the bank rep about why they have bail out programs for those who overspent with no way of paying can get help but I can not! after a bit of time I was told that there was a program under the obama plan that would allow a refinance with no new appraisal. We did get refinance down to 4.79% but rates were still lower.
The bank then 2 months after my refinance sold my mortage to freddymac.
Now today about 6 months later rates are still dropping again!

Offline Sweethearts Mom

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Re: FAILED REFINANCE
« Reply #46 on: December 05, 2010, 08:29:21 AM »
GOOD FREAKING GRIEF