“Yes, I feel I do have to Apologize”
Thank you Joe. Appreciate you taking your time and talking me off the cliff, but you have no need to apologize for my current loan officer as he has no clue. I am not sure I will be able to get an extension for the home we have under contact. Will let you know.
Once again, thank you
Actually I did have to apologize, as stupid stuff that loan officers do has an effect on all of us that do a good job and know what we are doing.
There were so many mistakes in this transaction:
1) The wife was told she could be on the mortgage even though she was a title holder on a property that was currently in foreclosure. She was told because she included the property in a bankruptcy 2 years ago she was off the hook and could be on a new mortgage. NOT TRUE AT ALL
2) They were told that the husband could use future income to qualify for a mortgage. He is supposed to get a raise in three months. NOT TRUE AT ALL
3) The husband has an inheritance coming in a month in the amount of $17,000. They were told that if the money could be paid out by $500 per month that would help his debt ratio. YOU WOULD THINK THE ESTATE WOULD WANT TO SETTLE ITS BUSINESS AS QUICKLY AS POSSIBLE.
As long as these buyers can get an extension to purchase the property I have let them know that this transaction can be done in the husband’s name with his mother as a co-signer. I have offered to explain what is possible to both agents and the seller. Hopefully these folks will be given the opportunity.
image courtesy of StuartMiles/freedigitalphotos.net
Subscribe to my blog via Email:
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.