Posted on: 03rd Jun, 2010 05:44 am
I got a terrible mortgage with Aurora back in 2004. 8.75% 30 year fixed on a 3 unit investment property. I've been paying on it religiously for the last 6 years. Never late. :!:
About 3-4 months ago I got smart (finally!). I made out all the paperwork (through Aurora) to refi into a 15 mortgage, locked in at 5.1%. It seemed like it should be easy enough but right from the start, Aurora was less than helpful getting me this loan.
It's only $68k! I'm not cashing out & the bank knows I have a perfect 6 year payment record and a middle fico score of around 700. The appraisal for the investment property came back at $95k... which I thought was ridiculously low but anyway... SHOULDN'T THIS BE EASY?!
Aurora came up with a list of 18 issues that they wanted me to address. It took me many hours to come up will documentation for everything they wanted but I did it. Everything seemed fine then. But Aurora asked for more documentation! One item that they seem to be stuck on is a recent $10k deposit into my checking account. I told them the truth... it's a loan I took from my 401k to buy an RV. The RV is sitting in front of my house right now! Yet, they don't seem to believe me and want even more documentation.
It seems like they're trying to dissuade me from refi-ing at all. Is what they're doing illegal? What can I say to them to let them know I'm getting fed up with their bullcrap? I've spent $700 and invested a lot of time in this so I can't be too nasty with them. I don't want to take the chance that they'll say NO to my refi.
Here's the latest note from Aurora.... Please remember this is about 3 months into the loan application and they're still finding "HOLES" that they need me to fill!
I've reviewed the documentation provided and we have some holes.
Underwriting has requested a written letter of explanation to accompany item #s 16 & 18; my best estimate is #18 is documented well enough that a written explanation won't be an issue.
Let's focus on #16. With certainty, they will require copies of items deposited (front and back check copies) to accompany the deposit slip you provided.
Please include in the note an explanation indicating the $4900 monies loaned to XXX XXXX were paid via electronic transfer to his HSBC account# XXXXXXX in 3 separate installments of $3000 on Oct 06, $500 on $Oct 07, $400 on Oct 13 and $1000 on Oct 13, which are shown on my HSBC bank statement provided and dated November 05, 2009.
Regarding the 401k loan, the deposit was of $10010.00; was there an additional $10.00 cash with this deposit? Best is if we resubmit with copy of the $10000.00 check received and deposited for the 401k loan as well as the deposit slip.
Please write a brief note to me to explain each deposit individually and provide the items mentioned above so I can get this resubmitted to underwriting. OK? My best intentions are yours, I promise. I just don't want to get the file back requesting items previously not addressed.
I forwarded this message instead of reply just in case you wanted to refer to these attachments.
Let's discuss if further clarification is needed. On this Saturday, my communication skills aren't likely the best.
About 3-4 months ago I got smart (finally!). I made out all the paperwork (through Aurora) to refi into a 15 mortgage, locked in at 5.1%. It seemed like it should be easy enough but right from the start, Aurora was less than helpful getting me this loan.
It's only $68k! I'm not cashing out & the bank knows I have a perfect 6 year payment record and a middle fico score of around 700. The appraisal for the investment property came back at $95k... which I thought was ridiculously low but anyway... SHOULDN'T THIS BE EASY?!
Aurora came up with a list of 18 issues that they wanted me to address. It took me many hours to come up will documentation for everything they wanted but I did it. Everything seemed fine then. But Aurora asked for more documentation! One item that they seem to be stuck on is a recent $10k deposit into my checking account. I told them the truth... it's a loan I took from my 401k to buy an RV. The RV is sitting in front of my house right now! Yet, they don't seem to believe me and want even more documentation.
It seems like they're trying to dissuade me from refi-ing at all. Is what they're doing illegal? What can I say to them to let them know I'm getting fed up with their bullcrap? I've spent $700 and invested a lot of time in this so I can't be too nasty with them. I don't want to take the chance that they'll say NO to my refi.
Here's the latest note from Aurora.... Please remember this is about 3 months into the loan application and they're still finding "HOLES" that they need me to fill!
I've reviewed the documentation provided and we have some holes.
Underwriting has requested a written letter of explanation to accompany item #s 16 & 18; my best estimate is #18 is documented well enough that a written explanation won't be an issue.
Let's focus on #16. With certainty, they will require copies of items deposited (front and back check copies) to accompany the deposit slip you provided.
Please include in the note an explanation indicating the $4900 monies loaned to XXX XXXX were paid via electronic transfer to his HSBC account# XXXXXXX in 3 separate installments of $3000 on Oct 06, $500 on $Oct 07, $400 on Oct 13 and $1000 on Oct 13, which are shown on my HSBC bank statement provided and dated November 05, 2009.
Regarding the 401k loan, the deposit was of $10010.00; was there an additional $10.00 cash with this deposit? Best is if we resubmit with copy of the $10000.00 check received and deposited for the 401k loan as well as the deposit slip.
Please write a brief note to me to explain each deposit individually and provide the items mentioned above so I can get this resubmitted to underwriting. OK? My best intentions are yours, I promise. I just don't want to get the file back requesting items previously not addressed.
I forwarded this message instead of reply just in case you wanted to refer to these attachments.
Let's discuss if further clarification is needed. On this Saturday, my communication skills aren't likely the best.
Well to be completely honest with you, alot of these banks really are not lending right now. B of A, Chase, Wells Fargo etc. Its better to find a smaller direct lender that has private investors with money to lend.
You should try calling FedMax Lending in Glendale, CA. Make sure you ask for Ms. Miller.
Typically, right now the minimum loan amount is $100K.
The fact that you have money in the bank should be a plus, not a negative. The more credit worthy you are, the better. This process should take no longer than 2-3 weeks MAX.
You should try calling FedMax Lending in Glendale, CA. Make sure you ask for Ms. Miller.
Typically, right now the minimum loan amount is $100K.
The fact that you have money in the bank should be a plus, not a negative. The more credit worthy you are, the better. This process should take no longer than 2-3 weeks MAX.
I have a loan modification with Fedmax Lending in Glendale.The person who was handling my loan modification which was Eric Hart no longer works there. After he left no one called me to continue the loan process and when I call the office to leave a message, no one calls me back. What do you think I should do?
Welcome Stephanie,
You should immediately contact the lender and request him to assign a new loan modification officer for you who will deal with your case. If your loan modification gets accepted, then the lender can foreclose the property which will have a negative affect on your credit report. Moreover, you would lose the property.
You should immediately contact the lender and request him to assign a new loan modification officer for you who will deal with your case. If your loan modification gets accepted, then the lender can foreclose the property which will have a negative affect on your credit report. Moreover, you would lose the property.