Prequalification mortgage question …?

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I submitted all my info for approval prior to Wells Fargo. My credit is not quite perfect, so I had to write a letter explaining a long story short … I had a feeling my business, and cut short and I had to prioritize my bills, and some were more immediate than others. I paid my debt, and wrote letters. My loan specialist argued that donors to the lenders asked for references that were not reported to my credit, I had two excellent references (rent and gas bill), then yesterday, they told me sent the issue of employment verification boss.Minu, will they lose their time to get all this information, when they went into decline me? Would not they simply move to another application, where they knew they could make money if my credit and my e-mails and other documents are not important?
I need to ask some advice from my aunt has a problem with the mortgage. First, he is disabled and living in fixed income securities. She and her mother (my grandmother), her house in Los Angeles, CA. My grandmother died two years ago. Both names were in the title, and assumed that title would be more than my aunt, in a file without paperwork. We recently became aware that the assumption was false and that he should have filed the paperwork for Prop. 58 that taxes should not be reassessed. Charges were again in the current market value (in fact it is a little higher because it was this time again, when prices were at most!) Here’s the problem: My aunt has a mortgage loan Wells Fargo. They paid property taxes to a new analysis (which amounted to over $ 12K), and his mortgage payment is adjusted accordingly. They are denied their request to change its lending, although we have already submitted the paperwork, waiting for tax assessor’s office and turned to what it was before. The office of the assessor, said that the way things are going with the economy, it may not be reimbursed until next year. Wells Fargo has been trying to start the sales process. We do not know what to do. He lost the house at the same pace, do not understand, he had to present something at the time of the death of his mother. Wells Fargo sees that the house is worth much more than it does the mortgage, and trying to get a house as they can. Please let me know if there is anything we can do to keep the house.

9 Comments
  1. Reply
    billy b
    January 27, 2011 at 4:24 pm

    loans are harder to get these days.
    they are going to perform their due diligence either way.

  2. Reply
    Carolinahomerates.com
    January 27, 2011 at 5:19 pm

    sometimes an U/W doesnt look at the file w/out all documents included……this can include an appraisal.

    when i used to work at BofA they wouldnt tell you if you were approved or denied until the appraisal was done. talk about waste of money!
    I would still shop around for another lender…just in case you maybe denied. A lot of brokers work with wells, and other lenders that can help you with FHA, MyCommunity, HomePossible, and other programs

  3. Reply
    Glennroid
    January 27, 2011 at 5:48 pm

    Not necessarily. Remember banks really WANT to loan you money. That’s how they make theirs. Unfortunately they do have their own rules and requirements. Right now is a tough time to get a mortgage with all the problems the industry brought upon themselves recently with the sub-prime lending they did.

    Don’t fret too much. You’ve got a good chance. I’ve had credit turned down in the past and got it issued after I wrote a letter of explanation.

    You’ll know soon, just keep your fingers crossed and hopefully they’ll give you the OK.

  4. Reply
    Sharon
    January 27, 2011 at 6:09 pm

    While there is no guarantee either way I would consider it hopeful that they didn’t turn you away based on your credit.
    There are so many loan products out there that your loan officer is trying hard to get you into some kind of program. Sounds like you are in good hands.

  5. Reply
    matsonb
    January 27, 2011 at 6:44 pm

    No point in stressing out and running what if scenarios… and thus stressing yourself out… Give them another 24 hours, and i’m sure they’ll have your answer for you. If it’s negative, it’s not the end of the world… talk with your Loan Officer about putting together a game plan so you can still buy in the near future. http://www.choicerealestate.net/

  6. Reply
    Great Scott
    January 27, 2011 at 7:02 pm

    You need a lawyer. Now.

  7. Reply
    kemperk
    January 27, 2011 at 7:16 pm

    a; get 2 jobs
    b; find a PT investor to buy PART of the house
    c; put a small biz in the house
    d; begin calling the bank many times a day to become a headache
    e; or the opposite of d, call and talk to a supervisor
    f; call a local tv news dept and seek their help as an intermediary!

    luck! [born in LA county]

  8. Reply
    Kamal
    January 27, 2011 at 7:36 pm

    If the house is worth much more than what she owes, she could go to her own bank, or to any local bank, and ask for a line of credit. Her house will serve as collateral. That way she can pay wells fargo the $ 12,000 back, and when she gets her tax check back, she can repay the bank.

  9. Reply
    ibu guru
    January 27, 2011 at 8:17 pm

    How could she (or you, or someone) not realize that your grandmother’s will had to be probated in order to settle her estate and transfer grandma’s property (or share of property) to her rightful heirs? Nothing is automatic. Such transfers generally have to go through Probate Court.

    Should have gotten a proper attorney immediately upon grandma’s death to handle probating the will, distributing the property and all. Now your failure is going to cost you all a great deal.

    You absolutely must hire an attorney immediately to sort out this mess, arrange probate, legally transfer the property, take care of the title and tax issues, etc. You now have created a hydra-headed monster. It is going to cost you more than what it would have cost if you had done things properly from the beginning. But it is now a matter of hire an attorney or lose the house – and probably a great deal more trouble on top of all that.

    Get an attorney. NOW!

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