Comments on: Top Six Down Payment Mistakes http://beehomesolutions.com/270/top-six-down-payment-mistakes/ The Creative Real Estate Firm For The Greater Charlotte Area Mon, 27 Feb 2012 21:08:39 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: admin http://beehomesolutions.com/270/top-six-down-payment-mistakes/comment-page-1/#comment-970 admin Wed, 01 Jun 2011 19:31:33 +0000 http://beehomesolutions.com/?p=270#comment-970 HI Karla, Unfortunately the lending industry has become much more stringent to obtain financing due to the high level of defaulted loans. But even before the downfall the past few years, the underwriters approving your mortgage just want to make sure that the funds were meant for your transaction and also that by receiving them it doesn't effect your ability to make the payments. Whether its wrong or right, that's the way the system is setup. The best bet is to just provide documentation as to where the money came from and see what your mortgage broker suggests from there. Thanks for writing in... Mike HI Karla,
Unfortunately the lending industry has become much more stringent to obtain financing due to the high level of defaulted loans. But even before the downfall the past few years, the underwriters approving your mortgage just want to make sure that the funds were meant for your transaction and also that by receiving them it doesn’t effect your ability to make the payments. Whether its wrong or right, that’s the way the system is setup. The best bet is to just provide documentation as to where the money came from and see what your mortgage broker suggests from there. Thanks for writing in…
Mike

]]> By: Karla http://beehomesolutions.com/270/top-six-down-payment-mistakes/comment-page-1/#comment-968 Karla Thu, 26 May 2011 21:41:38 +0000 http://beehomesolutions.com/?p=270#comment-968 Hi Mike, Regarding #4, what are acceptable answers? It feels like the lender is really just trying to nickel and dime the consumer by creating more work. If I received the funds in full faith and very legally, why is it put on the consumer to prove to the lender that I'm not getting drug money or putting the country in jeopardy through some sort of terrorist plot? Aren't I the customer? I've proven that I can make the down payment AND pay the mortgage faithfully, have gotten the credit approval, now this? Hi Mike,
Regarding #4, what are acceptable answers? It feels like the lender is really just trying to nickel and dime the consumer by creating more work.

If I received the funds in full faith and very legally, why is it put on the consumer to prove to the lender that I’m not getting drug money or putting the country in jeopardy through some sort of terrorist plot?

Aren’t I the customer? I’ve proven that I can make the down payment AND pay the mortgage faithfully, have gotten the credit approval, now this?

]]> By: admin http://beehomesolutions.com/270/top-six-down-payment-mistakes/comment-page-1/#comment-943 admin Tue, 18 Jan 2011 16:54:12 +0000 http://beehomesolutions.com/?p=270#comment-943 Hi Gabriel and Juana, If your desire is to keep the home, the best option is to try again to workout a modification with BofA. It is a frustrating process for sure but you have to keep in contact with them and let them know what payment you can afford. I'm not surprised to hear that they previously provided you with an option of a higher payment. That seems to be common. You can submit the new forms and then escalate to a manager that can really work with you. We focus on purchasing homes and helping the homeowner to avoid foreclosure but the key to loan modifications at big banks is to get the right person on the other end of the phone. Best of luck to you. Mike Hi Gabriel and Juana,
If your desire is to keep the home, the best option is to try again to workout a modification with BofA. It is a frustrating process for sure but you have to keep in contact with them and let them know what payment you can afford. I’m not surprised to hear that they previously provided you with an option of a higher payment. That seems to be common. You can submit the new forms and then escalate to a manager that can really work with you. We focus on purchasing homes and helping the homeowner to avoid foreclosure but the key to loan modifications at big banks is to get the right person on the other end of the phone. Best of luck to you.
Mike

]]> By: gabriel & Juana http://beehomesolutions.com/270/top-six-down-payment-mistakes/comment-page-1/#comment-758 gabriel & Juana Sun, 02 Jan 2011 05:13:44 +0000 http://beehomesolutions.com/?p=270#comment-758 We have a concerned question, we have a home in Tucson; we have no job and are behind two months with a mortgage from Bank of America. We sent them a letter explaining our financial situation. Bank of America sent us back a modification form, which I am not willing to apply for again because with the last modification, the mortgage payment was raised . We want to keep the house, what do you recommend for us to do? Thank you. Sincerely, Gabriel & Juana We have a concerned question, we have a home in Tucson; we have no job and are behind two months with a mortgage from Bank of America. We sent them a letter explaining our financial situation. Bank of America sent us back a modification form, which I am not willing to apply for again because with the last modification, the mortgage payment was raised . We want to keep the house, what do you recommend for us to do? Thank you.

Sincerely,

Gabriel & Juana

]]>