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Discussion Starter · #1 ·
Warning: this is just so I can vent.. don't read this if you have no interest in my life whatsoever.<br><br><br><br>
OH MY GOD I'M MAD! My wonderful boyfriend are in the process of buying our first home.. and everything has been going smoothly until this week. We gave them our applications, our paystubs, our taxes, our SS cards and driver licenses, everything they've asked for! And now they're saying that since my bf co-signed on his mom's house 4 years ago <img alt="" class="inlineimg" src="/images/smilies/rolleyes.gif" style="border:0px solid;" title=":rolleyes:"> .. that he can't have his name on another mortgage.<br><br><br><br>
They told us that this may be a problem when they first ran our credit.. so they had us get the last 6 months worth of payment records to show that his mom pays the mortgage and not him. Which were VERY difficult to get from her because she's so busy.. but I gave those to them last Friday and they just now called me at 3:45pm Wednesday to tell me that those are not acceptable! They said that they need us to re-finance that house out of him name.. which they are in the process of doing anyways.. but that the only paperwork that they would accept to proof that would be the finalized re-finance paperwork with whatever the form is that he would have to sign to release it back to his mom.<br><br><br><br>
I called our Real Estate agent.. who is the same guy that told my bf that co-signing on the house for his mom would not hurt his credit at all.. and he totally blew me off. He's on another phone call and will call me right back.. but that's what he tells us every single god damn time we call him and then we end up having to call him back 3 or 4 times again before we actually talk to him. I can't believe he's slacking on this so much.. yeah I understand we're not his only clients but HELLO.. it's not like we can just start over with another house and another loan.. we've already been looking at homes since before Christmas last year!<br><br><br><br>
DAMNIT!!! If I can't get my house because of his mom's stupid ugly house that she doesn't even like anymore I'm never letting her babysit my kids when I have them!!!!<br><br><br><br>
Sorry to any of you that may be in the Real Estate profession.. but I'm so fed up with brokers and agents and closing fees and title checks and appraisals and security deposits and where the hell did I get all this bad karma?!?!?!! I am nice to people for crying out loud.. why can't my agent be nice to me?!?!?!?!!!
 

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Discussion Starter · #2 ·
arggh! I forgot to put some of these!!<br><br><img alt="" class="inlineimg" src="/images/smilies/mad.gif" style="border:0px solid;" title=":mad:"><img alt="" class="inlineimg" src="/images/smilies/mad.gif" style="border:0px solid;" title=":mad:"><img alt="" class="inlineimg" src="/images/smilies/mad.gif" style="border:0px solid;" title=":mad:"><img alt="" class="inlineimg" src="/images/smilies/mad.gif" style="border:0px solid;" title=":mad:"><img alt="" class="inlineimg" src="/images/smilies/mad.gif" style="border:0px solid;" title=":mad:">
 

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DirtDiva, you have my sympathy. They act like they're doing you a favour, when really, it's in their interest to sell you something. Rant away!
 

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I've made my living closing real estate transactions (and bankruptcies) for the last 17 years and I can tell you that it is the lender's underwriter, not the realtor, that is your real problem here. Other lenders may very well accept your evidence of nonpayment even if he were allowed to remain on his mother's loan. Look for another lender; they are very competitive in my experience even though the market is really hot now and they are all working extremely hard. You don't need your realtor, just give a few a call and see what they say. <img alt="" class="inlineimg" src="/images/smilies/smiley.gif" style="border:0px solid;" title=":)">
 

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HaHa<br><br>
Half my family (not me) is real estate agents. My own sister would screw me if it meant a bigger commission.<br><br>
I don't think your main problem is the agent in this case. It doesn't sound like he is being very customer-oriented, but I think most of the blame does fall on the lender. Or perhaps it is the communication between the lender and the realtor?<br><br>
I know that we had a terrible realtor when we were buying and it made things so much more stressful than they had to be. So I feel for you. Hopefully the big load of stress will soon end and you'll find yourself living peacefully in your new home. Good luck.
 

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Never get mortgage advice from a realtor.<br><br><br><br>
With that said, most lenders will be a little skittish about financing your house if your boyfriend is on another mortgage - as a co-signer, he is legally obligated. From a lender's perspective, imagine if his mother were to suddenly become disabled or lose her job. Your boyfriend would then have two mortgage obligations. Not a good position for him or the lenders. (Ever tried to get blood from a turnip?)<br><br><br><br>
This sounds like a communication issue. I would recommend dealing directly with the mortgage broker. And as Bank said, you can find another if need be.
 

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Discussion Starter · #7 ·
Well I appreciate the advice from you all.. and I agree that our realtor is not really to blame. He's just been really lazy and I also don't like the fact that I have no copies of any of the paperwork he's done for us..<br><br><br><br>
I totally understand the reasons for them not wanting to take the risk of him having the financial obligations of 2 mortgages, but I was told that all we needed to give them was the last 6 months proof of payments; not that MAYBE they would accept those. And the thing about just finding another lender.. I would if I could. But there are NO other manufactured home lenders in my area with decent interest rates..and I've looked!<br><br><br><br>
Ah well .. I've found out since I posted this that her re-finance is supposed to be finalized on the 4th, so now we just have to talk the sellers into waiting for us! **crosses fingers**
 

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I work in Real Estate also, REALTORS are NOT LENDERS. I see this kind of thing all the time. Good luck with everything.
 

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<div class="quote-container"><span>Quote:</span>
<div class="quote-block"><i>Originally posted by DirtDiva</i><br><br><b>But there are NO other manufactured home lenders in my area with decent interest rates..and I've looked!<br><br><br><br></b></div>
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Ahh, this is the first I heard about it being a manufactured home. You're right, there aren't nearly as many lenders out there that will lend on mobile homes. It's a higher risk industry with collateral that more often than not depreciates in value unless the home will be permanently affixed to land and the land is also pledged as collateral.<br><br><br><br>
Is this a new home? If so, doesn't the dealer have lenders that he or she works with? They may be able to recommend another lender.<br><br><br><br>
Good luck!
 

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Discussion Starter · #10 ·
No it's not brand new.. it's a 1999, but we are going through the lender that the community it's in works with. We'll see.. I've calmed down quite a bit since yesterday and now I just have to say a little prayer! I LOVE THIS HOUSE by the way.. hehe <img alt="" class="inlineimg" src="/images/smilies/grin.gif" style="border:0px solid;" title=":D"><br><br><br><br>
Thanks for your help Bankruptor.. is that your doggy in your avatar? It's cute!
 
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