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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  What a nightmare of red tape (5+ / 0-)

    Did you eventually get a new mortgage with a decent rate?

    •  Well, looks like it (11+ / 0-)

      I went back to the first guy, and he's overwhelmed (he came HIGHLY recommended by a friend I trust), but he locked in the rate and we're moving forward on Monday.

      The issue now is that the rate goes up slightly if you're more than 97.5% LTV.  Which means my house has to appraise well.  Hence me cleaning up the front yard yesterday and painting the dining room today . . .

      The frightening thing was the lender with the shitty paperwork.

      I mean literally just a mass of paperwork, not on formal loan forms, sent twice with two different sets of documents, asking me to sign away everything.  I mean, an identify thief's wet dream of stuff.  He already had my i.d. and ssn and ran my credit - then was probably peeing in his pants over having done that without my authorization, which is one reason he was so keen in getting me to sign stuff.

      I still never received the Truth in Lending Disclosure.  They wanted a Loan Origination Fee ("hey, we're doing you a favor by starting the loan process!") of $2,900!!!!!!!

      Even Schiti only wanted $815, then they give you a "credit" of $500 so it's $315.

      BTW, it's important to look at all of this crap.  Schiti says they're giving you a "credit" which you will never see.  But that "credit" gives them a reason to offer you a higher rate - much like paying a point reduces your interest rate, they are giving you a phony "credit" as an excuse to raise it.

      READ EVERYTHING.  I know it's a pain, but it's important.

      Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

      by delphine on Sun Apr 22, 2012 at 08:57:56 AM PDT

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      •  Sounds like you're all over it !! (5+ / 0-)

        I just went through the same thing on a new purchase. What a nightmare of paperwork. I wasn't anywhere near as diligent as you because it was a VA loan so I felt a bit more secure about what I was being asked to sign. Nevertheless it was a MOUNTAIN of paperwork and took more than 2 1/2 hours.

        My first appraisal didn't pan out. When I got the report, I noticed the comps were comparing my condo unit to 4 or 5 others with the same square footage but which had balconies 1/10th the size of mine. When I pointed that out, the appraiser agreed and adjusted the appraisal and I was approved.

        I hope everything goes well for you this week. And hopefully, you'll come out the other end saving some money!

        •  Well as I said (7+ / 0-)

          my interest rate is currently 6%, so even a relatively crap rate right now will still be a great improvement.

          I think that's why Schiti offered me such a high rate, figuring I was desperate and didn't realize I didn't have to go with them now that PMI wasn't a barrier to other lenders.

          Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

          by delphine on Sun Apr 22, 2012 at 09:12:39 AM PDT

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    •  we had no red tape. nt (4+ / 0-)

      Cats are better than therapy, and I'm a therapist.

      by Smoh on Sun Apr 22, 2012 at 09:12:57 AM PDT

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