The banksters and their bogus GFEs

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MemberSince99
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The banksters and their bogus GFEs

Postby MemberSince99 » Thu Aug 07, 2014 9:33 pm

Just out of the blue today as I'm going to lunch, I got this bad feeling I could not shake about my pending mortgage.


I get home and I see a letter in my mail from the bank and right away I thought oh crap.


It starts off with "Congratulations!" but right away I'm thinking when did that word become shorthand for "bend over, here it comes again"?


The letter goes on to say they approve the loan - with conditions.


Get the conditions - I was told in my universal loan application that my closing costs would be just over 5k. In the conditions, they say I must have enough assets on the closing date for over 2 times that amount for closing costs. The EXACT working is:


At time of closing, $0 for reserves and 10414.15 for funds to close are required. If verified assets are less, additional assets must be provided.


I know where they got that sum - that was my checking account balance as of the last closing date. But I had to pay rent, car payment, student loan payment, vehicle registration, groceries, gas, etc so it's less now. And the only way I will be able to jack it back to that due to insurance coming due and all the expenses I've had since is to play goofy games, like paying rent after the due date using my credit card then paying them after closing. No thanks, let's do it honest or not at all.


Screw this. Since when are they free to vastly change your closing costs like that? Didn't we bail these freaks out? I realize most of them paid it back, but it's still an interest free loan on our tax dollars - ask them if they'll give you an interest free loan and see what they tell you (most likely two words if they don't die of laughter) and we bore the total risk if they defaulted. Anyway, that's another matter but man, that burns me. You can't trust these people you really can't. They'll find some way to screw you.


I would like to say I'll go to another lender, but they will probably even be bigger crooks and now it's going to be hell to close by the 7th of September if I have to do that as that was in the purchase agreement. Man I hate crooks that pull this ****. And they are just that. I hope the next time their greed and stupidity push them to the brink of bankruptcy, we let them FAIL as they should have to pay a price for being stupid just like we do if we are stupid. They wanted us to have no breaks, that's why they got their lapdog Bush administration to re-write the BK laws to really stick it to consumers (but NOT corporations) who file BK. Let them have some of their own damn medicine! And it will happen again, trust me on that, give it 20 years, it will happen yet again and will continue to because they never had to pay a price for making bad decisions. Funny how the "personal responsibilty" crowd never thinks that should apply to them just to others.


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djrez4
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Postby djrez4 » Thu Aug 07, 2014 10:53 pm

Have you tried asking your loan officer why the cash to close increased? They can't just arbitrarily change numbers in the TIL statement without giving you a reason.
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MemberSince99
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Postby MemberSince99 » Fri Aug 08, 2014 6:02 am

djrez4 wrote:Have you tried asking your loan officer why the cash to close increased? They can't just arbitrarily change numbers in the TIL statement without giving you a reason.




Seems to me they can do whatever they want - from my point of view, if they violate it, what will happen to them? My best guess is - absolutely nothing.


Anyway, yes, since it was after hours I did email her asking what the hell is going on with this. I wonder why she would not have contacted me with explanations of what is going on - her signature was on the "Congratulations" letter. I suppose it could have been stamped, but she is supposed to be "on" that stuff. Or maybe she just felt I wouldn't mind seeing that.


Whatever. I think the biggest mistake I ever made was trying to do this. I just want to wash my hands of the whole thing right now. I want my life back and to lose my bankster "buddies" and their fun and games. I just hope to Christ I'm not around the next time the taxpayers bail them out. Let em fail the same as they would do to us, and preach to them about that "personal responsibility" they claim to be experts at.


My mom suggested if I don't like the LO's explanation, I look for alternative financing. Kind of late in the game for that now. Maybe that's why they decided to change the game midstream. We'll see. I just really want this to be over.


I don't know what the answer is going to be, but I can say this much 100% - no matter what else happens I will NOT be blackmailed by thugs. I'll leave it at that.

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Postby djrez4 » Fri Aug 08, 2014 10:12 am

MemberSince99 wrote:Seems to me they can do whatever they want - from my point of view, if they violate it, what will happen to them? My best guess is - absolutely nothing.


Actually, when it comes to mortgages, they can get in deep crap. I know it doesn't cover the enforcement side, but this should give you an idea of the new rules.


MemberSince99 wrote:Anyway, yes, since it was after hours I did email her asking what the hell is going on with this. I wonder why she would not have contacted me with explanations of what is going on - her signature was on the "Congratulations" letter. I suppose it could have been stamped, but she is supposed to be "on" that stuff. Or maybe she just felt I wouldn't mind seeing that.


It may not have come from her. Or, maybe it did. That tells you that there's a left-hand/right-hand communication issue or that she hasn't been straight with you. It also could be an error or you could be misinterpreting it.

Consider that you may have qualified on the bank's (correct) assumption that you had $10,414.15 in your account. I recall being required to show assets and confirm their source.


MemberSince99 wrote:Whatever. I think the biggest mistake I ever made was trying to do this. I just want to wash my hands of the whole thing right now. I want my life back and to lose my bankster "buddies" and their fun and games. I just hope to Christ I'm not around the next time the taxpayers bail them out. Let em fail the same as they would do to us, and preach to them about that "personal responsibility" they claim to be experts at.


Well, now you're just being dramatic.


MemberSince99 wrote:My mom suggested if I don't like the LO's explanation, I look for alternative financing. Kind of late in the game for that now. Maybe that's why they decided to change the game midstream. We'll see. I just really want this to be over.


I don't know what the answer is going to be, but I can say this much 100% - no matter what else happens I will NOT be blackmailed by thugs. I'll leave it at that.


We ended up closing a day late because the bank couldn't get the docs together on time. The sellers didn't seem to care, but the delay would have allowed them to back out of the contract if they wanted. The inconvenience was annoying, but sh*t happens. If we had lost the house (and our rate lock) because some underwriter couldn't get his act together, then I would have gone lawyer on them.

Is your offer contingent on closing on 9/7? If you have to requalify with a different lender, the seller will likely give you the time to do it, especially if the house has been on the market for a while and because you offered asking price.
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Postby MemberSince99 » Fri Aug 08, 2014 12:17 pm

The LO is totally blowing me off she flat out will not answer why that condition is there. Just tells me don't worry about it I'll tell you your closing costs and everything is verified it's ok. BS why is that condition there then? She flat out won't tell me. That tells me ALL I need to know about her integrity. I may not be the brightest bulb on the Christmas tree, but you are going to have to do better than that to snow me lady. My BS detector is flashing big time. Answer the damn question please. People who dance around without giving you an answer are not to be trusted being a lawyer you should know that.


I was so pissed off, I called and cancelled their damn card. They can stick it. I will never give this bank another dime of my money.


The only question now is do I try to get another lender. I really don't know. Yes it is contingent on my closing by 9/7 that's in the offer. I must do it by 9/7, unless they choose to give me more time.


But at the very least I will have to start everything over and hope I get it done on time and take more hits to my credit it just gets ugly. I mean at this point more hits to my credit are inevitable as I have to move now anyway. It just doesn't look pretty any direction I go.


But I'm done with Associated I will NEVER do business with them again. This loan officer is not to be trusted. That's the one thing I do know right now. If she was honest she would have answered my question. She never did, just danced around. How can you trust that.

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Postby djrez4 » Fri Aug 08, 2014 12:32 pm

Well, that's a shame.

I suggest you call a mortgage broker who can shop you around to multiple banks. But, also check into a few yourself. Some banks can fast-track a loan in under 30 days. Others cannot. I had two different brokers trying to find us a loan, but we ended up going with one I found myself because it had the lowest rate and closing costs. Just so happened to be Chase, who gives us a 1% relationship bonus toward principal for every dollar we pay.

Check with your broker to see if the seller will let you extend the closing date without any penalty.
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Postby MemberSince99 » Fri Aug 08, 2014 12:43 pm

I think I'm just giving up. This is very disheartening to me. I really thought it was all done. Now I know it never really is until it's really done (you have the keys in hand, it's funded, you live there).


I don't think I can take any more of this now I'd rather take my lumps and move on. I'll let the seller have the earnest money and pay for the appraisal and just move on. I just want to be done with this mess. I would have a hell of a time trusting a bank right now. I trusted Associated and look what happened. I didn't shop it I just went with them based on banking relationship. I see what that means now. It's a hard lesson.

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Postby djrez4 » Fri Aug 08, 2014 2:19 pm

Go home, have a beer, sleep on it.

When you wake up tomorrow, remember that you chose to embark on the journey of homeownership to have more control over your housing situation. Then start calling morgtage brokers. Don't let a bank sour you on your own goal.

It also may be cathartic to write a letter to the bank president explaining how they managed to lose your trust.
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Postby MemberSince99 » Fri Aug 08, 2014 5:33 pm

Good advice. I'll take the weekend to think on it.


I'm not sure I want to start all over at this point. Who is to say the next outfit is any better.


What I will do though is I will research which government agency might be interested in this situation and let them know. I don't know if any laws were violated, that's their call, but I can sure let them know what happened.


Another thing I learned from this is that I was naïve. I assumed having good credit would shield me from dishonesty, as I would be free to dump them and move on if I detected shenanigans. I never worried about dealers trying to pull a fast one on me because I knew I could get financing on my own. I see now that's not necessarily a valid outlook - you have to watch these people like a hawk every single step of the way. Trust must be earned never given without merit.


And I believe I erred when I did not shop it and just locked in on one lender because I felt a years long relationship would ensure things went well. Never assume that. Always make them compete and don't sweat the inquiries that's what they are for. I realize that now. I tried to get "cheap" on the inquiries and that's just not really smart business. Make all these bloodsuckers compete for your dollars. Believe me when I say they aren't your buddy.


By the way if anyone was curious, they were only too happy to close the card - the only one who was happier was me. I had too many anyway to be honest I was getting uncomfortable with that many. They just managed to blacklist themselves for life at the right time. I usually don't say never, but I can safely say that with Associated. Never again.

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Postby MB131174 » Sat Aug 09, 2014 7:35 pm

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