RollingAcres
Herd Master
I'm sorry to hear of the bad news.
I hope this loan situation will get resolved soon and you get the fund soon!
Misfitmorgan's Journal - That Summer Dust
- Thread starter misfitmorgan
- Start date
I'm sorry to hear of the bad news.
I hope this loan situation will get resolved soon and you get the fund soon!
Baymule
Herd Master
This is crazy. All these banking regulations have plunged borrowers into loan hell. 
babsbag
Herd Master
Sorry about the latest news. That stinks.
My son is wanting to buy a piece of land...5 acres... and put a small house on it; one bedroom, one bath. He is single and frugal but would like a few chickens and some fruit trees. The USDA won't allow the land to be valued at more than 30% of the package deal after the house is in place. The land in CA is so expensive that this requirement would force him to have like a 235,000 mortgage, which he doesn't want. He would like to stay below 200,000. They should be thankful for the people that want to live within their means, but instead they penalize them. Stupid, senseless regulations.
And right now the town he lives in is evacuated and the property he wanted to buy is most likely scorched earth. Massive fire going through their right now...47,000 acres and growing.
My son is wanting to buy a piece of land...5 acres... and put a small house on it; one bedroom, one bath. He is single and frugal but would like a few chickens and some fruit trees. The USDA won't allow the land to be valued at more than 30% of the package deal after the house is in place. The land in CA is so expensive that this requirement would force him to have like a 235,000 mortgage, which he doesn't want. He would like to stay below 200,000. They should be thankful for the people that want to live within their means, but instead they penalize them. Stupid, senseless regulations.
And right now the town he lives in is evacuated and the property he wanted to buy is most likely scorched earth. Massive fire going through their right now...47,000 acres and growing.
Bruce
Herd Master
Always hate to hear about those big fires.
Mike CHS
Herd Master
This whole thing has to have you a nervous wreck. People borrow almost as much as you are to get a car of all things. Those loans don't take an hour to get.
- Thread starter
- #836
misfitmorgan
Herd Master
I believe it. They have the stupidest regulations, no wonder home buying is down.
I swear I'm over here losing my mind and it is now having other effects like me being perpetually tired and forgetful all the sudden. DH is in a similar boat constantly tired for the past 3 weeks.
We just wanna get on with the next chapter in our life and every possible thing that can go wrong seems to be going wrong.
RollingAcres
Herd Master
Unfortunately they don't and it's frustrating. When we first started looking into getting a mortgage, they said that we have no credit (we didn't want credit cards and had no loan payments at the time) so no one would give us a mortgage. In order to establish our credits, the banks told us we would need to get credit cards and then get a car loan. We had to trade in a car that had been bought and paid for, to get a vehicle with loan payments. How stupid is that?!!!
Hang in there...things will work out eventually.
Bruce
Herd Master
Very.Unfortunately they don't and it's frustrating. When we first started looking into getting a mortgage, they said that we have no credit (we didn't want credit cards and had no loan payments at the time) so no one would give us a mortgage. In order to establish our credits, the banks told us we would need to get credit cards and then get a car loan. We had to trade in a car that had been bought and paid for, to get a vehicle with loan payments. How stupid is that?!!!
I suppose if one has no credit (as opposed to bad credit) and enough cash to put down say 50%, the bank would do the loan. They couldn't help but make a ton of money if there was a default. In fact they would make out big time since they would sell the place probably for at least as much as the lendee paid for it and the lendee wouldn't get any of their money back.
T-7
I HOPE!! But that would require them to find this other appraiser ASAP and they would have to get to work NOW.
for you and DH! You both need it.- Thread starter
- #839
misfitmorgan
Herd Master
Very.
I suppose if one has no credit (as opposed to bad credit) and enough cash to put down say 50%, the bank would do the loan. They couldn't help but make a ton of money if there was a default. In fact they would make out big time since they would sell the place probably for at least as much as the lendee paid for it and the lendee wouldn't get any of their money back.
T-7
I HOPE!! But that would require them to find this other appraiser ASAP and they would have to get to work NOW.
I know as of 10am his boss had not replied to his request. If i dont hear an answer by 3pm today i am just going to tell him to take the facking money out of my account to pay for another appraisal and they can give me a rebate or whatever later on if they decide they want to pay for it...which i doubt.
babsbag
Herd Master
I had to fight to get money back for an appraisal that was never done. The bank decided that they couldn't pay off my solar improvement loan so they cancelled the refi before the appraisal was done but I had already paid for it. They weren't thrilled about giving me back the 500.00
