My parents are financial morons….are yours?
I hate being poor. I have no idea how jesus endured this terrible life, if he even existed. Honestly, i think i’m paying for my parents idiotic decisions they made in high school. They had all the opportunities of the American dream, (my grandparents from both sides migrated and gave birth to both of them here on American soil) however they never applied themselves to anything and now i’m paying for it, along with 6 of my other siblings who are stuck with them. I feel like my parents are leeching from the government and i’m very embarrassed to call them my parents and i’m ashamed of them. My mom has multiple children and my dad loves to receive welfare and we depend on it. Every time my dad gets paid, his check goes to the bills, mortgage, etc and usually we are left to live off of 50 cents – 20$(max) for 2 weeks, which goes to gas money. They both dropped out, had 7 kids and live off welfare, which i hate, and they’re going bankrupt for multiple credit cards they have opened years ago, thinking they would be able to pay them off, now, we can’t even pay the bills, i can’t even afford to go to college simply because my parents don’t have money for the housing application FEE !!!! GOD I HATE THIS…..
Oh please, the best they can? Is that what they were doing when they dropped out and had kid after kid after kid….etc..I can’t get a job because i live in an area filled with minorities who plan their careers as mcdonalds employees and clog the job market for young teens like me….I have no chance with a 45 year old black man who has 25 years experience with fast food….
._. There doing the best they can for you. Get a job yourself to save for collage. Don’t be so ungrateful. (This question irritated me.)
Waiting for Underwriters approval…..FHA Loan?
My hubby submitted all of his paper work on 3/23and 3/27
How long does it take? We are supposed to close on 4/30/09 which I doubt will happen.
Should wmy hubby call now or wait until next week? On the contract it states the written mortgage commitment must be delivered to the sellers agent no later than April 17th day of April 20th 2009. The date can be extended as stated on the lease.
Also my hubby called the lender Last Fri and the lender said all we do is wait. wait on what?
Right now we are living in an Apartment and we already told the leasing office that we will not be renewing our lease. Our lease is up in the end of May. I pray and hope that everything will be done in time before we have to leave.
One more thing….. His dad gave us a gift loan we filled out that part of the application for the mortgage, but he doesn’t want to ask his dad for his bank statement, It was hard to ask him for the loan. His dad gave us a check but we forgot to copy the check we cash it instead in our savings account and printed out the statement and faxed it to our lender. I really hope this would not be a problem.
*We already had inspection done* Now we are just waiting waiting waiting 🙁
Let me correct what i said about “Gift loan”
I meant to say that His dad signed the gift letter. and then my hubby faxed it. He just didn’t fill out the part asking for bank information. I tried checking our bank statement for the image of the check but it doesn’t show up. We already cashed the check I wish we would of waited to do that, we don’t have his dad’s bank statement yet,—-hubby is afraid to ask. He said he will wait until they ask for it.
An FHA loan shouldn’t take longer than it takes to get the appraisal and the title work back, which is approxmiately two weeks.
I have personally closed FHA loans in as little as 4 days.
Your final mortgage commitment will not be delivered to the sellers until the title work and the appraisal is back, all employment and closing funds verified, and you have submitted all of your paperwork.
Unless the sellers wrote “time is of the essence” into the contract, the 17th and the 30th are target dates, and it is a myth if these are not met it invalidates the contract…it doesn’t.
Tehre is no such thing as a “gift loan”. FHA will not allow you to take out a loan for the down payment. Your father will have to sign a written gift letter that “no repayment is expected” and he will have to sign that.
You will need a copy of the cancelled check from the bank, or an image, collaborating the gift funds, as FHA and all loans, requires a paper trail or else the funds must be seasoned in your savings account.
FHA underwriters don’t like money in accounts that suddenly appears….they will require you to source it, and if you can’t, the loan is a no-go.
Understand that an inspection is not an appraisal and FHA loans do not require an inspection, though it’s always best to have one.
Title co. and signing of papers?
I was just informed by my mortgage agent that my loan application will expire tomorrow at 5pm. I do not like the loan I was offered (hight rate, early termination fees, etc) but was told that I should sign and than the agent has 3 days to “correct” the sticking points. Is it possible to change the terms once they’re signed?
The downside, I was told, is that if I don’t sign I will have to go through the whole process all over again! Credit check, etc.
Thanks for your help!
Are you in the UK? If so, perhaps it’s different there.
But even in the US, we have a 3-day cancellation period on all refinances. But that’s not when we try to change loan terms. That’s not to be used for anything, really, though sometimes dotting the i’s does occur.
But changing the entire loan doesn’t happen. It can take days to have a loan underwritten, and when it is, it’s underwritten to a specific loan program’s guidelines. You can’t just flip it to something else and expect to have it all clear in 3 days.
If there was such a better product out there, why were you not given it in the first place?
I think if you sign, nothing will change, and you’ll just end up stuck in a loan you don’t want.
And it sounds like your mortgage guy is shady, at best. Completely corrupt at worst. Find a new one, apply from scratch. Get away from this guy.
I have an interview with Target. Should I tell them about my class A misdemeanor during the interview?
In july of 2008 I was charged with criminal trespassing with a deadly weapon but it’s not as bad as it sounds. My friends and I were target shooting in a huge forest that apparently was owned by some mortgage company. On the application for target it asked if I was convicted of a felony. But I wasn’t even convicted of the class A misdemeanor I was charged and it gets dismissed in March of 2010. So will it appear on the background check? It it does appear, should I tell the interviewer the circumstances? Thanks for your help. I live in Austin TX, Im a college student and I really need this job because it is really hard to find a job here.
Since they are asking specifically about a felony and you don’t have one then I would not volunteer any other information. You should never lie, so if it is asked in the interview then do not avoid it. Tell them exactly what happened and the results. I don’t think this will be a problem. Good Luck.
Do all bills affect your credit rating or just credit-related bills (such as creditcards, loans, mortgages..)?
I understand that credit card accounts, mortgages, and things like car loans will affect your credit score majorly depending on when you pay, your balance, etc…
But how much, if any and when, do other bills (insurance, internet, phone, medical..) affect it?
And if they do, will paying them off fix this?
I recently was denied an application for a regular checking account at Bank of America. I thought it could be these reasons:
My current bank account is -70.71 and I have put a hold on it until i close it.
My insurance through Progressive had one monthly payment left on the policy and it was never paid.
My internet through Sprint was a 2yr service agreement and I failed to pay the bill 3 months and was therefore terminated.
My credit card is pretty much maxed although I pay the bill on time.
I have a few outstanding medical bills (under $500).
HOWEVER, I ordered a credit report through Equifax and ONLY my credit card account info is shown! What about everything else?
Ok, now for the REAL answer. Conventional trade lines such as credit cards, mortgages, car loans, student loans, etc, report on your credit whether you pay or not. Utilities, cellular, medical, bank overdrafts, loans through private lenders, and even insurance premiums can and in most cases are reported when they’re charged off or sent to collections.
As a credit analyst and underwriter I see these types of accounts on the reports I either approve or deny on a regular basis, and these accounts I just mentioned aren’t always reported with all 3 agencies. It’s likely that Bank of America used Transunion to pull the inquiry(that’s what they used when I applied for my checking account).
Based on the bills that you’ve mentioned it’s very likely that the medical bills, Sprint Internet, and the premium from Progressive may be reported on Transunion as well. Although you may pay your credit card on time(which is a good thing by the way), it doesn’t help much when it’s maxed out.
Also, what may have played a part in getting denied is the bank overdraft. Banks use a seperate reporting agency called Chexsystems that report bounced checks and overdrawn accounts. A lot of banks can forgive what’s on your credit, but it’s much harder to forgive something that’s on Chexsystems.
My suggestion would be to at least clear up the overdraft, even if you’re not using the account, with it being overdrawn and more than likely reporting on Chexsystems, it will be hard(not impossible) to get another checking account. Also, it would help to pay down the credit card. And lastly, I posted links that may help to you to negotiate those other debts(especially medical) to help your rating
Hopefully, this will help you out…
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