[HLS]

Former…
I don’t think that there will be a repeat anytime soon. Without stated income and 100% financing the world will never see the housing foolishness repeated at the same level. This will be a lost decade.

With one hand the govt is talking about modifying mortgage payments down to 31% of income YET with the other hand they are allowing new borrowers to be approved for 50%+ of income.
Potential new prospects to have payments lowered in the future to 31% of income to keep the Ponzi scheme going.

For several years I have equated home buyers to those who bought tech stocks all the way down after the bubble burst 10 years ago. They figured if a stock had been $1000 it must be cheap at $800, then $700, then $600, then $500, some on the way to $2.00.

It wasn’t based on reality or profits, but solely on what the price had been at the peak of the bubble. No earnings and some had no sales, just a vision of delusion.

There are still people hanging on to what they bought at an inflated price but don’t want to sell because they don’t want to lose money. Sound familiar ?
Sadly for them, they don’t even know what the wash rule is and that the govt will share in their loss.
..HLS

[HLS]

Former…
I don’t think that there will be a repeat anytime soon. Without stated income and 100% financing the world will never see the housing foolishness repeated at the same level. This will be a lost decade.

With one hand the govt is talking about modifying mortgage payments down to 31% of income YET with the other hand they are allowing new borrowers to be approved for 50%+ of income.
Potential new prospects to have payments lowered in the future to 31% of income to keep the Ponzi scheme going.

For several years I have equated home buyers to those who bought tech stocks all the way down after the bubble burst 10 years ago. They figured if a stock had been $1000 it must be cheap at $800, then $700, then $600, then $500, some on the way to $2.00.

It wasn’t based on reality or profits, but solely on what the price had been at the peak of the bubble. No earnings and some had no sales, just a vision of delusion.

There are still people hanging on to what they bought at an inflated price but don’t want to sell because they don’t want to lose money. Sound familiar ?
Sadly for them, they don’t even know what the wash rule is and that the govt will share in their loss.
..HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

KCAL,
It sounds like they are wasting your time.
Rates are actually a little lower today than mid Sept. Rates have not “been going up steadily”.
There is no advantage to them to stall.
You are correct that they have done this to many other customers. Amazing to me that people stick with them.

If a refi cannot be funded within 30 days, something is wrong. 90 day locks are usually at a premium cost, even if they don’t tell you that.
People remain foolish about their mortgage choices.

With the majority of loans, just because a bank services your current loan it doesn’t mean that they own it and you aren’t going to get any special service or favors just because you currently make your payments to them.
It doesn’t matter if you and 50 of your relatives have been banking with that bank for the last 200 years and have $500,000 deposited there. That doesn’t qualify you for a loan today.

A new loan is a new loan, sold off into a new pool of mortgage backed securities. The old loan is being paid off. They aren’t making an adjustment to an old loan. FNMA doesn’t care if you get a refi from the existing servicer.

Guidelines are stricter than they were last year, even if your property value went up. For qualified borrowers, conforming loans at 5.00% are available at almost no cost today, it changes a bit everyday.
Lower rates have a cost.

You didn’t mention your type of loan, loan amount, credit score or property value. Perhaps you don’t qualify for a refi today.
If you don’t qualify, it’s not fraud and the rate is meaningless. You made a bad choice. The appraiser doesn’t care if your loan goes through or not. They want to be paid for their work.

An appraisal done last Sept should no longer be valid. Have they told you that you have to pay for another one to compound your aggravation and get you funded ?

To add insult to injury, every month that you remain in a 6.375% loan you are wasting more money, most likely hundreds of dollars a month depending on your loan balance.

Sadly, many people make the same mistake that you did. An internet lender that gives the impression that they only charge $2000 as a broker fee overcharges on their rates and isn’t as cheap as they appear to be.Misleading but not fraud.
Lots of people with excellent credit don’t qualify for loans today.

If you would like to know the right rate and what you qualify for today, please contact me privately… HLS

[HLS]

The list of the most responsible in declining order:
Govt: allowed “IT” to happen without intervention.
The drug cartel
The growers
The middlemen
The dealers
The street pushers
The users

Nobody held a gun to the end user and made them inject/snort. If the govt had required skin in the game over 50% of mortgages would have never occurred. 100% financing was THE main cause.
Greenspan and low rates weren’t the problem.
Rates are lower today and there is no housing bubble.

The true criminals: Barney Frank, Chris Dodd, etc.
Hanky Panky Paulson did a perfect job of raping the taxpayer without using KY jelly and transferred wealth to his Wall Street buddies.
AIG was given billions so that Goldman Sachs could be paid for gambling on CDS’ and Lehman Bros was allowed to fail because they annoyed/crossed Paulson on the way up.

Never forget: Foreclosures are not the problem- Foreclosures are the solution. HLS

[HLS]

The list of the most responsible in declining order:
Govt: allowed “IT” to happen without intervention.
The drug cartel
The growers
The middlemen
The dealers
The street pushers
The users

Nobody held a gun to the end user and made them inject/snort. If the govt had required skin in the game over 50% of mortgages would have never occurred. 100% financing was THE main cause.
Greenspan and low rates weren’t the problem.
Rates are lower today and there is no housing bubble.

The true criminals: Barney Frank, Chris Dodd, etc.
Hanky Panky Paulson did a perfect job of raping the taxpayer without using KY jelly and transferred wealth to his Wall Street buddies.
AIG was given billions so that Goldman Sachs could be paid for gambling on CDS’ and Lehman Bros was allowed to fail because they annoyed/crossed Paulson on the way up.

Never forget: Foreclosures are not the problem- Foreclosures are the solution. HLS

[HLS]

The list of the most responsible in declining order:
Govt: allowed “IT” to happen without intervention.
The drug cartel
The growers
The middlemen
The dealers
The street pushers
The users

Nobody held a gun to the end user and made them inject/snort. If the govt had required skin in the game over 50% of mortgages would have never occurred. 100% financing was THE main cause.
Greenspan and low rates weren’t the problem.
Rates are lower today and there is no housing bubble.

The true criminals: Barney Frank, Chris Dodd, etc.
Hanky Panky Paulson did a perfect job of raping the taxpayer without using KY jelly and transferred wealth to his Wall Street buddies.
AIG was given billions so that Goldman Sachs could be paid for gambling on CDS’ and Lehman Bros was allowed to fail because they annoyed/crossed Paulson on the way up.

Never forget: Foreclosures are not the problem- Foreclosures are the solution. HLS

[HLS]

The list of the most responsible in declining order:
Govt: allowed “IT” to happen without intervention.
The drug cartel
The growers
The middlemen
The dealers
The street pushers
The users

Nobody held a gun to the end user and made them inject/snort. If the govt had required skin in the game over 50% of mortgages would have never occurred. 100% financing was THE main cause.
Greenspan and low rates weren’t the problem.
Rates are lower today and there is no housing bubble.

The true criminals: Barney Frank, Chris Dodd, etc.
Hanky Panky Paulson did a perfect job of raping the taxpayer without using KY jelly and transferred wealth to his Wall Street buddies.
AIG was given billions so that Goldman Sachs could be paid for gambling on CDS’ and Lehman Bros was allowed to fail because they annoyed/crossed Paulson on the way up.

Never forget: Foreclosures are not the problem- Foreclosures are the solution. HLS

[HLS]

The list of the most responsible in declining order:
Govt: allowed “IT” to happen without intervention.
The drug cartel
The growers
The middlemen
The dealers
The street pushers
The users

Nobody held a gun to the end user and made them inject/snort. If the govt had required skin in the game over 50% of mortgages would have never occurred. 100% financing was THE main cause.
Greenspan and low rates weren’t the problem.
Rates are lower today and there is no housing bubble.

The true criminals: Barney Frank, Chris Dodd, etc.
Hanky Panky Paulson did a perfect job of raping the taxpayer without using KY jelly and transferred wealth to his Wall Street buddies.
AIG was given billions so that Goldman Sachs could be paid for gambling on CDS’ and Lehman Bros was allowed to fail because they annoyed/crossed Paulson on the way up.

Never forget: Foreclosures are not the problem- Foreclosures are the solution. HLS

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[HLS]

OP,
Until your money is in escrow, the deal will not happen. If your docs are signed in April, the loan must fund by early in May or the docs are invalid.
(Each lender allows a different number of days, there is no standard) You can stall if your contract allows it.

As mentioned above, without more information it’s not possible to know what you qualify for.
Prime pricing with half a point yesterday was 4.875%….so at 5.375% On a $192K loan your talking about closer to a $10,000 difference, not $3000.

I never lock a loan without a borrower’s permission and if I was leaving on vacation they would still be able to reach me or my assistant who would know exactly what was going on.
I didn’t panic when rates increased, it didn’t look like it would hold for the short term.
I would also be personally involved to get you the $10K tax credit.

Sounds to me like you may have a bird that pooped on your head, not a bird in the hand. If you’re a qualified borrower then you qualify. I don’t believe that the processor has to “start over with the UW” that’s BS. You MIGHT need to provide SOME updated info. If your credit report was run in 2010, I don’t think that they need an update.
I don’t know if your personal situation is unusual.

I appreciate the support here and I have spoken to dozens of Pigg’s about their situations. I’m not aware of any problems or complaints. I just tell the truth. There are many things that are completely out of my control, but I do have ways of making things happen and let borrowers know of problems if they arise.

Once someone has started down a one way street the wrong way, there isn’t much that I can do except watch them crash. This is another loan situation that doesn’t sound right.

I’m in a better position to help people when they come to me before they start and not after they are involved in an accident…. HLS

Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?

[Author]

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