 Contract Question (by DNewbie [TX]) Sep 9, 2016 2:41 PM
 (by Pmh [TX]) Sep 9, 2016 2:54 PM
(by DNewbie [TX]) Sep 9, 2016 3:00 PM
(by Landlord ofthe Flies [TX]) Sep 9, 2016 3:02 PM
(by Pmh [TX]) Sep 9, 2016 3:12 PM
(by DNewbie [TX]) Sep 9, 2016 3:27 PM
(by Pmh [TX]) Sep 9, 2016 3:35 PM
(by DNewbie [TX]) Sep 9, 2016 3:55 PM
(by Pmh [TX]) Sep 9, 2016 4:49 PM
(by DNewbie [TX]) Sep 9, 2016 5:18 PM
(by Pmh [TX]) Sep 9, 2016 5:24 PM
(by Amy [MO]) Sep 9, 2016 5:34 PM
(by Lynda [TX]) Sep 9, 2016 6:43 PM
(by Mike45 [NV]) Sep 9, 2016 7:09 PM
(by Vee [OH]) Sep 9, 2016 7:12 PM
(by Pmh [TX]) Sep 9, 2016 7:13 PM
(by DNewbie [TX]) Sep 9, 2016 7:57 PM
(by plenty [MO]) Sep 10, 2016 6:11 AM
(by Hippd [KY]) Sep 10, 2016 7:31 AM
(by Lynda [TX]) Sep 10, 2016 11:45 AM
(by Frank [NJ]) Sep 10, 2016 2:53 PM
(by Lynda [TX]) Sep 12, 2016 11:50 AM
(by Pmh [TX]) Sep 12, 2016 2:28 PM
(by Robin [WI]) Sep 12, 2016 6:50 PM
(by Pmh [TX]) Sep 13, 2016 3:23 PM
(by Ray-N-Pa [PA]) Sep 14, 2016 6:52 PM
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Contract Question (by DNewbie [TX]) Sep 9, 2016 2:41 PM
Message:
Hi guys,
I'm trying to refinance one of my rental properties. As expected, they asked for many documents. I feel that they are being unreasonably difficult. Here's my question.
This property has the same tenant since 2008. We have been renewing every year since then. One thing I failed to realized back in 2008 was the contract stated the lease term was from August 31, 2008 - July 31, 2008. I didn't realize until renewal came. Since then the date has been correct. The bank is now asking me to correct a lease that started in 2008?! Is that even legal? I would think the subsequent renewal notice with the correct date would suffice.
--72.191.xxx.xx |
Contract Question (by Pmh [TX]) Sep 9, 2016 2:54 PM
Message:
If you want the loan you will need to correct if that is what underwriters want. I suggest you draw up new contract dated 8.2016 and have tenants sign it "for your files".....is sop for lenders to require valid rental contracts. --166.137.xxx.xx |
Contract Question (by DNewbie [TX]) Sep 9, 2016 3:00 PM
Message:
Thank you for your reply. I'm actually helping my parents with this. Another thing that really bugged and I'm trying to get a second opinion.
My dad also has rental properties with loan under his name. But in Texas, the title also has my mom's name on it. They are now requesting my dad provides those loan notes for them to see(they want to know if my mom's name is on it). Keep in mind,my mom is the only one applying for this loan. Shouldn't it be there job to have all the credit check needed? I feel that this is intruding on my dad's privacy since he's not applying for the loan. --72.191.xxx.xx |
Contract Question (by Landlord ofthe Flies [TX]) Sep 9, 2016 3:02 PM
Message:
"I feel that they are being unreasonably difficult."
I had to laugh, I've heard many would be tenants say the same to me about my line of questioning.
I think you just got a taste of what it's like to sit at the other end of the table. --99.125.xxx.xxx |
Contract Question (by Pmh [TX]) Sep 9, 2016 3:12 PM
Message:
Texas is a community property state. These requests are not unexpected. who are you trying to refi with ? --166.137.xxx.xx |
Contract Question (by DNewbie [TX]) Sep 9, 2016 3:27 PM
Message:
I will not state the bank here because I plan on filing a complaint. I understand being on the other end of the table. But if I had treated my tenant the way they have treated me, I would have been in big trouble. I'm not annoyed by the documents that are required, I'm annoyed by the unprofessionalism in this whole process.
This loan has been going on since April!!! Each time they are requesting documents, I fully complied. I even called them and asked is that really ALL you need and is there ANYTHING else you need. Each time I get a yes...only for this to be dragged on and on. But they are not requesting the documents at the same time. This dragged the process on and on. I have listed ALL the properties since day one. Any questions they have on those should have been resolved then, and not 5-6 months later. Are they really that incompetent? They kept on asking for bank statements (which is fine), but the fact that they keep on delaying the process, we have to provide that continuously.
Unreasonable demands...my mom is applying for the loan, it's expected they will check my mom's credit report. But they want to pull one on my dad too?! I had to fight that one.
I provided one bank statement showing that I have enough fund for the closing cost. They want me to provide bank statements for all my banks?!
The list goes on and on. That's why I'm venting. My parents have banked with them for 30+ years.
--72.191.xxx.xx |
Contract Question (by Pmh [TX]) Sep 9, 2016 3:35 PM
Message:
must be Bank of America. you are new. we were all new once. don't mean that as an aspersion. but you need to understand TX laws and also the requirements lenders have - legal. yes. They want info on your Dad although it is your Mom trying to refi. bc we are a community property state. so understand it also indirectly protects both your Mom & Dad. so comply with the underwriter requirements and also understand how the real world works. I say that in a nice way. all other lenders doing loans in TX will require the same. suggest you go to WFB.Chase. Citi. --166.137.xxx.xx |
Contract Question (by DNewbie [TX]) Sep 9, 2016 3:55 PM
Message:
Thank you Pmh for your candid response. I have done refinanced loan through other institution. I'm not complaining so much about the document requirement, but the manner in which they are requesting it. In all the other case, I would be required to submit all that I needed at once (at most 2 more times) and the loan would be resolved in around 30 days.
I don't expect lenders to be having new requirements 1 week or 2 before closing for the past 5 months. That to me represent unprofessionalism and incompetence. They should have understand and asked for all the requirements 1 or 2 months into the process. It wasn't me who apply for this loan. It was actually their employee selling this refinance to my mom. I'm helping her get though this. I would thoroughly recommend against this if I had known. Funnily enough, my mom had also refinanced another loan with another lender. That went through very easily despite the fact that she doesn't bank with them. Apparently, this bank is tougher on her probably because she's been with them for 30+ years and have not been late on a single payment. --72.191.xxx.xx |
Contract Question (by Pmh [TX]) Sep 9, 2016 4:49 PM
Message:
It's either BOA (my experience b4 I pulled trigger and went to Wfb or quicken loans (ck consumeraffairs.com - FIL pulled trigger and went to Wfb). I have done many refis for myself and large commercial loans for my co (20-30m). lenders don't care so much about payment history. they just want to know you can pay them in the future. --166.137.xxx.xx |
Contract Question (by DNewbie [TX]) Sep 9, 2016 5:18 PM
Message:
I absolutely agree about the ability to pay them in the future. I will end up providing what they need, but this whole process has been dealt with unprofessionally. My only concern is that this is the requirement NOW. After I provide this, they will in turn ask for other thing...delaying this process indefinitely. This is the part I will file the complain about. I have been asked to provide many documents before, but it was done so in a way that was fair. --72.191.xxx.xx |
Contract Question (by Pmh [TX]) Sep 9, 2016 5:24 PM
Message:
save your energy . no complaint to feds or state will make any difference. best to post experience on social media. that is best way to vent. been there tried that with regulators re boa. waste of time. --97.94.xxx.xx |
Contract Question (by Amy [MO]) Sep 9, 2016 5:34 PM
Message:
We refi'd with Quicken. Took over 60 days which I thought was too long. As the appraisal came in low, they required more docs. If credit is lower, they require more docs. If you have other mortgages, debts they need that info as well. The loan officer has different requirements than the processing department and underwriting. As it progresses,each Dept they will go over the docs with even stricter standards. If you are not on top of it every day or every other day, it can go on and on. If they have requested docs and are waiting on you, you go to the bottom of the pile.
As time progresses, documents like pay stubs and even the rate lock will expire and have to be updated. I assume the bigger the loan, the more documentation will be required.
I would be in contact with the complaint/ customer service Dept to see how to get this thing done and out of your face. This is way too long. --65.31.xxx.x |
Contract Question (by Lynda [TX]) Sep 9, 2016 6:43 PM
Message:
DNewbee, that's all? That's nothing! In he past 5 years TX has gotten rediculous in their requirments. From 1999-2009 I bought 6 properties in TX without DH being involved. 100% my money from my job, 100% my credit. He wasn't ever asked for anything. Then something happened--not really sure what drove these changes, but all of a sudden I was req on his purchases/sales and he was on mine. The most recenty one was SO ONEROUS, that when he bought a house in Houston for our daughter to live in, I had to give my daughter a POA to sign for me in my absense (I was out of the country) and THEN, I was required to call them at the closing table--from overseas--to verbally confirm that I HAD given her the POA and I was not UNDER DURESS, and I approved it to be used to close on the house.
So be glad all they want is a re-do of an old lease. Just do it and be glad they don't want something difficult or insane. --108.87.xx.xxx |
Contract Question (by Mike45 [NV]) Sep 9, 2016 7:09 PM
Message:
Who do you plan to complain to? About what? Do you think you have some kind of legal rights here? That the bank has some kind of legal obligations to you?
You don't like it, go somewhere else. He who has the money makes the rules.
--76.3.xxx.xxx |
Contract Question (by Vee [OH]) Sep 9, 2016 7:12 PM
Message:
In general loans have been harder since the bailout bill (HB3221) expired, many lending places simply closed and the mortgages were wholesaled away, I had a 50k credit line reduced to 2500 in 30 days with the bank I had since being a teenager - closed them out after a harvest sale turned nice. --76.188.xxx.xxx |
Contract Question (by Pmh [TX]) Sep 9, 2016 7:13 PM
Message:
Lynda. you may say was all your $ but bought during your marriage..... community property law not new in TX. those lender requirements have not changed. what has changed is now lenders following the rules until all the fuss dies down and dens promise a free house to every voter and loosen the rules again. --97.94.xxx.xx |
Contract Question (by DNewbie [TX]) Sep 9, 2016 7:57 PM
Message:
I'm complaint about the service I'm receiving. I don't mind providing the required docs. I'm complaining the manner in which it was done. They are basically requiring new stuff ALWAYS on a Friday the week before closing. Any documents that they require, I would provide within 24 hours (many times much quicker).
They are driving us insane by constantly thinking of new requirement RIGHT near the closing date.
@Mike45, I believe as a customer that I do have a right to be treated professionally and fairly. I plan to complain corporate complaint department. If they don't provide some sort of resolution, I will take my business elsewhere and close my accounts there.
Besides that, I have had email and verbal confirmation that they ONLY required x&y documents, only for them to rescind and think of additional ones. I even have printed sheet and screenshot of my online loan status showing that I have provided all their requirements. The new requirements would come up 1 week or 2 AFTER I have submitted all the previously required one (and usually very near the closing date). At the very least, that's showing extreme lack of professionalism on their end.
@pmh, I will take your advice and post on social media. --72.191.xxx.xx |
Contract Question (by plenty [MO]) Sep 10, 2016 6:11 AM
Message:
give it up. if you want the loan just jump when they say jump. they have something you want, or your mother wants, just keep giving them papers and don't take it too personal. I don't like it either, careful when you write "i feel" this is business not feeling-time. Don't complain, don't put anything on public media, just get your loan and put it behind you. --184.206.xxx.xxx |
Contract Question (by Hippd [KY]) Sep 10, 2016 7:31 AM
Message:
On the brighter side this is one of the reasons there are so many tenants for us =) --74.132.xxx.xxx |
Contract Question (by Lynda [TX]) Sep 10, 2016 11:45 AM
Message:
Yes, PMH-I know that. The com/prop laws were there, but NOT utilized-for more than a decade! And, I sold 2 properties without him, and had the entire amt go to my personal bank acct--noy joint. Then something changed--and I never got a straight story as to what or when. And not only did they start demanding compliance--but they were going to insane levels, way beyond all normalcy. There must have been some happening in the state that I missed. What "fuss" are you referring to? I'd sure like to know. L --108.87.xx.xxx |
Contract Question (by Frank [NJ]) Sep 10, 2016 2:53 PM
Message:
IMO the "what happened/changed" was the housing bubble collapse.
We re-fi'd our principal mortg. about 3 years back. a lot of the same stupid stuff was going on. After several requests for the same info, I started off with a letter sent Cert. Mail with a scenario of what we sent to who and when, etc.
There were veiled mentions of State Dept. of Banking, etc. while stating that these things could not really be going on, with tongue planted firmly in cheek.
Things changed fairly quickly and only with 1 week to closing did we have to tell them to pound sand as some knucklehead tried to INSIST that they impound [escrow] our taxes & ins. Luckily I had emails and a fax from them stating the contrary.
I did tell my better half that it is true that THEY have the $ and we wanted it, so we had to just deal with it. --173.70.xxx.xxx |
Contract Question (by Lynda [TX]) Sep 12, 2016 11:50 AM
Message:
Thanks Frank. This was a home for our daughter who had to get out of her rental and have someplace to go, so we had to accept the drill they were requiring. If this had been a purchase of a rental prop, I too would have told them to pound sand! The sellers were as eager to sell as we were to buy, and the bank was not the problem either. The loan was already approved, all documents in, and DH had already put 20% down in cash. ALL the problems came from the underwriters of the title company and the realtors(who had pressure put on them by their legal section) for all the miniscule dots and crosses to be made. I suspect they had just gone thru a disaster on a previous closing where something came back on them, and they were not EVER going to go thru that again. --108.87.xx.xxx |
Contract Question (by Pmh [TX]) Sep 12, 2016 2:28 PM
Message:
Lynda. where proceeds go is irrelevant - but b4 you get them all the legal stuff needs to be in order..... sorry about your trials & tribulations but they were not caused by underwriters. for OP however - don't know who is doing refi but sounds like boa or quicken. commiserations. keep us posted.... --166.137.xxx.xx |
Contract Question (by Robin [WI]) Sep 12, 2016 6:50 PM
Message:
We went through this when we took out a loan for a new home. I spent the better part of three weeks sending docs back and forth EVERY. SINGLE. DAY. I'd get a request, send back the required doc within the hour, get a request for a new document the next day, rinse, repeat. Because that was my full-time job we were able to get funded within about six weeks. But I feel your pain! I think at this point I might inform them that I was going to start shopping for a different lender and that I was going to close with whomever got to the table first.
On the other hand, this is why hard money lenders are able to charge so much more than banks... --65.25.xxx.xx |
Contract Question (by Pmh [TX]) Sep 13, 2016 3:23 PM
Message:
I just don't understand why so many trials & tribulations. I did refis last year with Wfb, (new lender), Chase & Citi and all closed in 35-40 days with minimal hassle. I pulled plug on boa after 90 days on a mortgage they held and went to wells. --166.137.xxx.xx |
Contract Question (by Ray-N-Pa [PA]) Sep 14, 2016 6:52 PM
Message:
Maybe its time for you to consider a community bank. Your name should be worth something after 30 years --24.239.xx.xxx |
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