All Forum Posts by: James Edwards

For those with a current rv or mh park, or those who have built one. How do you address concerns about your property turning into a "junk pile"?

Looking at creating one, and I wanted to be able to allay concerns regarding that to increase chance of approval. 

Thanks, 

I am very much leaning that way, and telling this lender to pound sand. 

Will there be any negatives, credit ding, collections etc.  if I move on at this stage, without paying for the appraisal the lender requested? I am just entirely fed up with this, and figure it is not my responsibility for their underwriters to run their business appropriately. I figure 90 days of my time, and jumping when they tell me to jump is more than enough. 

Fred, No investment property. Lender knew this specifically at the onset. 

So on to my next question, I've contacted other lenders and several indicate on a HELOC for this can be done in 3-4 weeks, with similar/better terms as the lender I am currently using.

I am at around 90 days with current lender. 

Given that my information has not changed since the initial application I submitted, other than house is valued more than I thought. Initial app with all my DTI information to lender, can I just cancel this application?
I hate to do that, but I've asked for clarification on DTI information and I am getting jacked around with them requesting more information. 

I've given them going on 4 months of my time, prompt response to all of their requests for info,  and I don't get the courtesy of the basic numbers being ran correctly. 

Thoughts?

Hi Fred, initially the loan was supposed to be done via computerized appraisal. Was unable to be done for my area, so they said a regular appraisal would be done. I did not pay for reg appraisal, they said it would be handled by them.  Basically I am just worried, they will try to stick me with it if the request does not go through. However, I am not going to be paying it if that is the case because it was an error on their part. Just trying to plan ahead because while I haven't spoken to them yet, it is pretty disheartening news to get a week before close, after many months. 

So, have been attempting to get a line of credit on a property.It has been a long process, as many of you know. Loan has no fees/appraisal if kept open x number of time. 

House was appraised at way above, what I am requesting/owe on it. 

Told last week that it was going into final review, and to open/create an account with the lender. I did so. 

Received an email that the underwriter performed the DTI calc wrong, and it is now too high.

My suspicion is that if the loan fails they will try to stick me with the appraisal cost. 

Anyone ever dealt with this? I wouldn't have an issue with paying it should I have decided to back out, or the property didn't appraise as required. However, I do not feel I should have to pay it due to negligence/incompetence on the lender. My view is DTI calcs are done way early in the process, and it is a matter of yes/no. If it is too high we could have figured that out long ago preventing appraisal cost, and 4 months of my time being wasted.

Thoughts? 

I'd go the reappraisal route... 

Thanks everyone, exactly what I needed to know!

Currently looking at picking up a couple of decent, used late 1990's manufactured homes. 

They will have to be moved to a new site, as I understand it typically costs around $10-$15k, depending on mileage.

I am curious though if a used/moved manufactured home can be refinanced conventionally, or if they will only quality for other sources.

Thanks,

Certainly not mad, but it seemed unusual since I have never had it before. Just figured I would ask. 

Thanks, everyone. 

Over a year ago it closed...