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Across the Fence:  Stupid Mortgage!!  |
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Aunt Jenny
True Blue Farmgirl
11381 Posts
Jenny
middle of
Utah
USA
11381 Posts |
 Posted - Jul 22 2008 : 9:27:38 PM
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Okay..we have been doing a lease to buy thing (lease option/whatever you want to call it) on our house for the past 4 years (rented it the first two years we lived here) and it is time to get the mortgage..well.....I find out today that DUH...I have been paying our payment/rent in cash each month and getting a little reciept which I file away carefully..our down payment has added up and Guess what??? The CASH thing is screwing us up!! Apparently you need to pay with check or money order so you can prove you really made the payments. What?????? Dang!!! Why did no one ever tell me this? I mean here I am nearly 50 (gulp) and I didn't know this!! We are working with a wonderful mortgage banker who is helping us find a way..but geesh!!
FYI..the only reason I do it is out of habit..when I was young and single and a waitress I always paid my rent/house payment cash cuz I sometimes screwed up my checking somehow and wanted to make sure there was never a problem with that payment. hmmmm I guess I should have stopped that when I grew up. 
Jenny in Utah
Proud Farmgirl sister #24
Inside me there is a skinny woman crying to get out...but I can usually shut her up with cookies
http://www.auntjennysworld.blogspot.com/ visit my little online shop at www.auntjenny.etsy.com |
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nubidane
True Blue Farmgirl
2899 Posts
Lisa
Georgetown
OH
2899 Posts |
Posted - Jul 22 2008 : 9:37:37 PM
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Jenny
I am an appraiser, & have a close friend who is a broker. (you would not believe what extra work I have to do to get an appraisal through underwriting these days, that is why I am still at my computer at 12:30 EST!) I will ask her if there is anything you can do. I have heard of people that always pay in cash having to open a credit card acct to get credit. Makes no sense to me, but, hey I'm a Farmgirl & our values are different! |
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Aunt Jenny
True Blue Farmgirl
11381 Posts
Jenny
middle of
Utah
USA
11381 Posts |
Posted - Jul 22 2008 : 9:57:25 PM
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She suggested we may have to see if :
1. The owner will be on the title with us for a year and we have to save cancelled checks for payments for that year
2. The owner could give us a check for all the down payment we have paid so far (we think they hold it in a trust acct..so that is a possibility maybe) and we can pay that directly for a down and do it as a straight loan instead of how we are doing it now.
3. an FHA loan..which won't happen..our house is too old to qualify..lots wouldnt work on that way.
Thanks for checking for me Lisa..I can sure use any ideas!
Jenny in Utah
Proud Farmgirl sister #24
Inside me there is a skinny woman crying to get out...but I can usually shut her up with cookies
http://www.auntjennysworld.blogspot.com/ visit my little online shop at www.auntjenny.etsy.com |
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CabinCreek-Kentucky
True Blue Farmgirl
8529 Posts
Frannie
Green County
Kentucky
USA
8529 Posts |
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nubidane
True Blue Farmgirl
2899 Posts
Lisa
Georgetown
OH
2899 Posts |
Posted - Jul 22 2008 : 10:08:23 PM
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Jenny
I do FHA appraisals, & you may be surprised at what qualifies now. If you want to me to give you some details, I would be glad to help. I do FHA appraisals all day long. Email me, & I also have unlimited long distance, so I can call you too..Gotta make sure Mona has a place for her calf!!!! |
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summerbreeze
True Blue Farmgirl
277 Posts
Laura
WA
USA
277 Posts |
Posted - Jul 22 2008 : 10:08:36 PM
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I have sold Real Estate for 16 years.
Did you pull the money out of your account every time you made the payment? If you did it each month there will be a paper trail on your bank statement.
I would also have the owner of the house give you a notorized statement that you have made your payment on time and with cash each month.
You can then also send a notorized letter to the underwritter that your prefered method of paying is with cash.
I was able to use this with a couple who literally kept there downpayment in their matress.
FHA requirements may not be as tough as you think. If you house does need work you may be able to get an FHA 301K loan and that will give you the money to fix it up.
I have a mortgage guy that has always been able to figure out a way. He has Never not gotten a loan for someone. If need be I could have your mortgage guy speak with my mortgage guy and see if between the two of them they can come up with something.
There is also the neiahmiah program that lets you do 100 percent financing on FHA loans.
Having the owner go on title is a very scary idea in my opinion.
Email me if I can be of help.
Laura
You only live once,if you do it right once is enough. |
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Aunt Jenny
True Blue Farmgirl
11381 Posts
Jenny
middle of
Utah
USA
11381 Posts |
Posted - Jul 22 2008 : 10:13:58 PM
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Wow...awesome!!!! I am so happy to hear that there are ways!! I will ask my mortgage gal tomorrow about the notarized letter idea... and I will print out these ideas to ask her about.
Frannie..they said that anyone can write a reciept! jeesh!!
I just know it will all work out. I am nothing but positive on this..but what a mess to work it out!! And we don't have unlimited time until our lease option agreement runs out. BUT..the people are very nice and will for sure be okay with an extension on that I think. I just want to be done with this. I always assumed that FHA loans were very hard to qualify for! (our house is over 110 years old)
Jenny in Utah
Proud Farmgirl sister #24
Inside me there is a skinny woman crying to get out...but I can usually shut her up with cookies
http://www.auntjennysworld.blogspot.com/ visit my little online shop at www.auntjenny.etsy.com |
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lisamarie508
True Blue Farmgirl
2648 Posts
Lisa
Idaho City
ID
USA
2648 Posts |
Posted - Jul 23 2008 : 05:09:05 AM
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You know that just doesn't make sense to me either. If you had NOT been paying all along,you would have been evicted, right?
When we bought our house, here, we took cash in as our down payment when we went in to sign the papers. They told us that we couldn't pay in cash because it could be drug money or something! I was just appalled and confused. Isn't cash still king? Isn't paying in cash better assurance that it's good? Apparently not. So we had to leave them all waiting there while we went to the bank and got a cashier's check.
Farmgirl Sister #35
"If you can not do great things, do small things in a great way." Napoleon Hill (1883-1970)
my blog: http://lisamariesbasketry.blogspot.com/
My Website:
http://www.freewebs.com/lisamariesbasketry/index.htm |
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Mumof3
True Blue Farmgirl
3890 Posts
Karin
Ellenwood
GA
USA
3890 Posts |
Posted - Jul 23 2008 : 05:21:44 AM
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Good night, what a mess! Jenny- I hope that there is a quick solution to your problem. Just goes to show how powerful credit companies are that you cannot even use cash to (which to me shows incredible discipline and restraint that you even have the cash!) purchase a home.
Grrrrrrr.
I wish I had some good advice for you, but I can stand behind you and say "You go, Jenny!!"
Karin
Farmgirl Sister
# 18 :)
Wherever you go, there you are.
www.madrekarin.blogspot.com
www.madrekarin.etsy.com |
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Amie C.
True Blue Farmgirl
2099 Posts
Finger Lakes Region
NY
2099 Posts |
Posted - Jul 23 2008 : 06:01:08 AM
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I always thought money was money. Apparently not. What a hassle!
I do see their point about drug money, though. If they can see bank and credit card statements, that gives them a sense that you have legitimate, long term employment. Not just a suitcase full of bills that 'fell off a truck' or something.
I hope that a paper trail from your bank account (if you have one!) or a notarized letter from the landlord will help. |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
Posted - Jul 23 2008 : 06:21:31 AM
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Wow Aunt Jenny! I really feel bad for you, but it sounds like you are getting excellent help! I would have never even thought that there would be a problem like that! Oh my word! I will surely keep this in mind as we are looking at getting into a house within the next year or two!
Alee
Farmgirl Sister #8
www.awarmheart.com
Please come visit Nora and me on our new blog:
www.farmgirlalee.blogspot.com |
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asnedecor
True Blue Farmgirl
1054 Posts
Anne
Portland
Or
USA
1054 Posts |
Posted - Jul 23 2008 : 06:55:52 AM
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Jenny -
We did a combo loan when we bought our house - FHA and what they called the Oregon Bond. Our house was built in 1912 and no modifications to it and that did not hold back the FHA from going through. Maybe Utah has a bond program as well - it keeps the down payment low and helps with the interest rate as well.
Good Luck!!!
Anne in Portland, OR
"Weeds are flowers too, once you get to know them" Eyeore from Winnie the Pooh
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homemakerkate
True Blue Farmgirl
143 Posts
Kate
Ewen
Michigan
USA
143 Posts |
Posted - Jul 23 2008 : 08:12:24 AM
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| Yes, the market has changed considerably..I hope you get this worked out to the best of your advantage. HUGS |
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Aunt Jenny
True Blue Farmgirl
11381 Posts
Jenny
middle of
Utah
USA
11381 Posts |
Posted - Jul 23 2008 : 09:37:46 AM
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We DO have a down payment built up from the years (4) of them putting part of our rent/payment toward that..that is the part that was paid in cash that they are not happy about. I need to call the mortgage gal this morning.
I don't know about how it would show that I got the money from our account each month since I do it sorta wierd, some I get it out here and there and cash one check each month for it..I don't always just go in and get out the whole amount at one time. I rarely do that. She did say that since I think the owners put the money for our down payment in a trust acct. (big family that owns it..all bros and sisters) that they may have a way to track it to us that way.
Jenny in Utah
Proud Farmgirl sister #24
Inside me there is a skinny woman crying to get out...but I can usually shut her up with cookies
http://www.auntjennysworld.blogspot.com/ visit my little online shop at www.auntjenny.etsy.com |
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summerbreeze
True Blue Farmgirl
277 Posts
Laura
WA
USA
277 Posts |
Posted - Jul 24 2008 : 4:49:46 PM
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Hi Aunt Jenny,
Just checking in to see how you are doing. Sending positive thoughts your way.
Laura
You only live once,if you do it right once is enough. |
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Ga Girl
True Blue Farmgirl
2355 Posts
Karen
Meansville
Ga.
USA
2355 Posts |
Posted - Jul 24 2008 : 5:17:30 PM
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Jenny, you sound like your in about the same boat I am. I am suppose to refinance next month on my house Ive had it since 91 but my dad got it on a ballon notice because I couldnt get anything else. Well in the last 17 yrs between 3 husbands we have borrowed more for additions so now I owe more than when I origanaly(sp?) borrowed 17 yrs ago. I have no clue what to do I would really like to get a reg. home loan but dont know if I could, me being a stay at home mom and hubby#3 being self employed. When you have no background on anything like this you really just have to trust the bank or the sales person. Which i have a hard time doing. Well I hope you get problem solved quickly and easily. Karen
Create in me a pure heart,O God and renew a steadfast spirit within me. Psalms 51:10 http://farmgirlingastyle.blogspot.com/ |
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Aunt Jenny
True Blue Farmgirl
11381 Posts
Jenny
middle of
Utah
USA
11381 Posts |
Posted - Jul 24 2008 : 6:17:16 PM
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Thanks gals...I am waiting for a call back from the sellers to discuss the options. She works two jobs and he dosn't deal with this sort of thing...so I am waiting (and not very patiently I might add..haha)
Jenny in Utah
Proud Farmgirl sister #24
Inside me there is a skinny woman crying to get out...but I can usually shut her up with cookies
http://www.auntjennysworld.blogspot.com/ visit my little online shop at www.auntjenny.etsy.com |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
Posted - Jul 24 2008 : 8:36:42 PM
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Well that has got to be frustrating! I would be pacing the floor and keeping the phone lines hot with lots of phone calls!
Alee
Farmgirl Sister #8
www.awarmheart.com
Please come visit Nora and me on our new blog:
www.farmgirlalee.blogspot.com |
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nubidane
True Blue Farmgirl
2899 Posts
Lisa
Georgetown
OH
2899 Posts |
Posted - Jul 25 2008 : 11:58:38 AM
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Hey Aunt Jenny
There is a 33 acre farm with 3 large barns, workkshop, silo, fencing, an old remodeled farmhouse with a new metal roof, 4 BR 2 full baths for sale about a mile from me(295K) The guy currently has cattle, so Mona would fit right in. Beautiful view too!! C'mon to Ohio neighbor!! |
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Aunt Jenny
True Blue Farmgirl
11381 Posts
Jenny
middle of
Utah
USA
11381 Posts |
Posted - Aug 08 2008 : 10:52:42 PM
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Gosh that sounds so nice at this point Lisa!!
We are still struggling and getting no where with this mortgage..I am going to email you to ask more about FHA stuff...I think the mortgage broker is getting tired of me.
Jenny in Utah
Proud Farmgirl sister #24
Inside me there is a skinny woman crying to get out...but I can usually shut her up with cookies
http://www.auntjennysworld.blogspot.com/ visit my little online shop at www.auntjenny.etsy.com |
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DaisyFarm
True Blue Farmgirl
1646 Posts
Diane
Victoria
BC
Canada
1646 Posts |
Posted - Aug 08 2008 : 11:52:00 PM
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So sorry you're going through all this Jenny. I absolutely hate dealing with mortgages, or anything else to do with money really. Always stressful.
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frannie
True Blue Farmgirl
2246 Posts
fran
bonham
texas
USA
2246 Posts |
Posted - Aug 09 2008 : 06:09:14 AM
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aunt jenny, i am keeping track of your dilemna here in texas and pulling for you.
i think you are getting some great advice from the other farmgirls who seem to have knowledge about these things. when it comes to money issues the only thing i can offer is emotional support and i am always here to share a cookie with you through any crisis.
sorry, money is just not an area that i am good at, but i am sending out positive vibes to you on this whole issue, cause it is not okay to cause trouble for our aunt jenny.
love and hugs from texas!
love
frannie in texas
(http://abunnystale.wordpress.com/) |
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EllynAnne
True Blue Farmgirl
108 Posts
EllynAnne
Pueblo
CO
108 Posts |
Posted - Aug 09 2008 : 06:30:16 AM
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I do not do math. I married a man who does do math. And for each of our home purchases, I have sat like a dunce and signed "here" and "here" and "here" as directed by the bank, but only because my husband-who-does-math is an attorney, and real estate is an area he deals in. At our closings, he has always caught the bank/title company in errors, which unnoticed, would not have been in our favor.
I tell this little story because the best friend y'all can have when involved in a home purchase is an attorney. Yes,there is a fee, but the attorney knows the ins and outs of the mortgage landscape, which is very confusing.
If you choose not to advise with an attorney, at the very least, please let a lawyer review your final paperwork and/or sit with you during the closing to be certain the numbers are correct and in your favor.
Lots of great advice and assistance offered in this thread - hope I've added to it!
ea
Tie One On...an apron, of course!
www.apronmemories.com
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Across the Fence: Stupid Mortgage!! |
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Stupid Mortgage!!
