Fed shooting blanks now...

[CosmicCowboy]

Just dropped another 45 billion buying mortgage bonds and the interest rates are still going up. 45 BILLION a month with no end in sight. That's half a trillion+ a year. Damn.

[DMC]

Just dropped another 45 billion buying mortgage bonds and the interest rates are still going up. 45 BILLION a month with no end in sight. That's half a trillion+ a year. Damn.

That should set you back a bit.

[boutons_deux]

Fannie and Freddie are starting a new effort to help underwater homeowners who are not behind on their payments. The Banksters' Great Depression will be with us a long time, while the banksters count the $Ts they stole and wait for, plan their next heist.

[CosmicCowboy]

Don't hold your breath. The problem is not finding people that want to buy or refinance. The problem is getting qualified. The loan ap hurdles are fucking ridiculous. I've done two this year (a refi and a new purchase) and they are totally anal about the loan processing in underwriting.

[boutons_deux]

"loan ap hurdles are fucking ridiculous"

if the corrupt, fee-sucking lenders had diligently applied, rather than fraudulently ignored, FHA regs, there wouldn't have a housing bubble. It wasn't CRA's fault, it was corrupt, greedy originators accepting zero-down, liar's loans, etc.

[CosmicCowboy]

LOL @ ignoring FHA regs. They didn't force FHA and Fannie and Freddie to buy that shit....they wanted it and wrote the guidelines. I'm telling you that the pendulum has swung the other way and every ap now gets put under a microscope.

[boutons_deux]

"They didn't force FHA and Fannie and Freddie to buy that shit"

F&F bought that SHIT on good faith, with the originators selling what they KNEW was toxic shit, to FHA and to investors.

[CosmicCowboy]

:lmao

got damn you are one gullible motherfucker.

[CosmicCowboy]

hxMInSfanqg

[Das Texan]

yup.

did one refi, had to fucking write a got damn letter explaining how my business is structured financially, i mean its not enough to see all the fucking paperwork as it is.

working on a purchase and its like, got damn, at least i have most of it already done from the first time.


when i first purchased in 2007, i had to do nothing. now i have to jump through 100,000 hoops.

there needs to be a got damn happy medium, its a fucking joke right now and thats really the problem. of course i havent ran across a bank here in texas that actually would add back fucking mileage depreciation, so i'm going to either be fucked by the bank trying to get another mortgage or get fucked over by uncle sam so that i can show the income for the mortgage.

nothing beats being bent over and fucked for no real reason other than banks fucked up and now they are beyond scared shitless.

retarded.

[CosmicCowboy]

yup.

did one refi, had to fucking write a got damn letter explaining how my business is structured financially, i mean its not enough to see all the fucking paperwork as it is.

working on a purchase and its like, got damn, at least i have most of it already done from the first time.


when i first purchased in 2007, i had to do nothing. now i have to jump through 100,000 hoops.

there needs to be a got damn happy medium, its a fucking joke right now and thats really the problem. of course i havent ran across a bank here in texas that actually would add back fucking mileage depreciation, so i'm going to either be fucked by the bank trying to get another mortgage or get fucked over by uncle sam so that i can show the income for the mortgage.

nothing beats being bent over and fucked for no real reason other than banks fucked up and now they are beyond scared shitless.

retarded.

You are right. They are beyond ridiculous. I'm currently stashing quite a bit of cash (six figures) in my checking account because I am about to remodel my house. Because of this I don't get in a hurry to run to the bank every time I get a paycheck. I let several checks stack up and then made one deposit of around $7000. The "rules" say you can't borrow the down payment. They made me write a fucking letter explaining where the $7K came from, even though I clearly had like 25X the required down payment already in my checking account.

[CosmicCowboy]

Not only did we submit W2's with tax returns for 2010 and 2011 but my wifes employer had to write a letter stating that he really did pay her the amounts he reported on her W2's that we then reported and paid taxes on for our income tax.

[LnGrrrR]

You are right. They are beyond ridiculous. I'm currently stashing quite a bit of cash (six figures) in my checking account because I am about to remodel my house. Because of this I don't get in a hurry to run to the bank every time I get a paycheck. I let several checks stack up and then made one deposit of around $7000. The "rules" say you can't borrow the down payment. They made me write a fucking letter explaining where the $7K came from, even though I clearly had like 25X the required down payment already in my checking account.

Even though the rules are asinine now, aren't the rates pretty good? I'll be going to Scott AFB soon, and a friend relocating to the same base said he's looking at buying a house since the rates are so low. Should I look into getting a house? I've been hesitant to pull the trigger... not a huge fan of long term debt, and buying a house that I might have to sell in 4 years. Thoughts?

[CosmicCowboy]

Even though the rules are asinine now, aren't the rates pretty good? I'll be going to Scott AFB soon, and a friend relocating to the same base said he's looking at buying a house since the rates are so low. Should I look into getting a house? I've been hesitant to pull the trigger... not a huge fan of long term debt, and buying a house that I might have to sell in 4 years. Thoughts?

My thoughts are that long term debt at these rates is a no brainer. Get a good house in a good neighborhood and you should be fine barring something dramatic like them closing the base. I know the house I am in the process of buying now the mortgage/taxes/insurance are < or = to the rent it would command in todays market and rents/home value will continue to rise while payments remain the same.

[Das Texan]

My general thoughts on the rates now is that its stupid to not do it if you can. It's more annoying as fuck, but with the rates, once we rent out our current pad, I'll net an extra 150-250 a month simply with the lower rates on my note.

Its just going to be a bitch overall, luckily the banker I'm dealing is at least at a small local bank, so they can be flexible on some things and he has been up front with me on just about everything at this point, so thats good.

Hopefully this guy wont make me produce letters explaining my fucking income like the last fucker I used. It was so annoying and frustrating, and quite frankly retarded, but so be it I guess.

Can't wait til they ask why I transferred over 15k from my business account to my personal account in one day, that will be a fun process, and I'll probably want to come up with something other tha, because I can for my reasoning.

Wife isnt looking forward to being put on a strict budget for 2013 since we now have to hoard cash, thanks to the retarded rules put into place.

[LnGrrrR]

My thoughts are that long term debt at these rates is a no brainer. Get a good house in a good neighborhood and you should be fine barring something dramatic like them closing the base. I know the house I am in the process of buying now the mortgage/taxes/insurance are < or = to the rent it would command in todays market and rents/home value will continue to rise while payments remain the same.

Highly doubtful they'd close that base, it's a HQ base (Air Mobility Command) as well as AFNIC (AF Network Integration Center, where I'm headed to.) The only thing that worries me is if the fiscal cliff kills the prices of everything for another half-decade, and I'm stuck underwater after four years. Then again, if I like the area I could extend.

I'll do some more research and check out a few houses. Some are really amazing out there.

[LnGrrrR]

My general thoughts on the rates now is that its stupid to not do it if you can. It's more annoying as fuck, but with the rates, once we rent out our current pad, I'll net an extra 150-250 a month simply with the lower rates on my note.

Its just going to be a bitch overall, luckily the banker I'm dealing is at least at a small local bank, so they can be flexible on some things and he has been up front with me on just about everything at this point, so thats good.

Hopefully this guy wont make me produce letters explaining my fucking income like the last fucker I used. It was so annoying and frustrating, and quite frankly retarded, but so be it I guess.

Can't wait til they ask why I transferred over 15k from my business account to my personal account in one day, that will be a fun process, and I'll probably want to come up with something other tha, because I can for my reasoning.

Wife isnt looking forward to being put on a strict budget for 2013 since we now have to hoard cash, thanks to the retarded rules put into place.

I bank with RBFCU... they've been pretty good to me actually. Just checking their website, the APR is "as low as" 3.482 for a 30 yr loan.

[CosmicCowboy]

Highly doubtful they'd close that base, it's a HQ base (Air Mobility Command) as well as AFNIC (AF Network Integration Center, where I'm headed to.) The only thing that worries me is if the fiscal cliff kills the prices of everything for another half-decade, and I'm stuck underwater after four years. Then again, if I like the area I could extend.

I'll do some more research and check out a few houses. Some are really amazing out there.

I'm not worried about the fiscal cliff. They will figure something out. Might be January before they do it though. My best guess is a compromise that centrist democrats and republicans can agree on giving them enough bipartisan votes to squeak by in the House.

Long term I am much more concerned with inflation as an economic danger so again IMHO it's better to be into long term cheap fixed debt while your hard assets increase in value...just got to hope that there will be enough viable productive people around to buy the assets when it is time to sell. I don't see the losers like Fuzzy ever getting the financial strength to buy anything and there are millions more like him.

[CosmicCowboy]

I bank with RBFCU... they've been pretty good to me actually. Just checking their website, the APR is "as low as" 3.482 for a 30 yr loan.

I lucked out and locked at almost the absolute bottom on this one @ 3.25% with only 3.5% down. Should close this week.

[Th'Pusher]

I bank with RBFCU... they've been pretty good to me actually. Just checking their website, the APR is "as low as" 3.482 for a 30 yr loan.
I just started the refi process with RBFCU. I am locked in at 2.7% but had to do an 11 year note.

[CosmicCowboy]

I just started the refi process with RBFCU. I am locked in at 2.7% but had to do an 11 year note.

That's a great deal if your goal is to do the Dave Ramsey "totally debt free" thing. At least you have a plan.

[Das Texan]

In another fun twist on a semi related note,

my note I just closed on has supposedly been sold to Fannie Mae.

There is nothing of record as of yet and this occured in the middle of November. Technically (legally) they are supposed to file the good ole assignment when a mortgage note is transferred from one institution to another.

I sent them an email asking if it was ever going to be filed in light of their recent issues with not being able to find a mortgage and the paperwork associated with it.

I'm not holding my breath.

[Das Texan]

oops

[Das Texan]

I lucked out and locked at almost the absolute bottom on this one @ 3.25% with only 3.5% down. Should close this week.

How many years if you dont mind me asking?

[Th'Pusher]

That's a great deal if your goal is to do the Dave Ramsey "totally debt free" thing. At least you have a plan.
I took c_g's conservative investing advice. Having the house paid off before 40 struck a cord with me.

[CosmicCowboy]

In another fun twist on a semi related note,

my note I just closed on has supposedly been sold to Fannie Mae.

There is nothing of record as of yet and this occured in the middle of November. Technically (legally) they are supposed to file the good ole assignment when a mortgage note is transferred from one institution to another.

I sent them an email asking if it was ever going to be filed in light of their recent issues with not being able to find a mortgage and the paperwork associated with it.

I'm not holding my breath.

They all eventually sell to Fannie/Freddie. They just keep the servicing for a fee after stripping off a few basic points on the sale.

[CosmicCowboy]

How many years if you dont mind me asking?

30

[CosmicCowboy]

30

And BTW I have no intention of paying the note to term...(I would be 87)

Sometimes you just have to put your money where you think it will serve you best and hope for the best.

[Latarian Milton]

if a guy doesn't have a bitch living with him he would be happy living in a rented apartment and enjoying every penny he's earned w/o sharing it with a bitch tbh. mean why are you gonna need a 2 story fucking house when you live alone? buy some farmland in the countryside if you wanna make an investment in the real estate market, and if you dont have much spare money you better not risk getting yourself stuck in a deep hole of debt imho

[CosmicCowboy]

if a guy doesn't have a bitch living with him he would be happy living in a rented apartment and enjoying every penny he's earned w/o sharing it with a bitch tbh. mean why are you gonna need a 2 story fucking house when you live alone? buy some farmland in the countryside if you wanna make an investment in the real estate market, and if you dont have much spare money you better not risk getting yourself stuck in a deep hole of debt imho

Don't let your momma catch you fapping off in the hall bath.

[Das Texan]

They all eventually sell to Fannie/Freddie. They just keep the servicing for a fee after stripping off a few basic points on the sale.

Oh I know. It was my be an asshole moment if the month because I know the actual law involved with title and what not


Coming soon will be going after the developer of my new subdivision for mineral rights they think they own

[ElNono]

I started looking into buying our first house about two months ago, since we finally saved enough for a decent downpayment and frankly because the mortgage + property taxes basically add up to less what I'm currently paying for rent.

I just couldn't even get the pre-qualification done. I finally got pretty frustrated with the whole thing and I basically postponed everything until we sit down with our accountant before filing for taxes and have a conversation on what we're trying to do...

[Winehole23]

They all eventually sell to Fannie/Freddie. They just keep the servicing for a fee after stripping off a few basic points on the sale.
Percentage of all new mortgages backed by the U.S. government
http://www.propublica.org/images/uploads/freddiefannieginnie_graph_330px.gif Note: Data for 2012 is through September. Source: Inside Mortgage Finance















http://www.propublica.org/article/weve-nationalized-the-home-mortgage-market-now-what

[Winehole23]

Fannie/Freddie were the heat sink. All the bad loans they took on were gold: backed by the full faith and credit of the USG.

[Winehole23]

Now, no one else will take them.

[Nbadan]

Well, Fannie and Freddie don't actually make loans, they just back the private loans so that the borrower gets a decent rate otherwise only the most credit worthy borrower would be able to buy a home...

[CosmicCowboy]

Well, Fannie and Freddie don't actually make loans, they just back the private loans so that the borrower gets a decent rate otherwise only the most credit worthy borrower would be able to buy a home...

That is incorrect.

The lender makes the original loan (meeting Fannie/Freddie guidelines and Fannie/Freddie actually review and approve the loan before it closes)

Fannie/Freddie then buys the loan from the originator, generally letting the originator service the note for a fee.

Fannie/Freddie keep a percentage of the loans in their portfolio but most are bundled and securitized and resold to investors with Fannie/Freddies guarantee, and since they are GSE's the securities are essentially guaranteed by the US government.

The cash they get for selling the securities is then used to finance new loan purchases.

[LnGrrrR]

I started looking into buying our first house about two months ago, since we finally saved enough for a decent downpayment and frankly because the mortgage + property taxes basically add up to less what I'm currently paying for rent.

I just couldn't even get the pre-qualification done. I finally got pretty frustrated with the whole thing and I basically postponed everything until we sit down with our accountant before filing for taxes and have a conversation on what we're trying to do...

How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks. :)

[CosmicCowboy]

How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks. :)

You can do FHA/VA with less than 5% down. If you don't want to pay for mortgage insurance and escrow taxes and insurance you need to put 20% down. My advice is put the minimum down and bank the rest. If you want to build equity faster pay more than your minimum payment in the months that you are flush.

[CosmicCowboy]

How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks. :)

FWIW I just did my daughters house FHA at 3.5% down and 3.25% interest.

[ElNono]

How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks. :)

We have basically $25k, with the idea of using no more than $20k for down payment and the rest for associated fees, etc.
We're looking to buy single-family, which is $170k+ where we're at. Not interested in condos and townhouses and dealing with associations.

[LnGrrrR]

We have basically $25k, with the idea of using no more than $20k for down payment and the rest for associated fees, etc.
We're looking to buy single-family, which is $170k+ where we're at. Not interested in condos and townhouses and dealing with associations.

That's pretty much exactly our price range and what I was thinking about for a down payment.

[CosmicCowboy]

That's pretty much exactly our price range and what I was thinking about for a down payment.

I would use 10K for the down payment and closing costs and bank the other 15K for a rainy day fund. Depending on how tight your finances are you don't want to blow a transmission in a car and have to put repairs on a credit card because you put all your savings in the house. If it doesn't rain you can pay an extra couple of hundred over the normal payment in the months things go well and build equity faster that way.

[ElNono]

I would use 10K for the down payment and closing costs and bank the other 15K for a rainy day fund. Depending on how tight your finances are you don't want to blow a transmission in a car and have to put repairs on a credit card because you put all your savings in the house. If it doesn't rain you can pay an extra couple of hundred over the normal payment in the months things go well and build equity faster that way.

I'll keep the advise in mind. Thanks. The biggest issue for us is that our income changed in the last year and the mortgage dude was not even sure some should count as income or not (it will be taxed as income when our taxes are due at the end of the year). They're basically pretty fucking scared of anything right now, so we'll wait until we have our new tax return and everything is on paper before proceeding.

[CosmicCowboy]

I'll keep the advise in mind. Thanks. The biggest issue for us is that our income changed in the last year and the mortgage dude was not even sure some should count as income or not (it will be taxed as income when our taxes are due at the end of the year). They're basically pretty fucking scared of anything right now, so we'll wait until we have our new tax return and everything is on paper before proceeding.

Totally understand the roadblocks at the mortgage company...this getting qualified on my daughters house has been absolutely ridiculous. I just had to track down two more paycheck stubs to match up to a deposit I made. I sent them a copy of the deposit slip showing 2 paychecks being deposited less $400 cash. The deposits were the exact same dollar amouint of all the other pay check stubs I had provided them.

[Das Texan]

Totally understand the roadblocks at the mortgage company...this getting qualified on my daughters house has been absolutely ridiculous. I just had to track down two more paycheck stubs to match up to a deposit I made. I sent them a copy of the deposit slip showing 2 paychecks being deposited less $400 cash. The deposits were the exact same dollar amouint of all the other pay check stubs I had provided them.


Ya I had to basically put a paycheck stub with every damn deposit for the last 6 months, along with copies of invoices they were attached to.

It sucks to be self employed at times!

[mavs>spurs]

Totally understand the roadblocks at the mortgage company...this getting qualified on my daughters house has been absolutely ridiculous. I just had to track down two more paycheck stubs to match up to a deposit I made. I sent them a copy of the deposit slip showing 2 paychecks being deposited less $400 cash. The deposits were the exact same dollar amouint of all the other pay check stubs I had provided them.

you're sounding like the people i deal with on a daily basis working in lending..it's not hard to just go to the bank and ask for a copy of the cancelled check that they are required to keep on file imho

[CosmicCowboy]

you're sounding like the people i deal with on a daily basis working in lending..it's not hard to just go to the bank and ask for a copy of the cancelled check that they are required to keep on file imho

And you sound like the cunts that asked for it to start with. The point is that they don't want you to borrow the down payment. I get that. Thats fair.

When your down payment is about 4K and you have 100K+ in your checking account only truly fucking idiots think I ran down to a payday loan place to borrow 3K to make the down payment.

[mavs>spurs]

um no, it's about managing risk and making sure that you actually have the business that you say you have and showing consistency in your pay. they want to make sure that you don't run a volatile business where you make this much this week, and a totally different amount the next. and they don't know how you got the 100k in your bank account..until you produce checks for all they know you received an inheritance and sit at home all day unemployed living off of it. there is a real reason that's why they ask, they don't enjoy hassling with stubborn people like you just for a fun hobby.

[Das Texan]

Logic doesnt work for these asshole mortgage bankers by and large.

Nevermind that I had to fucking draw arrows and pictures to help the mortgage banker fucking understand how to add two numbers together.

When A is the total amount deposited and B + C = A on the check stubs made out to the company it was deposited into's bank account, what more do you fucking want? But yet, I had to do more. Because it didnt have MY name on it. It was paid to the COMPANY, so naturally MY name wouldnt be on it necessarily.

[Das Texan]

it's about managing risk and making sure that you actually have the business that you say you have and showing consistency in your pay. they want to make sure that you don't run a volatile business where you make this much this week, and a totally different amount the next. and they don't know how you got the 100k in your bank account..until you produce checks for all they know you received an inheritance and sit at home all day unemployed living off of it. there is a real reason that's why they ask, they don't enjoy hassling with stubborn people like you just for a fun hobby.


Umm tbh, shouldnt the IRS tax returns the banks require kind of answer that question that you havent been sitting on your ass doing nothing and that its been a consistent amount?

Its always something MORE when you are dealing with self employed business owners.

[mavs>spurs]

you guys obviously have no working knowledge of the business and don't understand how rampant fraud is and how intricate some of the schemes are, trust me banks are in the business of making money and anything that was wasting their time without purpose would be costing them money

[mavs>spurs]

and if it's anything like my company they probably have several different routes you can go for proving certain things or satisfying certain stipulations, the tax returns are a valid source but you have to get the person to sign a 4506t and send it off tot he IRS which can take days and they are probably asking for the other things which are easily attainable to speed up the process and get the deal done but you don't know about any of that because you're talking out of your ass

[Das Texan]

so dont require the tax returns then if its so time consuming.

its beyond annoying when you are asked daily for more documentation. ask for it all at once and be done with it, i dont have time to have to provide all this fucking shit every got damn day.

[Das Texan]

In my case, its not like I was asking for the process to be done in a two-three day time frame. I was looking at a fucking 30 day time frame. Its like it like matters if it the documentation that you need arrives in 3 hours or 3 days if you request it when I sign said documentation, that said mortgage banker should fucking provide when asking for all required documentation.

[spursncowboys]

How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks. :)
Go through USAA. They have the best deals for military

[CosmicCowboy]

you guys obviously have no working knowledge of the business and don't understand how rampant fraud is and how intricate some of the schemes are, trust me banks are in the business of making money and anything that was wasting their time without purpose would be costing them money


and if it's anything like my company they probably have several different routes you can go for proving certain things or satisfying certain stipulations, the tax returns are a valid source but you have to get the person to sign a 4506t and send it off tot he IRS which can take days and they are probably asking for the other things which are easily attainable to speed up the process and get the deal done but you don't know about any of that because you're talking out of your ass

:lmao

This isn't my first rodeo you arrogant little prick

I know how they work and understand risk. and yes, they had two years tax returns provided by the IRS and two years w-2's showing steady income. They had a letter that I had been employed in the same place for 25 years. They also had all the information on the $500,000 home I live in and the $1,000,000+ commercial property I own free and clear. They had copies of the insurance policy on the home I live in and the home I am purchasing and the commercial property. They had bank statements showing $100,000+ sitting in the bank. I'm borrowing about $145,000 on a house that just appraised for $20K more than that. I am purchasing mortgage insurance since I'm putting less than 20% down. How more fucking secure do they need to be? Do they REALLY need to see cancelled checks/backup (they already had a copy of the deposit slip showing two checks in exact amount of all the other paycheck stubs I had already submitted less $400 cash) of a deposit I made in the first week of November?

[mavs>spurs]

A lot of that might be federal regulation resulting from subprime, they may not have a choice

[DMC]

And you sound like the cunts that asked for it to start with. The point is that they don't want you to borrow the down payment. I get that. Thats fair.

When your down payment is about 4K and you have 100K+ in your checking account only truly fucking idiots think I ran down to a payday loan place to borrow 3K to make the down payment.

I think there's a squeeze on money available to lend, and they are saving that for the larger businesses. You certainly don't see the loan commercials you used to see. Interest rates are low, banks aren't pushing loans that hard. Could they just want you to get upset and go elsewhere or put more money down so they finance less? Credit score these days doesn't mean much.

It's all a scam. Funny they don't trust you while they are the ones who caused all this shit in the first place. I cannot even spend hundreds of thousands of reward points from Southwest because I refuse to get a Southwest Airlines credit card.

Fight Club is looking like a prophecy.

[mavs>spurs]

also, if you gave them the copy of the tax returns they wouldn't be able to use them, people create fakes so well that you couldn't tell unless you went through the IRS that's why they have to get them from the IRS themselves. so if you just provided tax returns and thought that would be sufficient, they are probably asking for the other stuff so that they don't have to hassle with the IRS. lenders always have these strict policies they have to abide by and there are usually several different avenues to prove certain things, they shoulda just sent off the 4506t if it was gonna be this difficult for you to produce checks tbh i don't see why the tax returns wouldn't be sufficient to prove income imho.

[CosmicCowboy]

also, if you gave them the copy of the tax returns they wouldn't be able to use them, people create fakes so well that you couldn't tell unless you went through the IRS that's why they have to get them from the IRS themselves. so if you just provided tax returns and thought that would be sufficient, they are probably asking for the other stuff so that they don't have to hassle with the IRS. lenders always have these strict policies they have to abide by and there are usually several different avenues to prove certain things, they shoulda just sent off the 4506t if it was gonna be this difficult for you to produce checks tbh i don't see why the tax returns wouldn't be sufficient to prove income imho.

Reading comprehension issues? I signed the release and they got them straight from the IRS.

[Das Texan]

also, if you gave them the copy of the tax returns they wouldn't be able to use them, people create fakes so well that you couldn't tell unless you went through the IRS that's why they have to get them from the IRS themselves. so if you just provided tax returns and thought that would be sufficient, they are probably asking for the other stuff so that they don't have to hassle with the IRS. lenders always have these strict policies they have to abide by and there are usually several different avenues to prove certain things, they shoulda just sent off the 4506t if it was gonna be this difficult for you to produce checks tbh i don't see why the tax returns wouldn't be sufficient to prove income imho.


The problem I have is requesting tax returns FROM the IRS.

THEN asking for check stubs.

THEN asking for letters asking about how a business is structured, though the certified copy from the State of Texas states exactly what the letter stated, if anything the c/c copies of the articles of organization are worth more than a fucking letter i regurgitated out in 5 minutes..

THEN asking for this

THEN asking for that

THEN asking for this

because in most of the cases, they were too fucking obtuse to figure something out that is rather simple.

My favorite was having to fucking draw arrows and pictures because the simple task of adding two figures together was too much work.

[mavs>spurs]

ah it wasn't clear that they did get them from the irs, so why didn't you just tell me you did sign the 4506t in the first place? not really sure why they were asking for all that then, maybe dmc is right they just wanted you to put down more money or go elsewehre rofl

[mavs>spurs]

The problem I have is requesting tax returns FROM the IRS.

THEN asking for check stubs.

THEN asking for letters asking about how a business is structured, though the certified copy from the State of Texas states exactly what the letter stated, if anything the c/c copies of the articles of organization are worth more than a fucking letter i regurgitated out in 5 minutes..

THEN asking for this

THEN asking for that

THEN asking for this

because in most of the cases, they were too fucking obtuse to figure something out that is rather simple.

My favorite was having to fucking draw arrows and pictures because the simple task of adding two figures together was too much work.

crofl average joe thinking he's smarter than the bankers who control his life and pretty much rule society. tbh they aren't obtuse, there's a reason somewhere even if u don't know what it is, could be they didnt want to loan you the money, could be they have a ton of retarded red tape they have to jump through, idk only did mortgage for a brief stint i'm by no means an expert in det sort of lending.

[TDMVPDPOY]

there are many ways to solve the NFD...

either allow the drug cartels to launder its money into ur banks to keep the financial system afloat or...

down with the constitution, write up a new one....get rid of the current currency, introduce a new currency and exchange monies program where no matter how much u had you get the same amount as the next wanker in line (commie policy everyone starts back at 0) lmao make metals and shit worth shit nothing...new world order my friends...

[Das Texan]

crofl average joe thinking he's smarter than the bankers who control his life and pretty much rule society. tbh they aren't obtuse, there's a reason somewhere even if u don't know what it is, could be they didnt want to loan you the money, could be they have a ton of retarded red tape they have to jump through, idk only did mortgage for a brief stint i'm by no means an expert in det sort of lending.


no because I guess its too fucking difficult to see a deposit for sum a and then see two check stubs that equal sum a and figure that hey, thats probably the deposit.

although i have to fucking draw charts and graphs to explain basic math. impressive.

what reason could there be that they cannot figure out that two check stubs that equal an amount are probably for that amount. Does basic logic skills not apply?

And what do you want to fucking verify, like CC, I signed the fucking 4506t. I'm going to guess the income I'm reporting is probably true, when it adds up to the dollar the amount reported and that I stated.

Moronic red tape that has to be followed because these same fuckers decided to follow no fucking rules so now its largely the consumer that gets dicked around, per usual.

I'm hoping and optimistic that my next exercise is smoother because the guy I am working with seems to know his shit and doesnt work for one of those huge corporate mother fuckers that fucked everyone over to start with.

The thing that just annoys me is if you want me to provide things, thats fine, just tell me in the beginning so I can get it all to you at once instead of having to get pieces here and pieces there.

I was upfront, so the least I should expect is for the other end to be just as upfront about what I'm going to need. Its not like I didnt tell them I was a self employed person in the beginning, they should fucking know what is to be expected.

[mavs>spurs]

yeah they should def just ask for the shit up front

[Das Texan]

That's really the thing that annoyed me more than anything else, I knew going in I would have to provide more than a regular ole W2 employee; its the price I pay for the freedom to set my own schedule, work when I want, take off when I want et al. So its not like I really was asking for anything special, just honest up front treatment that makes my life as hassle free as possible. :lol

[Das Texan]

tbh, if they hadnt already pulled my credit, I prolly woulda told the place I was working on my refi with to go fuck themselves because of their overall lack of organization or perception thereof.

[mavs>spurs]

what do u mean "if they hadn't already pulled your credit?"

[Das Texan]

they had already done a hard inquiry on my credit report essentially, they were quick to pull that after i authorized it mind you :lol

[mavs>spurs]

why would that deter you from going elsewhere? the thing about pulling your credit too many times hurting your credit score is a myth..

[Das Texan]

It did pull my score down 10 points becuase i have too many this year, tbh. That's the only reason I can think of that it went down 10 points, other than to just annoy me.

And I was already too far down the road and didnt want to start over again.

[mavs>spurs]

it shouldn't affect your score very much unless you pull it a lot..how many times have you pulled it this year if you don't mind me asking?

[Das Texan]

i think its been done 4 times; 2 from those morons with the mortgage company, once for a store card, and I honestly forget the other one, was prolly for a card i got in the 4th quarter of last year that is probably now off; i just havent looked in the last 60 days.

[Das Texan]

oh and i guess once more now for a new deal i'm working on.

[CosmicCowboy]

When I bought my new Z71 last month the dealer shopped the loan and I had 5 credit pulls just on one purchase. And yeah, too many pulls can hurt your credit. It's not a myth.

[Wild Cobra]

When I bought my new Z71 last month the dealer shopped the loan and I had 5 credit pulls just on one purchase. And yeah, too many pulls can hurt your credit. It's not a myth.
I know it's not a myth. My question is, did you give them a piece of your mind over it? Maybe tell them another $1k off, or no deal.

[CosmicCowboy]

I know it's not a myth. My question is, did you give them a piece of your mind over it? Maybe tell them another $1k off, or no deal.

LOL I had already beat the crap out of them on the price and my credit score is fine.

[Wild Cobra]

LOL I had already beat the crap out of them on the price and my credit score is fine.
Just the same, 5 times seems excessive.

[Winehole23]

Steve Goldstein, reading the tea leaves (FOMC minutes), says the Fed is signaling it might stop bond purchases:

http://www.marketwatch.com/story/fed-says-its-running-out-of-bullets-2013-01-03?dist=afterbell