Mortgage Forum

Mike

Ok heres my story. We bought a short sale with 5%down 8/07. We used the realtor who was listing the property -she encouraged us to use her lender.The lender was shady to say the least- took 3 months to get a answer back from the bank-we fired the loan officer 3 times and he would not leave us alone. Got qualified with another broker and the day before closing - our new loan officer told us the other broker sabatoged the loan and now the closing was off. We were stated income and our realtor told her broker friend we were going with someone else , found out through her who was underwriting the loan and hand delivered by courier our taxes- which with good faith the underwriter could not do the loan. This realtor therefore told us if we did not use her lender the seller would not sell the home to us and they had others interested "cash offers"- we had our stuff in storage and needed a place to go and really wanted the house so we closed- our interest rate -we were initially told would be 8.5% was now 12.125%. Oh yeah, and these RESPA papers we just found out we were supposed to get ? Before we closed this loan we had called several lenders who told us based on the appraisal we would have no trouble getting refinanced -after being seasoned for 6 months. This is an arm that is fixed for 5 years- but starts at 12.125% interest only.This is a jumbo loan. The house appraised for 800,000 and we only owe 605,150 and guess what? With no late payments on anything and a mid credit score of 672 NO ONE WILL REFINANCE US!!! Crazy! Says we need 70%loan to value with stated income to do a jumbo loan. Ok so now my husband got hurt and is not working- meanwhile trying to get loan mod done with Aurora Loan Services. Faxed hardship letter to them last Friday and they say they are behind and have not got it yet. We have been kissing butt, but how long do we wait and what is the next step?