Comments on: Credit-Score Whining

By: Shawna

Shawna — Thu, 25 Aug 2011 07:08:19 +0000

I meant,I have them ask, “How much more income must I have to qualify for this modification?”

By: Shawna

Shawna — Thu, 25 Aug 2011 07:06:36 +0000

Not only are the applicants prevented from obtaining the loan, those with homes can not in some cases receive a modification. Banks don’t inform the applicants that based upon their credit score they must show a little more income just to qualify for a modification. I now inform applicants to ask,” How much more income will I need to qualify for this income?” In one instance, the homeowner only needed $172.00, and that was satisfied by a leter from a friend. The friend stated in writing that she would give the applicant $172.00 a month.

It baffles me that the applicant would have been struggling to pay a mortgage $700 higher a month, and all they needed was $172.00 more a month to get a lower mortgage with a savings of $950?

Goes back to the old saying you have to have money to make money.

By: Jill

Jill — Mon, 09 Aug 2010 19:45:13 +0000

Oh I thought I was the only one happy to see the mortgage industry collapse. These whiners cry about “fair”? I was forced to buy my house 5 yrs ago at much higher than it was worth simply because they were practically handing out mortgages like candy back than and the market dictated my cost. And now, with the industry collapse, my home is worth LESS than I paid for it. It’s unfair that they can’t get a loan now? Boo hoo! I sayt it’s unfair that I’m at a loss because of all the spoiled brats out there who bought more house than they could truly afford!

By: Michael

Michael — Tue, 27 Jul 2010 15:06:46 +0000

Oh yeah — also wanted to latch on this:

The producer replied to all the people who said that loans are out there to say that they were wrong – that she even knows someone with a score of 620 who can’t get a loan.

This is easily remedied. The producer, whose credit is of course stellar, can simply cosign on Mr./Ms. 620′s loan. At that point, I’m sure the mean bank would reconsider.

What’s that? Producer wouldn’t be willing to go that far?

Hmm. That’s odd.

Very easy to insist that someone else take the risk, isn’t it?

By: Michael

Michael — Tue, 27 Jul 2010 14:59:01 +0000

To the whiners I wanted to ask – why not seek excellence rather than complaining about it?

Because that would require taking responsibility, which is hard.

Plus: Banks are mean. We’ve established that. They cut credit lines and stuff and deliberately make it so you can’t have everything you want, the moment you want it.

Plus plus: No one could have seen this coming.

Ahem.

By: Nicole

Nicole — Tue, 27 Jul 2010 14:26:16 +0000

YES!!!

Our local news does a talking point post on facebook each day. The other day it was a complaint about how interest rates are so low and yet “no one” can qualify for a mortgage right now. I thought that was weird since a few weeks ago we started talking to our mortgage guy about a refi and we close tomorrow – a totally smooth and painless process. Among all the whining on FB there were a few posts saying of course some people can get qualified right now. The producer replied to all the people who said that loans are out there to say that they were wrong – that she even knows someone with a score of 620 who can’t get a loan. And, of course there was a lot more whining after that about how unfair it all is and how the banks are out to get us.

The whole thing just floored me. Since when is 620 such an exemplary credit score that they should be entitled to the lowest interest rate? It’s not like credit score rules are secret and everyone with a low score is a victim of “mean bankers.” How sad that “no one” is being allowed to borrow any more.

To the whiners I wanted to ask – why not seek excellence rather than complaining about it?