Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Currently in underwriting for VA Loan with Regions Bank in GA -WAITING is killing me!

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Currently in underwriting for VA Loan with Regions Bank in GA -WAITING is killing me!

    Hello, all.

    The facts:

    We filed Ch13 in Oct 08. Had a 5 year plan, but careful, diligent budgeting got us done in 3 1/2 - Jun 2012.

    Our Home was originally included in the BK, but was short sold before foreclosure in Mar 09.

    Hubby and I are both vets with CoE.

    Current scores are: Hubby, Equifax: 673, Experian: 642, Trans Union: 672
    Me, Equifax: 631, Experian: 609, Trans Union: 684

    Hubby makes aprx $75K/ year
    Debts are Car, $330, 2 little credit cards started this Spring to est credit (both @ about $150 revolving out of $500 credit limit) and deferred student loans (I am back in school).
    Current rent is $1260/mo. New mortgage would be $1050 PITI/month ($175K @ 3.49%, 30 yr fixed VA loan)

    The home we found/offered on is in great condition and priced below current market (eager seller) and he has agreed to pay all closing costs. We made our offer based on Regions loan officer having verified we qualify for the VA Loan.

    Underwriter is concerned about 2 things: 1) a 2006 lease that terminated May 2008 with 0 balance mis-reports on Experian (bt NOT on Equifax or Trans) as late pmt in Feb 2011!!! I secured proof from BMW FS immediately, and 2) what happened to the shortfall on the short sale. This was a forgiven debt, 1099C. I sent proof of both immediately.

    NOW, I am on the edge of my seat, near panic and/or heart attack.

    If they reject us, WHO do I go to??? DOES ANYONE KNOW A LENDER/BROKER THAT WOULD WORK FAST???

    Thanks for any help,

    Mary
    Ch13 filed 10-16-08
    341 meeting 11-21-08
    Repayment plan meeting 12-19-08

  • #2
    I think you're in the best spot you could be in. You are in underwriting and you answered their questions quite well and definitively. Remember, underwriting is looking for ways to approve your loan, not reject it! They are trying to make sure it "conforms" to the guidelines for VA loans. To me, and I'm no underwriter, you look to be an eligible candidate. Your middle scores are not the best (> 680), but they are certainly not the worse (< 620). Looks like you have a low DTI (debt to income) rating as well.

    I would just roll with it and be patient.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Thank you so much, JB!

      Maybe that heart attack will wait, then.

      I forgot to add that we had an approval letter prior to making the offer, and good faith estimates of closing, too.

      I hope it's just them doing a final behind covering and no real worry for us!

      It's making focusing on my school work VERY DIFFICULT (51 y/o just got my AS and starting on BBA-mgt: Int ACCT I, business Statistics, Princ of Mgt and Princ of Mktg this semester.)

      I can't wait to do gardening again!

      Mary
      Ch13 filed 10-16-08
      341 meeting 11-21-08
      Repayment plan meeting 12-19-08

      Comment


      • #4
        Two things have happened since I originally posted.

        My Real Estate agent called and said she'd spoken with the LO who had filled her in. Agent said LO didn't sound worried.

        I also posted on city-data and a loan officer with First National Bank in Brooklyn, NY contacted me and said he'd have no problem quickly getting that loan done.

        I have a little more peace, but am tired of WAITING!!!

        I guess I may be being a little too impatient and need to be more grateful....
        Ch13 filed 10-16-08
        341 meeting 11-21-08
        Repayment plan meeting 12-19-08

        Comment


        • #5
          Yes, please just relax. You have made it this far through the process!
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #6
            According to LO, it should not have happened that way and she is resubmitting. She seems confident she'll get it thru....

            We were distraught, of course - BLINDSIDED! NO indication this could happen!

            She chased it down and insisted that the package get reviewed with this information by another UW. We repackaged with just Hubby.

            Naturally, I scrambled to find another LO. Also started another loan app with another LO - but not proceeding until Friday, which is when she says she should get a response from UW.

            It's hard to imagine anyone put this amount of time and energy into a loan without the conviction it is do-able. I hope our optimism is not misplaced.

            Real Estate agent filed an amendment giving us more time to get financing and has also filed another one that seller will repair minor roof damage ($380).

            We paid the rent on the current apartment, and have decided to let God handle it.
            Ch13 filed 10-16-08
            341 meeting 11-21-08
            Repayment plan meeting 12-19-08

            Comment


            • #7
              Well, hopefully they can sort through any issues in the underwriting process and get you on your way.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                So, guess where I'm sitting? IN MY NEW HOME!!!!!!

                Closed Oct 10, 4pm.

                VA Loan, 3.25%, $0 down. Seller paid all closing AND left all the appliances, living room, master room, and a big ol' flippin' back yard grill with the lawn mower and trimmer!

                Yep. Life is good.

                Found a DIFFERENT LO on a different forum that has people from different cities/state/countries data on it.

                HE CLOSED IT IN UNDER 30 DAYS!!!!

                Pure genius.

                We DID hafta pay off a Gold's Gym BS charge off and prove others were included in BK, write a statement about how we got into BK and prove we did not owe anything after the short sale.

                TA-DA! HOMEOWNERS!!!! Just in time, before the prices and interest start inching up again! This will be an "own forever" property.
                Ch13 filed 10-16-08
                341 meeting 11-21-08
                Repayment plan meeting 12-19-08

                Comment


                • #9
                  CONGRATS!!!!!!!!!!!!!!!!!!

                  your situation is VERY important for many out looking to buy!!! ( i must admit especially me as i'm looking in georgia and nc ).

                  i'm so glad for you and also i'm glad to hear about the VA loan!!! we have one of sitting in the yard ;0 really actually never used it. regions i think??? is just down south. at least i never saw one prior to moving to the south.

                  anyway i'm soooooooooooooo happy for you and your new house:

                  may it be blessed with much happiness and love!!
                  8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                  Comment


                  • #10
                    Huzzah!!!
                    Much happiness in your forever home.
                    Great inspiration for many.

                    Keep On Smilin'

                    Comment


                    • #11
                      Congrats! My husband and I just were discharged. Hopefully we can get VA in a few years when we want to find our "forever" home too!

                      Comment


                      • #12
                        Originally posted by dunno View Post
                        So, guess where I'm sitting? IN MY NEW HOME!!!!!!

                        Closed Oct 10, 4pm.

                        VA Loan, 3.25%, $0 down. Seller paid all closing AND left all the appliances, living room, master room, and a big ol' flippin' back yard grill with the lawn mower and trimmer!

                        Yep. Life is good.

                        Found a DIFFERENT LO on a different forum that has people from different cities/state/countries data on it.

                        HE CLOSED IT IN UNDER 30 DAYS!!!!

                        Pure genius.

                        We DID hafta pay off a Gold's Gym BS charge off and prove others were included in BK, write a statement about how we got into BK and prove we did not owe anything after the short sale.

                        TA-DA! HOMEOWNERS!!!! Just in time, before the prices and interest start inching up again! This will be an "own forever" property.
                        Can u pm me Lo info
                        Filed Ch 7 8/12/10
                        341 Meeting 9/15/10
                        Discharged 11/15/10

                        Comment


                        • #13
                          Can you pm me the info also?

                          Thanks

                          Comment


                          • #14
                            Originally posted by dunno View Post
                            So, guess where I'm sitting? IN MY NEW HOME!!!!!!

                            Closed Oct 10, 4pm.

                            VA Loan, 3.25%, $0 down. Seller paid all closing AND left all the appliances, living room, master room, and a big ol' flippin' back yard grill with the lawn mower and trimmer!

                            I am a veteran looking for a mortgage after our 13 finishes next year. Would love to know the LO and Bank or Broker who got this done for you. Thank you.

                            Yep. Life is good.

                            Found a DIFFERENT LO on a different forum that has people from different cities/state/countries data on it.

                            HE CLOSED IT IN UNDER 30 DAYS!!!!

                            Pure genius.

                            We DID hafta pay off a Gold's Gym BS charge off and prove others were included in BK, write a statement about how we got into BK and prove we did not owe anything after the short sale.

                            TA-DA! HOMEOWNERS!!!! Just in time, before the prices and interest start inching up again! This will be an "own forever" property.
                            I am also a veteran who will be looking for a new mortgage when our 13 finishes next year. Would you please pm or post the LO and Broker/Bank you successfully used to obtain your loan? Thank you

                            Comment


                            • #15
                              We will also be trying for a va loan in a few months. Could you pm me the LO info as well? Thanks and congrats!

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X