Waiting for clear to close!

[krielly]

Some of you may have read my rantings and ravings in another post entitled "PO'd beyond belief": http://www.bkforum.com/showthread.php?t=54669

As it turns out, Wells Fargo changed their minds, and decided to refinance our mortgage for a 15 year cash out. We have just been waiting to hear back on the appraisal, which came in about 5K less than we thought, but that just means 5K less cash out, which means less debt, right?????

She is shooting for a closing date of 5/24. Got my fingers crossed.

It'll be a nice bonus to skip a mortgage payment for a month!

There is life after 13 (we filed 10/2005). We just rec'd discharge 4/9/10.

K

[StartingOver08]

Congratulations on your refi! I hope your closing is smooth and your new mortgage is painless.

[krielly]

Feeling pretty good about it. We bought our house in 2001 (thank god!) before the prices went thru the roof......so we haven't been impacted as others have. According to our appraisal, our house is worth 38k more than what we paid for it 9 years ago.

Our rate at purchase was 7.25 fixed for 30 years (sounds high now, but this was a great rate at the time).

We refinanced in 2004 with an FHA Streamine re-fi (no cash out, no appraisal or credit checks) at 6.0 % for 30 years.

We are re-financing at 4.5% for 15 years with cash out. Plan to put in a much needed new boiler and indirect hot water tank. New windows & doors, flooring, and maybe new cabinets, IF the budget goes that far.

Our mortgage Loan to income ratio will be approx 18%. Feeling good about that!

[StartingOver08]

Excellent plan...especially converting to the 15 yr 4.5% rate. 18% front end ratio isn't bad either...in fact it is great. Sounds like you have made real strides with your BK and taken it to heart...

[krielly]

Thanks! It's hard NOT to take it to heart, lol! A 5 year plan is a big reality check for sure!!!!!!!!! Don't want it to have all been for nothing.

[krielly]

It's always something, isn't it? The appraisal came in last week, I called the processor on Friday, as she said she was awaiting a clear to close for today - this is the date she was shooting for, as it's the last day of the month for a May closing.

I couldn't reach her until after 5:00 pm (our time - they are 1 hour behind us). She looks everything up and says the underwriter was fine with the appraisal, but "oh........looks like they still need a written verification of employment from your husband. They requested this from his employer on Thursday" WTH???????? Isn't this something that should have been handled earlier, along with all of the other stuff?? I guess it had something to do with his W2's not having a complete address or something.

So......fortunately my husband is a good friend of his boss's, and the company is small. So he was able to get in touch with him Saturday morning. His boss said he had received this on Thursday, but did not realize it was urgent. He promised to have the response to the request faxed on Saturday.

Now we wait some more. She indicated it WAS possible for us to still close today if that came in. Not holding my breath though............. She said she would touch base with me this morning. We'll see.

Sigh

K

[StartingOver08]

Call her again this morning to alert her the VOE was faxed on Saturday. She may not know to check her email for Sat (most of the faxes today go right to email).

It is common now for the full doc loans to check income and employment immediately before closing to make sure there are no changes since the application was made. I have my fingers and toes crossed for you.

[krielly]

Thanks. Yes, I actually already called her on Saturday and left a vm message that it was on its way. She had told me she was working Saturday due to the mad dash to close as many possible mortgages for May.

[krielly]

still nothing.............argh!

[krielly]

Update

Closed at 8:00 pm last night!!!!!!!!! YEAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[StartingOver08]

Congratulations! Glad you were able to get everything worked out! Have fun getting your improvements done on your home!