Mortgage Companies

[checkthisout]

Originally Posted by 92GreenYJ

Well this is a scary thread to read. Wife and I are planning to start house hunting for our first place in the fall.

As long as you put down a substantial amount and don't pay too much then it's just fine.

[Jagmandave]

I made a similar point much earlier in the discussion.....

Those of us who bought a house that reasonably fit our budget, put a good down payment of 20% or more and then paid it off, we feel like fools now.

What we should have done was what many did - buy way over our heads with nothing down (some people borrowed as much as 125% of the value of their home - if they were smart they took that cash and squirelled it away somewhere) and then when they lost the cash flow because one or the other lost a job, they walk away scott free, or their balance gets cut to current market value, then when things turn around in a few years - they're golden.

Pisses me off majorly.

[Daedalus]

Don't forget the months and sometimes years of squatting in the homes without paying for housing. If you rent and don't pay they kick you out. But if you borrow $500k and don't pay, they just send you a lot of mail before finally making you leave at some point in the future.

[superman09]

Kingofrestriction where you at in CSTX? My wife and I just bought our first house in College Station. We were both raised my financially savvy and sound parents. We put 15% down on a house we could easily afford and pay nearly double our payment every month. We did escrow only because my M-I-L is very good friends with a person high up in the company and it was easier for 2 young kids (as our realtor called us) to get financed if we went with escrow. But like others have said keep a close eye on things and don't let anybody walk on you. As soon as they get an inch they will take a mile.

sent from my campfire using smoke signals

[dreamingmuscle]

Originally Posted by Zeke

One way to speed up a process with a big company is to write a demand letter giving them 30 days to resolve the problem (10 would be better, but check your state laws) and then promptly sue them in Small Claims for whatever amount, the late fee or what you had to pay to correct the situation; some real amount. Have the corporation secretary in your state (they have to maintain a person of service everywhere they do business) served with the summons. Sue in your county, not theirs.

No phone calls necessary.

They will usually respond with the solution before the court date. Make sure your costs in fees are included. You can't sue for your time, just your "loss." You can dismiss the case online if resolved. In my area I can file the whole thing online. The fees range with the amount sought, 30 bucks for 1500, 50 for up to 5K.

This

[kingofrestriction]

Originally Posted by superman09

Kingofrestriction where you at in CSTX? My wife and I just bought our first house in College Station. We were both raised my financially savvy and sound parents. We put 15% down on a house we could easily afford and pay nearly double our payment every month. We did escrow only because my M-I-L is very good friends with a person high up in the company and it was easier for 2 young kids (as our realtor called us) to get financed if we went with escrow. But like others have said keep a close eye on things and don't let anybody walk on you. As soon as they get an inch they will take a mile.

sent from my campfire using smoke signals

Congrats to you and your wife!

PM for location. Maybe see y'all around.

[theoldwizard1]

Originally Posted by superman09

Kingofrestriction where you at in CSTX? My wife and I just bought our first house in College Station. We were both raised my financially savvy and sound parents. We put 15% down on a house we could easily afford and pay nearly double our payment every month. We did escrow only because my M-I-L is very good friends with a person high up in the company and it was easier for 2 young kids (as our realtor called us) to get financed if we went with escrow.

My son bought a foreclosed home a couple of years ago, cheap. Put 20% down (yes, I helped) and the local Credit Union was happy not to set up an escrow account !

Stupid city sent the tax bill to the old escrow company (who obviously ignored it) even though my son went directly to city hall and filled out the paperwork on where to send the bill to the address ! Luckily, he got a copied mailed to him before it was due.


Best part about CU handling his mortgage, he gets a yearly "bonus" for having a loan with them !

[COSM]

Originally Posted by jhelrey

Our worthless mortgage company failed to pay our property taxes so we got a nice letter in the mail with a late fee... so I will be expressing myself carefully and professionally on the phone about their little f* up tomorrow.

They are pretty damn good about sending another mortgage statement the moment they receive our check for the month.

Hi jhelrey,

I would be curious to know what city your mortgage company is located in as this isn't the first time that I'm hearing situations like this. Curious to see if its the same company that i'm hearing about..

[jhelrey]

Homeward Residential now...

[Murphy4570]

Originally Posted by theoldwizard1

My son bought a foreclosed home a couple of years ago, cheap. Put 20% down (yes, I helped) and the local Credit Union was happy not to set up an escrow account !

Stupid city sent the tax bill to the old escrow company (who obviously ignored it) even though my son went directly to city hall and filled out the paperwork on where to send the bill to the address ! Luckily, he got a copied mailed to him before it was due.


Best part about CU handling his mortgage, he gets a yearly "bonus" for having a loan with them !

Credit Unions are the way to go, IMO. I bank exclusively with one, and have nothing but good to say about them. Their hours are the more traditional "banker's hours", but I'll take that inconvenience in exchange for a lending institution that actually gives a damn about its members, instead of some backstabbing corporation that's open weekends!