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Old 06-11-2007, 9:50 PM   #1
Ms. K Ms. K is offline
 
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Not to dampen the mood, but...

it looks like I may lose the house I was trying to buy. The second lender has backed out of the deal now, and we are scrambling to find someone who will finance the property. It has nothing to do with me. From what I've been told, lenders are reluctant to invest in the neighborhood because of past "issues." The last lender had closed some houses in that neighborhood, but a week before closing, they decided to not finance any more properties in that area. My landlord has been exceedingly gracious considering my lease ended at the end of March, but now he has no choice. He needs me out by the end of the month so he can work on the house. If this doesn't go through, I'm going to have to start over and hope I can find a livable house and close on that house within 19 days. Ugh, stress.......... Sorry, just needed to vent. My day is filled with 13 year olds...can't vent to them...lol.

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Old 06-11-2007, 10:10 PM   #2
jessezm jessezm is offline
 
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Man, so sorry to hear about that. Buying a house is one of the most stressfull things I've ever done, and with kids, I can't even imagine being in your spot right now. Hopefully the universe will conspire to help you land on your feet. Let us know if you need anything

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Old 06-11-2007, 10:12 PM   #3
dorian965 dorian965 is offline
 
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sorry to hear that. i hate dealing with banks and lending firms as well. i just signed my life away on our home 2 weeks ago.long story short, not so good credit and adjustable rate mortgage does not mix!!

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Old 06-11-2007, 10:15 PM   #4
tsciarini tsciarini is offline
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That's a bummer!!!! Good luck on getting everything squared away in a timely manner...


(Jesse... I think she was referring to her students... not HER 13year olds )

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Old 06-11-2007, 10:20 PM   #5
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Ouch, Ms. K., I'm really sorry to hear that! I too hope that all will work out for the best.

Dorian, I've got a good friend in LaGrange and lived there for a time myself, on the east side of 85.

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Old 06-11-2007, 10:33 PM   #6
Xyzpdq0121 Xyzpdq0121 is offline
 
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PM Sent

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Old 06-11-2007, 11:11 PM   #7
kappaknight kappaknight is offline
 
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Sorry to hear that... hope it all works out well.

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Old 06-12-2007, 9:32 AM   #8
jessezm jessezm is offline
 
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Quote:
Originally Posted by tsciarini View Post
That's a bummer!!!! Good luck on getting everything squared away in a timely manner...


(Jesse... I think she was referring to her students... not HER 13year olds )
Oh--I was actually talking about with MY two kids, I can't imagine being in that spot...

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Old 06-12-2007, 10:53 AM   #9
Ms. K Ms. K is offline
 
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Thanks for the words of encouragement everyone. I'm meeting with my RE agent and my mortgage broker today to see if things will work out. If they don't, I guess I'm back at square one.

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Old 06-12-2007, 11:51 AM   #10
man1410 man1410 is offline
 
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Have you tried Lending Tree? Worked very well for me. I would strongly recommend it.
Good luck to you.

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Old 06-12-2007, 2:35 PM   #11
cmjazz cmjazz is offline
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Try http://www.atlantamortgagegroup.com/They are great, I've used them twice as well as the rest of my family. They come highly recommended.Ask for Adrain Skiles.

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Old 06-12-2007, 2:36 PM   #12
cmjazz cmjazz is offline
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opps, here's the link again:
http://www.atlantamortgagegroup.com/

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Old 06-12-2007, 3:48 PM   #13
kappaknight kappaknight is offline
 
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Yeah, I would guess lenders from out of state may not have a preference which area the investment in the house is... at least not as picky as the local lenders. (this is with regards to lendingtree)

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Old 06-13-2007, 10:48 AM   #14
Ms. K Ms. K is offline
 
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We've tried many, many different lenders, including out-of-state lenders. We are waiting on a response from a company today. We know of some companies that will do it, but they are companies with sub-prime rates (8% or higher) that usually work with people who have poor credit. I do not have poor credit, so I really don't want to go that route. I can get a really good load with another house, but many companies are hesitant to invest in this particular property/neighborhood, because of past fraud associated with the purchase of the properties.

Thanks everyone for your help and kind words. I'll post this evening after I hear something about the loan.

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Old 06-13-2007, 12:01 PM   #15
Xyzpdq0121 Xyzpdq0121 is offline
 
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Welcome to the Atlanta metro area.... #1 in mortgage fraud in the country! I think they should make that a slogan on the airport sign to welcome people coming here!

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Old 06-13-2007, 1:47 PM   #16
kappaknight kappaknight is offline
 
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How exactly does one perform mortgage fraud?

Oh yeah, I also heard in the 70's banks wouldn't loan to people who were buying in the Virginia Highlands area due to too many hippies or something. Funny how that worked out 30 years later.

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Old 06-13-2007, 1:52 PM   #17
Xyzpdq0121 Xyzpdq0121 is offline
 
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Quote:
Originally Posted by kappaknight View Post
How exactly does one perform mortgage fraud?
I could tell ya.... but then I would have to arrest ya!

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Old 06-15-2007, 4:23 PM   #18
Melissa Melissa is offline
 
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Alicia,
Check out these guys: https://www.naca.com/index_main.jsp

They are into neighborhood stabilization and work all around atlanta. Plus if you're a first time buyer, you can likely finance 100% through them with NO PMI! (They have a program similar to PMI but your money goes to a fund where you can use it if you need help.) I wish I had known about them when I bought mine.

Their rates are great, no closing costs and all that. Read a little about their story so you know about how they came to be.

Good luck, sister!
Melissa

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Old 06-19-2007, 9:21 PM   #19
Ms. K Ms. K is offline
 
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Thanks, guys, for all of your support! I found a lender, but the same day I obtained the go-ahead, the seller put the property back on the market. I found out the next day when their agent finally called my agent to tell her that they had re-listed the property. Anyway, to make a long story short, I withdrew my offer and terminated the contract agreement. Now I'm just waiting for my earnest money to be returned.

My agent and I spent the entire weekend looking at houses, and I found one that I really like. It appears that I will be moving to the lovely town of Eatonton (south end of Lake Oconee) in a couple of weeks. The seller's agent has confirmed that the title and all paperwork are ready to go. As soon as my lender is ready, we can close. For what it's worth, I really like this house A LOT better than the one I was previously trying to buy. Here's a pic...if I can post it.
Attached Pictures
File Type: jpg 105 Peartree.jpg (58.9 KB, 20 views)

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Old 06-19-2007, 9:27 PM   #20
tsciarini tsciarini is offline
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Wow! I like that house alot better too! Glad to hear things are working out better than the origional plan!
Good luck with a quick purchase!
PARTY AT THE LAKE!!!

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