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News from lender-not super awesome

January 29th, 2014 at 12:13 am

Guys

news from lender. not super awesome

raised value to $420k (hellooo)
new loan amount $273k

with payoff of $297500, points, fees, tax escrow I would have to come up with $54880 to close

Broker was 'disappointed' and already asked lender if they could go up to 70% LTV>. (no response yet) but resulting loan would be $294k and I would need $35640 to close (with payoff, points, fees, tax escrow)

CRAZY!!

Had another (last one I am calling!!!) lender say this was impossible

Because a thing seems difficult for you, do not think it impossible for anyone to accomplish. - Marcus Aurelius

Broker called back.. "lender wants deal' they are ordering ANOHTER BPO (their cost).. tomorrow .. and will go w that value or $440-450 whatever is MORE but only 65%

Praying for good news. I am in SERIOUS NEED of good news.

Called realtor who did my report.. asking for thoughts on how to deal with new BPO guy... . would love it to come out at $47-$480 or MORE.. need to retain cash.

News soon. Thanks for pulling for me

Posted in Short Refinance | 3 Comments »

3 Responses to “News from lender-not super awesome”

  1. Another Reader Says:
    January 29th, 2014 at 12:25 am 1390955127
    1390955127

    If the realtor could meet the BPO agent at the property inspection, that would probably help.

  2. creditcardfree Says:
    January 29th, 2014 at 12:26 am 1390955167
    1390955167

    So will you take deal if the highest is $440K at 65% LTV? Because that sounds like worse case scenario at this point...unless I'm missing something.

  3. Rachael777 Says:
    January 29th, 2014 at 03:21 am 1390965666
    1390965666

    Great idea.. when BPO guy calls I will see if my realtor can stop by

    On the $440k loan value I will take the loan but will need to come up with approx $41k and I would prefer less.. (much less).

    Thanks all for the support!

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