Last year rates were higher, remember FF was at 5.25% at this time, today it is at 2.00% The benefit of lower rates are lower house prices and vs versa. Affordability is improving in all markets.

I am glad you are keeping current. Let us know when the loan is recorded.

Good luck and keep us informed, we can all learn from others.

Be sure and keep us updated. We’ll keep our fingers crossed for you!

P.S. Thanks for posting this for me Twist, and I love your anti spam words. They are so appropriate.

I knew our posters would have some great suggestions for you- they are a smart group. I still think though, that it sounds like you could use an attorney, considering what is on the line here.

An attorney may seem like an expensive investment, but sometimes you have to ask yourself, “What could this cost me without one?”

This sounds like it could potentially be a very expensive problem.

Lenders used to California-style multi-week escrows will end up in court here in VT for failure to timely disburse. Lenders don’t get a week or so to review the docs to ensure they’re “OK”; they have to have the money to the customer when the customer expects the money. They’ve got until 2:00 PM on the fourth day to pay up.

Broward was on the already on the list on March 10th 2008. All lenders use zip codes for this to sell (package) the loan. The Buyer of the loan does not have anything to do with this.

https://www.ugcorp.com/rates/DecliningMarketsList03102008.pdf

It is your “collateral” that is in the declining market not the lenders place of business. Collateral is what is killing most loans as they do not meet required values for the amount of loans requested.

Are you current on you debts? You mentioned they had not received payment. You must keep them current and not overlap payments. Payments are your responsibility.

I am not sure who you are talking with but he sounds clueless and stringing you on hope until you get fed up and walk. Since you have extra assets, why not lower the loan amount by 5%. Problem solved.

Something does not sound right. I do not know the whole story and guessing. There are many moving parts. Start by figuring out your qualifying income given your true circumstances. Use a 24month average income both on your closed trust and investments as reported on your 1040. You can not use capital gains, only div and interest from the trust is yours. Sounds like the income stream is not under your control. The trust is your asset but protected in a foreclosure and not really “your” liquidatable asset the lender sees as protection for his loan. ie the name “irrevocable” no one, not even the beneficiary can change the structure unless it is stated in the trust.

In Florida the only protection is the collateral and that is the “non movable” Real asset. Your colateral is listed in Boward county so logic you post does not follow. The lender uses Zip codes to approve loans and the fact that someone says, “just realized” makes no sense.

The words you use make it sound like a private deal and not institutional money.

Why haven’t you contacted an attorney yet? Initial consultations, which may be all you need to be adequately briefed on the law, are usually free.

I just got off the phone with the Finance Company.
Apparently some of what you say is exactly what happened. I live in Broward County, which is now considered a declining market. After they approved my loan, which they had a buyer for, the buyer realized it was in Broward and could not fund the loan directly, so the transfers had to be reversed and resubmitted directly to the Finance company, which in turn is now in the process of redoing the transfers. In other words, the people with the money could not legally finance the loan because of the housing situation in Broward, so instead they had to lend the money to the Mortgage Company, who in turn will then transfer the money to me. It sounds a little shady if you ask me, but I do know they are not lying about the declining housing market in Broward and that it has affected mortgages in the past month. Just my luck the changes went into effect one day too early.

http://www.nytimes.com/2008/05/05/business/05lend.html?_r=2&ref=business&oref=slogin&oref=slogin

Basically they’re out scapegoating as always. I get so tired of it, it’s very antiproductive and look how much time and effort America puts into those kinds of behaviors.

Part of ALL AUDITS is to verify that the correct insurance is in place. The clause is changed weeks ahead of time. Does not mean anything to you but everything to the lender. What happens if you get struck by a fire 24 hours after funding? This will revert back if funding does not take place. This is a simple book keeping type done by your insurance company on the DEC page. Again this is an intention not the facts.

All good loan officers tell all clients to continue to make all debt payments until funding takes place.

I can not tell you how many clients have missed a mortgage payment thinking their refinance would fund before their new payment was due destroying their credit and ability to refinance.

Part of many audits is “last mortgage payment verification” if over 30 days has past on funding, especially on seconds liens. Credit reports are late reporting so the audit will catch this.

I hope you have not missed any debt payments or you are now really cooked… as they say. Your new credit profile will decline below 680 and a cash out will not be allowed unless you go to hard money.

Your advisor has all the facts or is just a front desk salesman and not a true consultant.

or the Division of Finance if it is a mortgage broker or correspondent lender at
http://www.flofr.com/Finance/index.htm

Also you stated “…the rest is invested in where it draws more than twice as much as the interest on the loan.” Can you tell us where one can get double the mortgage rate (12%?) interest on our investments?

Wall street is requiring stronger audit procedures on lenders since they will ultimately buy the loan. The lender will verbally verify jobs and verify all the documents supplied for fraud during these three days. Nothing is real until FUNDING. Some consider it only real when recording takes place. You have nothing but an good verified and real “intention” to fund. The lender wants to fund as badly as you do. No funding no fees.

If it does not meet stated guidelines wall street will not buy the loan. So in turn the lender will not fund the loan.

Only in Purchases and in an investment refinance the time allowed for audits are different. I do not think Florida is a “table funding state” (like PA) so you will always have about 24-48 hours before a recording can take place.

When mortgage companies close their doors overnight, all their loans, even purchases are dead if recording has not taken place. Tens of Thousands of loans have stayed at the title company and never funded. Nothing a buyer a refinance client or Mtg Broker can do.

I am not sure if you are dealing with a Mortgage broker/banker or direct retail lender. The best is to always deal with a licensed mortgage broker so he can transfer the file to another lender fast. Your Loan officer should know what is holding up funding.

Someone is not telling you the truth.

Sounds like the lender had your loan flagged for review. It is an underwriter’s decision to accept income as stated and verified by your Trust. How the trust is set up is key to your cash flow. Since it is an irrevocable trust the actual income stream needs to meet the acceptable debt ratio’s for the loan.

With credit scores above 720 and 6 months reserves with a 70% LTV you probably can get up to 57% debt to income. It is “all” about LTV you are asking.

Without all your specifics it is hard to know if your loan is acceptable. At 85% LTV you would need 6 months reserves, 680minimum average and a maximum of 40% DTI.

Florida is considered a “Declining” market so LTV might get another 5% LTV hit to guidelines.

As for recourse to your current situation, I would guess you are getting the run around and legally I do not believe the new lender can be a lien holder without releasing funds. I am no lawyer, so I would suggest contact Florida’s Office of Financial Regulation as a possible starting place as they regulate mortgages. If they cannot help directly, maybe they can guide you to someone who can.

What I would love to know though is what the law in Florida is on this. I would hate to start making threats with no legal grounds.

If anyone out there knows, and can point me to a site with the actual law in writing, it could really help me. Thanks!!!!!