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Everything posted by morrow

  1. Yes, they can and yes they may just do it. Try sending them a Goodwill letter. Worst they will say is no, right? Definitly worth a shot. ETA: here is a link for a sample GW letter. http://www.creditinfocenter.com/forms/sampleletter8.shtml
  2. Very well. I find this really unfortunate and Im sorry you had such a horrible experience.
  3. To add to that...banks have fees too. Whether you are paying 1% orgination to a broker or a bank is neither here nor there, your still paying it. Nobody works for free. Judging from this response and your initial response about brokers and loan officers being "stiffs", greedy and are only out to take advantage of people...it sounds as though you may have had a very unpleasant experience with them, which is why you've chosen to take matters into your own hands by "Googling" information. The fact of the matter is, not all brokers/loan officers are terrible. So its a little unfair to clasify us as a whole.
  4. Congratulations on taking the first step. As far as an offer...I would speak to your agent and ask them what they think is fair. They may be familiar with the market in that area too. Also, take into consideration factors such as how long the property has been on the market. If its been on there for a while, they may either have it priced too high or ?? That would put the ball more in your court and it would be a buying tool in my opinion. You would want to be fair with your offer, yet not low ball them so much they get offended. If it were me? I wouldnt hesitate to offer around $250k They will likely counter though so don't get your hopes up. At least this is a starting point. Keep us posted!!
  5. Your a FEMALE???? I feel soooo dumb!! This whole time I kept seeing the name "Chester" and always just assumed you were a guy. I need to pay more attention. My sincerest apologies.
  6. Ive had success with my BOA Visa Signature, not recently but in the past (12-24 months). Citi has always been really good to me too when I request one. Penfed 2.9% carrying a $4200 balance (this was a BT for the LIFE of the balance!!) Patelco 10.9% carrying a $4800 balance BOA 12.9% carrying a $1800 balance Citi 14.9% carrying a $1000 balance Old Navy Visa ?? carrying a $400 balance All my other cards I dont use regularly.
  7. Dang...I could have bought 3 houses with my tax return. Maybe I should send you some money so you can buy/sell houses for me too.
  8. I think that if you have an existing relationship with a CU and you are working with a "vanilla" type loan, this could be great. Should your loan require more work and thinking outside the box, a broker is the way to go. Reason being is that credit unions and banks have their guidelines and if you dont fit into those guidelines your basically out of luck. Whereas a broker, they have several different lenders to work with and usually have knowledge as to which ones specialize in what programs, so essentially when one lender turns down a file you have the ability to send it to another. Just my thoughts.
  9. Well yes and no. It depends on the county. Which after looking at PA, it appears most FHA limits are around $271,050 with the highest being $420k May not be an option after all. Thanks for pointing that out Denita.
  10. Have you looked into FHA? Reason being is that you will not have the hit for scores below 740, infact there are actually lenders that will give you a points for having above 700 or 720. The only crux is that you have to pay MI with an FHA loan, but you were going to have to anyway with the conventional. Rates got dramatically better today too!!! Par rate for an FHA 30 year fixed is more around 5% I would shop around and inquire about FHA. The other thing to consider is, how good or bad shape is the home you are looking at? If the repairs are significant (bad wiring, plumbing, missing walls/floors, major defects) it likely will not pass FHA inspection. If its minor cosmetic issues you should be fine.
  11. In addition, with regards to financing, be sure to ask family or friends who they used or have experience with. Sometimes that is the best place to start. I would suggest securing the financing first, before looking at properties. That way you know for sure that your financing is secure and it may give you a leg up when negotiating since you are already pre-approved. Don't feel obligated to go with the first lender you talk to, its your right to shop around and find the best rate and terms that suit your needs. No matter what the lender tries to tell you, they can give you a good faith estimate and truth in lending disclosure without pulling credit. Use these as your shopping tools to compare costs. By all means, if a lender EVER asks for fees upfront such as an application fee...RUN!! Best of luck, and please post any other questions you may have.
  12. They may not settle, but they will allow you to surrender the vehicle, sell it at auction and then set up a payment plan without negatively affecting your credit: If you surrendered the vehicle, we could definitely look at setting up a repayment plan on the remaining balance. We would likely reamortize the remaining balance to payoff in the remaining term on your existing loan (60 months). This would lower your monthly payment. The sales process takes roughly 2 to 3 weeks to sell the vehicle. You would be liable for your standard payment on the loan until the vehicle is sold and we can recalculate the payments. If you keep the loan current, nothing negative will report to the credit bureaus. VERY INTERESTING!!!!! I wonder if this is because they are a small, local credit union.
  13. With regards to them "making" you provide the vehicle, from my understanding they cannot enter your home and/or garage, even if a sheriff is present. Speaking from personal experience, years ago we had a 4 wheeler that we got behind on and the repo man came knocking. He gave me greif, asked where it was and insisted I was hiding it in my garage (which it was not). He left and later returned with local police, again demanding I opened the garage. I told him, "no" and the officer just stood by and watched. I think it was more of a scare tactic than anything else. They left and I never heard anything after that to this day. Luckily that was financed through Honda, and Honda (at least they were several years ago) is notorious for coming off credit reports with ease. Hope all goes well.
  14. Per my lender: Unfortunately, it will be unlikely that we will accept a settlement on the vehicle loan as we would be taking a loss. The only time we take settlements on loans are in rare bankruptcy situations. We are a member-owned credit union and losses directly effect all of our members. If you choose to surrender your vehicle, you can still keep your credit intact by continuing to pay on any deficiency balance left after the sale of the vehicle. Please let me know if you have any questions regarding the information that I have provided you. I assure you that I will do as much as I can to help. There may be other options for you. I will let you know once I have reviewed your account. I will let you know what happens.
  15. Sadly, this has crossed my mind for a number of reasons. One being the fact that I absolutley hate paying $450/month for a car that is falling apart and I hate driving. Secondly, we just refinanced our home into a 30 year fixed at 4.5% so we are set for a while with no plans on moving anytime soon. Not to mention the car is just in my name, not dh's. Therefore his credit may not be as negatively impacted, if at all. The only other option is to suck it up and keep paying. Im not so sure im "ballsy" enough to contact the lender and discuss the other option. Too many concerns and Ive worked too hard to get my credit in order. Thank you for sharing though.
  16. Why didnt the dealership check if your vehicle qualified before pulling credit?? That doesnt make any sense and is just wrong. Seems that would be the first step. Yup. Supposedly they are to be destroyed within 10 days after trading in. It does seem like a waste but the true test will be how big the impact is I suppose. I think there are ALOT of misconceptions about this program. One being is that people don't realize their current vehicle needs to be paid off. If there are any liens/loans on the vehicle this program may not benefit you. I have a Range Rover that gets a whopping 12 mpg. I owe $22k and its only worth $7k or 8k. I would LOVE to get something with better gas mileage, but guess what? Not happening.
  17. Can I ask why you purchased a car you did not like in the first place? I understand that sometimes we (myself included) feel pressured to get the car that "works" for the situation as opposed to the one we would like. Simply because the salesman tells us so. But if only after a week you did not like the car, it seems you never really liked it to begin with. That being said...you may want to contact either the lender or the dealer themselves to see if maybe there is a "return policy". Its not out of the question and I have seen it advertised with dealers before. If you are unhappy within 30 days, bring it back or something to that effect. Be thankful you would only be upside down minimally. Ive been trying to trade in my Range Rover for 2 years with no success. I owe about $22k and its only worth about $7-8k. Unless I can come up with cash im pretty much stuck. And the thing is falling apart to boot. Ive tried everything. Best of luck.
  18. In addition, so long as your loan officer is thorough and asks detailed questions, and you provide HONEST, detailed answers...they may not need to run one to quote you a rate/term. Ive done this numerous times and actually prefer not to pull credit until I have a commitment from the borrower. I generally ask alot of detailed questions about their credit history to get an idea and most of the time it always works out. There are other times when people are unsure or embarrassed about their credit history and "forget" to mention that they have several delinquencies, as if I would somehow not find out. Best of luck!
  19. Soooo you really can't say for sure either, can you? I like your interpretation though, thank you. Are you driving or flying? Business or pleasure? Be sure to eat at Dicks Drive-In. Best burgers and fries on the planet. Have a great time!
  20. I dont get it. Ive read the story over and over again and its just not clicking.
  21. I can't say that they look down on it, I just know speaking from experience and several others have gotten their CL automatically cut. I have great credit, high 700 scores, never missed a payment with Amex and they cut my limit twice.
  22. Agreed. I think there is a portion of him that feel since he is the parent, he can get away with it. Is it right? Not at all. Is it worth ruining the relationship over? Not in my opinion. We had something similar, albeit not as drastic, happen. I had purchased a nice umbrella stroller for ds when he was about a year old. Normally you could pick umbrella strollers up for $10-30. This particular one I paid $120. My dad took ds for an outing with the stroller and when it wouldnt fold back into place he forced it and it broke. Still works, just looks a little ghetto. I said something to him, he apologized. Didnt offer to replace it. Sure it would have been nice if he did, but im not going to lose sleep over it. Im sure there was far more damage done by me as a child/teenager. Just my thoughts.
  23. If it were me, I would shoot for getting a new line of credit. Particularly one with a credit union that offers a lower fixed rate. I currently have a Patelco Visa Gold with a 10.9% fixed I believe. My initial credit line with them was approved at $14k. The reason I would not ask for a CLI on the AMEX is that they are notorious for doing just the opposite and cutting limits. They did it to me twice. Best of luck.
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