Mortages

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Jeanne - Simme Valley
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Re: Mortages

Postby Jeanne - Simme Valley » Tue Feb 20, 2018 7:37 am

Greg - your cash on hand & value of assets should have been more than enough for approval.
Are you like me and have no CREDIT??? I do use Farm Credit - have a line of credit so I can buy at a moment's notice. Just found out that Farm Credit is like "no credit" because they do not give credit reports.
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Re: Mortages

Postby M-5 » Tue Feb 20, 2018 8:39 am

Jeanne - Simme Valley wrote:Greg - your cash on hand & value of assets should have been more than enough for approval.
Are you like me and have no CREDIT??? I do use Farm Credit - have a line of credit so I can buy at a moment's notice. Just found out that Farm Credit is like "no credit" because they do not give credit reports.

I ran into this 2 years ago when I bought property thru farm credit. They don't report it as you even having a loan.
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Jeanne - Simme Valley
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Re: Mortages

Postby Jeanne - Simme Valley » Tue Feb 20, 2018 9:02 am

M-5 wrote:
Jeanne - Simme Valley wrote:Greg - your cash on hand & value of assets should have been more than enough for approval.
Are you like me and have no CREDIT??? I do use Farm Credit - have a line of credit so I can buy at a moment's notice. Just found out that Farm Credit is like "no credit" because they do not give credit reports.

I ran into this 2 years ago when I bought property thru farm credit. They don't report it as you even having a loan.

Exactly. My nephew, Phil never had credit in his life. So, decided to buy a car and wanted to get a loan to start to establish credit. I called my guy at FC & explained situation, plus need Phil to get established with FC if he will be running the farm sometime in the future (hopefully long future LOL). That is when he explained NO CREDIT RATING with them. So, he went to our bank. Nice still having a small bank. Phil had a checking account with them for past 5 years. No questions asked. Just went in & they gave him the money. We thought I would have to sign on first transaction with them. NOPE. Good deal.
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Re: Mortages

Postby True Grit Farms » Tue Feb 20, 2018 9:08 am

plumber_greg wrote:Yeah, brute that was the problem. Kept fall calves, and a bunch of spring heifers, preparing for leasing of cows. Farm came out a loss in 16, and east coast banks don't understand farming.
It's not a fancy house, I ain't a fancy person, and the payment with taxes and insurance is only 835 a month.
What I couldn't figure out was, we were showing enough cash on hand to pay for it
Didn't want to use all our cash money, so wanted a mortgage.
Is it common to not count any cash or equity when processing a loan ? Gs

Apparently so, I tried to go through GA ag credit and got turned down a week before closing when I bought this place. I sold some of my Riverside bank stock and paid cash for this place. And a couple of years later lost all my Riverside stock when they declared bankruptcy. It's crazy how things in life turn out.
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Re: Mortages

Postby TexasBred » Tue Feb 20, 2018 9:31 am

plumber_greg wrote:Yeah, brute that was the problem. Kept fall calves, and a bunch of spring heifers, preparing for leasing of cows. Farm came out a loss in 16, and east coast banks don't understand farming.
It's not a fancy house, I ain't a fancy person, and the payment with taxes and insurance is only 835 a month.
What I couldn't figure out was, we were showing enough cash on hand to pay for it
Didn't want to use all our cash money, so wanted a mortgage.
Is it common to not count any cash or equity when processing a loan ? Gs

Only question I would have had would have been "why do you have so much cash on hand". That usually means laying around in a checking account earning nothing rather than at least having it in short term investments earning a little bit. And even that should not be a determining factor in you getting approved for your loan. I may owe Brute an apology. Does seem there are more and more dumb a$$es in banking than ever before. Then I remind myself of all the regulations and sometimes they are simply scared to death they will do something wrong that will effect them negatively as well as the bank.
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Re: Mortages

Postby 1982vett » Tue Feb 20, 2018 9:54 am

M-5 wrote:
Jeanne - Simme Valley wrote:Greg - your cash on hand & value of assets should have been more than enough for approval.
Are you like me and have no CREDIT??? I do use Farm Credit - have a line of credit so I can buy at a moment's notice. Just found out that Farm Credit is like "no credit" because they do not give credit reports.

I ran into this 2 years ago when I bought property thru farm credit. They don't report it as you even having a loan.

Yep...back in 1981 I had just paid off a 56,000 line of credit. Had a job and mailbox money was darn good but couldn’t get a major bank credit card....even after submitting 3 years worth of 1040s. Was in sears buying furniture and had found some I really liked. I didn’t want to spend that much all at once. Sales person said they had a deferred payment plan if you charged it to your sears card. Said I didn’t have one. They hooked me up and I paid it off a couple months later...wasn’t long my mailbox was full of bank card applications.

Wife and I just got a 4 year loan on a used vehicle. Retired, no job. 3.08%. Makes me shake my head and :lol2:
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Re: Mortages

Postby Brute 23 » Tue Feb 20, 2018 10:33 am

1982vett wrote:
M-5 wrote:
Jeanne - Simme Valley wrote:Greg - your cash on hand & value of assets should have been more than enough for approval.
Are you like me and have no CREDIT??? I do use Farm Credit - have a line of credit so I can buy at a moment's notice. Just found out that Farm Credit is like "no credit" because they do not give credit reports.

I ran into this 2 years ago when I bought property thru farm credit. They don't report it as you even having a loan.

Yep...back in 1981 I had just paid off a 56,000 line of credit. Had a job and mailbox money was darn good but couldn’t get a major bank credit card....even after submitting 3 years worth of 1040s. Was in sears buying furniture and had found some I really liked. I didn’t want to spend that much all at once. Sales person said they had a deferred payment plan if you charged it to your sears card. Said I didn’t have one. They hooked me up and I paid it off a couple months later...wasn’t long my mailbox was full of bank card applications.

Wife and I just got a 4 year loan on a used vehicle. Retired, no job. 3.08%. Makes me shake my head and :lol2:


Yup, they worship that credit score... especially on any thing with a motor.
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Jeanne - Simme Valley
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Re: Mortages

Postby Jeanne - Simme Valley » Tue Feb 20, 2018 10:49 am

Before working at the mortgage company, I worked for a small loan office. Used to be the saying "bad credit is better than no credit".
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Re: Mortages

Postby TexasBred » Tue Feb 20, 2018 11:15 am

Jeanne - Simme Valley wrote:Before working at the mortgage company, I worked for a small loan office. Used to be the saying "bad credit is better than no credit".

Those lenders don't want to ever be paid of. Just make payments, pay late charges, get ready to move up, another $500 down and we finance. Jesus will come again before they ever get one paid off. Almost as bad as payday and title loans.
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Re: Mortages

Postby backhoeboogie » Tue Feb 20, 2018 11:22 am

TexasBred wrote:
Jeanne - Simme Valley wrote:Before working at the mortgage company, I worked for a small loan office. Used to be the saying "bad credit is better than no credit".

Those lenders don't want to ever be paid of. Just make payments, pay late charges, get ready to move up, another $500 down and we finance. Jesus will come again before they ever get one paid off. Almost as bad as payday and title loans.


"We tote the note" car companies are ruthless. Heartless. Payment due each week. 3 weeks back and the car is repossessed. Maximum interest allowed by law. Buy cars at auction and sell them for way more than they are worth in the first place. People who can't get a work car any other way are their clients. They hope for people with terrible credit.
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Re: Mortages

Postby Bestoutwest » Tue Feb 20, 2018 2:18 pm

Anyone remember Western Sky Personal Loans? Holy Batman, they're a bunch of crooks!
https://www.cfinancialfreedom.com/weste ... nal-loans/
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Re: Mortages

Postby plumber_greg » Wed Feb 21, 2018 7:36 am

If I'm financially secure, or old or whatever, and don't care about a credit rating, what stops me from taking one of those loans and immediately defaulting.
What can they do to me. Not what will they threaten to do, but what can a loan company that is located 10 states away really do to make me pay an unsecured note.
Always wondered, can stop all calls by talking once and then throw away mail.
Gs
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Re: Mortages

Postby ddd75 » Wed Feb 21, 2018 8:01 am

plumber_greg wrote:If I'm financially secure, or old or whatever, and don't care about a credit rating, what stops me from taking one of those loans and immediately defaulting.
What can they do to me. Not what will they threaten to do, but what can a loan company that is located 10 states away really do to make me pay an unsecured note.
Always wondered, can stop all calls by talking once and then throw away mail.
Gs



they don't do a thing


I know a guy who defaulted on his house, and in 2 years he had another 300k house he bought.

I know several people who have defaulted on houses and cars, and they are right back into them

I have a 826 credit score currently, and that means ZERO to the bank. I've never missed a payment in my life.. That means ZERO to the bank. I have multiple.. multiple sources of income that will never dry, that means ZERO to the bank.

They want something they can 1. resell quickly in default. and 2. 1 income 'standard' job.

so stupid. we'll give the guy with 1 income a 400k house in a subdivision but someone like me they'll fight left and right to give a loan for something that will BRING more income in.. just insane thinking.
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Re: Mortages

Postby TexasBred » Wed Feb 21, 2018 9:44 am

plumber_greg wrote:If I'm financially secure, or old or whatever, and don't care about a credit rating, what stops me from taking one of those loans and immediately defaulting.
What can they do to me. Not what will they threaten to do, but what can a loan company that is located 10 states away really do to make me pay an unsecured note.
Always wondered, can stop all calls by talking once and then throw away mail.
Gs

Whether secured or not they lender can still sue and obtain a judgement. If granted they can attach a lien to wages and/or certain properties. Just all depends on whether or not it's really worth it to pursue this action.
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Re: Mortages

Postby TexasBred » Wed Feb 21, 2018 9:45 am

ddd75 wrote:
plumber_greg wrote:If I'm financially secure, or old or whatever, and don't care about a credit rating, what stops me from taking one of those loans and immediately defaulting.
What can they do to me. Not what will they threaten to do, but what can a loan company that is located 10 states away really do to make me pay an unsecured note.
Always wondered, can stop all calls by talking once and then throw away mail.
Gs



they don't do a thing


I know a guy who defaulted on his house, and in 2 years he had another 300k house he bought.

I know several people who have defaulted on houses and cars, and they are right back into them

I have a 826 credit score currently, and that means ZERO to the bank. I've never missed a payment in my life.. That means ZERO to the bank. I have multiple.. multiple sources of income that will never dry, that means ZERO to the bank.

They want something they can 1. resell quickly in default. and 2. 1 income 'standard' job.

so stupid. we'll give the guy with 1 income a 400k house in a subdivision but someone like me they'll fight left and right to give a loan for something that will BRING more income in.. just insane thinking.



So much bull shyt in your comment it doesn't even deserve comments.
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