This isn’t going to be much of a rant. I’ve put it in the Pit because I should be yelling and screaming at the finance officer who so totally fucked my life up, but I just don’t have the energy. I’m just numb and hurt and frankly so completely gobsmackered that I don’t know what to do. Here’s the backstory.
A couple of months ago, I called on a client, a nice husband and wife real estate team. In the course of our discussion, I mentioned that my wife and I were wanting to buy a house in the near future, but that I had some credit issues left over from my first marriage that I was dutifly dealing with one at a time. Once they were fixed, we would look for financing. The financing officer part of this team, (I’ll call him “Brent” (mostly because it’s his name)) told me it might not be as bad as I thought. I had him run our credit, after he looked at it, he told me “I can definitely get you financing”.
Well. Wow. It seemed that our little piece of the American dream might not be as far off as I had thought. I took it up further with him, and he told me that it was definitely doable. We would have to go with what’s known as a stated income, no doc loan. What that means is that we wouldn’t have to provide a lot of info beyond our credit report and income. It got a little weird, Gingy has very good credit but little income, I have a nice income but crappy credit. We were going to go on Gingy’s credit score but with my income. IDK how it was going to be done, but he assured me every step of the way that it was not only possible but happening.
So we went looking for houses. We found a nice house in Parkville that we both liked and put in an offer on it, but for one reason or another the seller took another offer. We kept looking. We looked further out in the suburbs where more house could be had for the money, and we found one in Edgewood. A perfect rancher with a large yard, a fireplace, a garage and 4 bedrooms with an office in the basement. Everything we wanted/needed. We put in an offer, and it was accepted. W00t! We’ve found our house! The financing was in place ( as verified by Brent numerous times ), the property was what we were looking for, the schools were good for our kids, there was a park mere yards away for our toddler to play in…it was PERFECT! The monthly mortgage was a little bit higher than we had hoped for, but definitely doable. We were set!
So we went forward. We had a home inspection done, and the house was pristine. We had an appraisal done, a title search, all of it. Everything was 5X5. We were set to settle on the 31st of May and move on June 3rd. Happily knowing this I gave my current landlod notice that we would be moving out in a month, and told him he needed to find new tennents. This was May 10, meaning that our out of house date would be June 10, nevemind that we would be out on the 3rd. And he rented it effective on the 15th of June. Everything was fine and dandy.
Until the problems started. Remember, we’re doing this based upon Gingy’s credit. Out of the blue, she gets a past medical bill reported on her credit. This report was a complete mistake, our insurance had paid the bill in question, but a fuckup reported it on her credit. This report dropped her credit score just below what the lender required. We scrambled around and fixed it. Whew! that’s done. Next, however, the lender started asking for all kinds of documents ( which puzzled me, It’s supposed to be a “no doc” loan ) but wasn’t a big deal, we had the docs they wanted. We were getting nervous however. Settlement was now less than a week away, and they were still asking for more shit. I questioned Brent about it, and he told me (direct quote) “This loan will go through”. I believed him. However, it all came down to one thing. Gingy works for a large national pharmacudical compny, but she is not full time, so she is payrolled thru a temp agency. She’s not a temp, McKessan just uses a temp agency to payroll all their less than 30 hour/week employees. The lender wanted a note saying that she was an employee and not a temp.
McKessan wouldn’t give that note. They won’t give that note for full time employees. It’s company policy. Without that note, the loan died. And so we are screwed.
We have no loan, no house, no nothing. What we do have is a hard deadline for being out of our current house. I gave notice based upon what Brent told me. Thank God that day is next Saturday and not today. We have a weeks grace. One week until my children will be living in a refrigerator box.
Brent imediately took our loan to another investor whan the one that he “guaranteed” would take us backed out. We meet all the guidelines for a loan acording to him. It should happen on Monday he says. I’ve heard that before. Right now In wouldn’t trust him if he told me the sun was yellow.
He gave me another option, however. If I can come up with 6 grand, it will change the basis of the loan and get me accepted, guaranteed. I don’t have 6 grand. As a point of fact, I have 0 grand. I spent all my saved money on appraisals, inspections and all of the other bullshit this required. I’m done, I’m tapped out, I’m destitute. I’ve failed.
I’ve failed my family, my kid, my baby and myself. I’ve lost at the game of life. My family will be living under a bridge next week. I tried so hard! For naught.