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Profile picture for blueeyedgal2

Disabled, Divorced, Income reduced. Want to refinance and pay off all bills.

Bank of America approved me for a FHA Refinance 11/09. Appraisel done 11/09. I was sent all of the paperwork to sign and send back 11/09. It was made for me to believe that my closing would be in 1/2010. I was getting worried emailed the person I was dealing with 1/20/10. She wrote back to me 1/21/10 telling me that the underwriter denied my loan based on income to debt ratio. Do I have any recourse against them, they have put me in debt so badly, I kept up with all my bills until January when my money was being depleated. I am getting threatened that my vehicle will be reposessed in appx 2 wks if they dont receive pmt. They also raised my Feb mortgage pmt $60.00 less than the new loan would have been but all of my bills should have been paid in full. 
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February 21 2010 - Enfield
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Answers (14)

Profile picture for JamesNasalroad
It is very hard for the disabled to deal with lending institutions.
As far as gov. paid disability pay, most of us paid into it. We are not being supported by anything other than the law we all voted into place.
If those of you that think this is wrong vote against it, and pray you never
need it. I know some take adantage; but only. very confused people would 
asked to be disabled. For those of us disabled people that burden so many.
God Bless, and keep on keep on trying. We are real people, and have rights. By the way my first prayer every day is ( Please God don't pass this to anyone else) ...
    D.A.V. 
P.S.
Don't bother, God Bless very one...  
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October 17 2012

No case. Next time find a lender with no upfront costs other than an appraisal. That way if the loan isn't funded then you are only out of pocket for an appraiser.

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February 26 2010
Profile picture for Pasadenan
A modification wouldn't work for her if she needs cash out to pay down the credit card debt.
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February 25 2010

If you were close enough for them to take the loan application s far as your debt ratio was concerned, then maybe a loan modification will work well for you. I do not do loan mods, but know of a few great people.

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February 25 2010
Profile picture for Pasadenan
So Bank of America is responsible for someone else running a red light, causing your 2 back surgeries, your husband to be permanently unemployed and thus divorcing you, and your car to be totaled thus you have to make outrageous payments to keep it even though your are too disabled to get in or out of it; and it is Bank of America's fault that neither you nor the other driver had any insurance to cover the medical nor other costs?

Sounds like you have "scape goat syndrome".  Bank of American has no ability to "fix" your problem.  Perhaps you should sell and rent from family?  Or if you are really so disabled, perhaps you should move into assisted living?  And why don't you sell that useless car before it is repossessed?  I still can't understand why you would buy a car on a payment plan instead of saving for it and paying cash in the first place.

I know plenty of people with all kinds of disabilities for all kinds of reasons, and plenty of people that went through a divorce for all kinds of reasons, and people that have had their cars repossessed, but they don't blame the bank for it.  They make the necessary adjustments, take responsibility for what they can without blaming others, and life goes on.

If divorce and disability has nothing to do with your loan situation, why do you put that in your question as the primary reason that you can't refinance and that bank of American is responsible?

Are you sure your eyes are not "green"?  It sounds like "envy" to me.
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February 23 2010
Profile picture for blueeyedgal2
Gosh,
I was just asking a question. I didnt ask to have my life scrutinized. Do you think that I like being disabled? I worked from the time I graduated High School and worked at the same company until a person so nicely ran a red light and hit me. Ive had to have 2 back surgeries and I live on meds, just to be able to get around. I wish I could work and make real money.And I pay taxes just like you. Ive never been on welfare or anything else.
Most of the credit card purchases, were cash to keep all of "our" bills current seeing I wasnt receiving anything from my Husband at the time to pay them. Im not asking anyone to pay my bills, I am just trying to get a refinance so I can pay my bills. I dont want more than that. I have plenty of equity in my house seeing I have been paying for it for over 17 years. 
MIke,
I wish I had known that when they tell you were approved for a loan it was the truth. I had to borrow money from my family as I stated.
  
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February 23 2010
Profile picture for Pasadenan
If it wasn't relevant to your question, why did you post it?
Just so that we would know that the tax payers are providing your disability income to make your payments for all those excessive credit card purchases that you made that you had to consolidate into your home loan?
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February 23 2010
Blueeyesgal--i am trying to understand how BOA put you into debt? Your old loan and debts continue until the new loan is approved and closed.
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February 23 2010
Profile picture for blueeyedgal2
Pasadenan,
That was a little rude. It wasnt a very nice thing to say. You dont even know my reason for divorce. And the nice person that I am, I have let my ex move back in with me and Ive been supporting him.
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February 23 2010
Profile picture for Pasadenan
Congratulations on your divorce.  It looks like it is working out well for you.
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February 23 2010
You do not have any recourse because they never completely agreed to the loan until they send you a definite commitment letter.

At this point you can try to use another Mortgage Broker to refinance, but if they are unable to get you approved and you definitely cant afford it, you might have to sell.
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February 22 2010
Profile picture for blueeyedgal2
Thanks for the comments. I know they didnt put me into debt initially, but I had to borrow monies from my family in November to make sure everything was kept current., and that was on the contention that 5 of my credit cards with a family member would be paid in full and closed. This was suppose to happen with the new refinance. Now I have no place to turn to keep things current until I can refinance.
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February 22 2010
Look into loan modification.
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February 21 2010
Sorry for your difficult times.  There are many in the same scenario.  I had just a few questions...........

Do I have any recourse against them, they have put me in debt so badly

Why would you think you have recourse against B of A?  How did they put you in debt? 
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February 21 2010
 
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