Friday, July 21, 2006

Loan agencies aren't too bright.

Saying for the day: There is a logical way and then there is the way we do it.

Lending institutions are weird.

I just went through the agonizing process of getting pre approval on a loan to buy the new house.

I wanted a 20 year fixed mortgage.
Now the institution with which I was working had no problem with giving me a loan for $170,000 .
I have a great credit rating and enough income to cover it.

But I wanted to add my daughter to the loan as she will be living in one half of the duplex.
If I added her the amount of money available to pay off the loan more than doubled since she makes more than I do ( $30,000 a year more).

One would think that they would jump at the chance to increase the likelihood that there would be money to make the payments.
But if I added my daughter they wouldn’t give me the loan.

Why? Because in May she was late on a mortgage payment on her present house and she doesn’t have a great credit rating.
She didn’t miss a payment.
She has never missed a payment.
She was just late.

So I said to the woman that I was working with.
This makes no sense at all.
I’m still on the loan and you would give it to me without her.
Surely all her presence does is increase the chance it will be paid because there is more money.

Now the woman agreed with me but she said the approval comes by computer and the computer automatically rejects anyone that has been late on a payment.
She couldn’t override the computer.

Somebody needs to work with those people.

Somebody really needs to work with them.

The news from Pigeon Falls – the little town in my backyard – People are beginning to wonder what happened to the real White Rabbit which hasn’t been seen since the dragon showed up. In addition nobody other than Robert’s tourists have seen that very elusive dragon. I think the town misses them.
They have a section of Bof’s restaurant sectioned off for the rehearsal dinner tonight. It will be a small affair with just the parents and the wedding party attending. Even so it is more than most rehearsal dinners around here which are usually hosted in the home of an aunt or uncle. Of course both families have money. You can get rich as a potato farmer and the gas station business isn’t bad either.
Lori and Pete showed up on the morning milk train. Pete took off with Eino soon after they arrived. They have gone fishing over to Cripple Creek. Maybe they will see the white rabbit swimming along. That’s where Tommy saw it.
Speaking of Tommy, his father decided to let him out today. He has promised to stay out of trouble. Soon after he was seen down town with his big red wagon. I think his dad is counting the days until school starts.
Nancy said the perspective bride stopped in for tea and she is really nervous. She is afraid that Jonathan’s friends will cause some kind of trouble. She is also worn out from all the preparations. She has this nightmare where his friends blow up the car, the White Rabbit shows up with four inch fangs, and a dragon burns the train on her wedding dress. Nancy told her to relax and gave her some very special English Tea that calms the nerves.

The link for today is King of Common Sense- Please remember to put the words DR. John in your comment to get JCPOINTS ( every point you get is a point you got) Check your point total HERE.
Update on the house (for Esther an and Sue) Betty talked to Pennie last night. Our offer on the house was rejected and they made a counter offer which we accepted. We now have until October to get one house or the other sold. Was able to get loan with Pennie on it by locking into a seven year fixed as the nice person I worked with had the authority over that instead of the computer.
Spent the morning working in the study shredding papers. I felt like a President. Betty was sorting and deciding what to shred. Pennie faxed us some papers for our signature and we sent her a check for the earnest money. In the afternoon we went back to the basement and started on a differnt room . Little by little we got it cleaned up. We stopped just long enough to run the train for a visitor who had stopped to look at it. well I need a breathing treatment.


Blogger FRIDAY'S CHILD said...

That sucks! Excuse me for the language. Who says you can't override a computer in this case. Program was done by someone and that someone can fix it too.

3:51 AM  
Blogger Sue said...

Computers are amazing but they don't have logic. It's a poor system if they can't override the computer. Maybe you should have asked for a supervisor but it probably doesn't matter if you can get the loan on your own. It just doesn't make sense.

4:02 AM  
Blogger Janvangogh said...

Probably has more to do with not having a great credit rating than a late payment. Just went through the mortgage process ourselves.

She needs to check her rating and find out why it isnt great. There may be a few things she can do, such as eliminate unused credit cards, to improve it.

Computers allow people to make decisions quickly. Talking with a supervisor might have made a difference.

4:25 AM  
Blogger jafabrit said...

ah HA! the computer said so, end of subject! arg! how frustrating. I agree with the others though, your daughter needs to check her credit and then work on improving it or challenging it.

5:16 AM  
Blogger Mimi said...

Computers have way to much control over us. I used to work for a bank and people would not believe me when I told them we could not stop the computer from charging a late fee, but we really couldn't. We need to take back the control we have given to the computers.

5:32 AM  
Blogger Catch said...

I would have asked for the supervisor....that is so stupid! Its kinda scary what these computers do anymore....

That poor bride worried about the car getting blowed up...that qould be quite a prank!

5:47 AM  
Blogger Jill said...

That's too bad. Sounds a little like the person didnt really want to go the extra inch to check. What did we do without computers?

6:04 AM  
Blogger Chana said...

grrrrr with this computer bit. they are often the cause of many unecessary headaches and i'm sorry it happened to you guys too. Pennie's credit rating should be checked. one late payment should not have caused any of it. her rating may have been bought down some because of it but not like that at all.....grrrrr...

but i do feel better for i read the message at the bottom of your post. i'm glad there was a way to get her on it. i'm sure that gives you peace of mind.

congrats on the selling of your home. how wonderful that house is for the new owners coming in. that house is full of blessings and joys and love. that is a great atmosphere to inherit. lucky them.
that poor bride. she is having wild nightmares alright...i'm sorry, i chuckle a bit. she probably has a good reason to fear. his friends are naughty for better look under the bed on the wedding night..look for recording devices, check the car that they are leaving the bride doesn't have enough to worry about with the normal stress of the wedding...poor girl..what is the groom doing? is he trying to resolve the problem with his friends?
thank you, again for all the prayers, for all that you pray with. i think, as i said to someone yesterday, that prayers are an extension or another form to show love. you are, sir, a wonderful person and i'm so happy that you and your beautiful family are in my little world. thank you.

take care. hugs to Betty and Lorri. read you tomorrow.

7:09 AM  
Blogger QuillDancer said...

Dragon toasted ...
Rabbits roasted.

8:50 AM  
Blogger Gingers Mom said...

Ick. The same sorta thing happend recently with me and my husband. I was late paying a couple bills and my credit rating went down. We had to put our new house loan in his name only and add me to the title later. URgggg!

10:56 AM  
Blogger Bella said...

You have got to be kidding me. That is ridiculous. I do not like dealing with loan companies and even though we have to, I'd rather just cut them out and pay cash. Yeah, only if I were rich. :)

12:38 PM  

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