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Date Posted: 13:33:50 07/01/09 Wed
Author: Susan
Subject: The Continuing Saga...

Has anyone tried to refinance a mortgage recently? Well, here's my frustrating story: Since my husband died, I have been mostly living on Social Security Survivor's benefits. In the past 7 years, I've refinanced the mortgage twice, and also taken out 2 separate home equity lines which I used to remodel the house (thus increasing the value over 100%). Never a problem. Now, suddenly, with "new regulations" banks aren't supposed to take "stated income" into consideration, which is the amount of money you have in the bank & investments. When my son turns 18 I will lose his portion of social security benefits so it makes sense to lower my monthly mortgage payment, especially when the 30-year fixed rate dropped to 4.69%. I locked in that rate and was told my social security income would be enough to qualify. Sure enough, I got a letter from the bank saying my loan was approved! All I had to do was sit tight and wait for closing day, June 30th.

After about two weeks of "sitting tight," I received a rather alarming phone call, informing me they would need to see my children's BIRTH CERTIFICATES to verify social security income. Okay... whatever. I sent them over and then was told they wouldn't be able to use my son's portion of social security because I would be losing that portion in a year and they require a 3-year guarantee on social security benefits. Say what? I can guarantee that income for an entire year. Can anyone else guarantee they'll even have a JOB next year, or next month, or next week? What a strange "rule."

Well, most of you know I help out a children's book author one or two days a week. He would pay me whenever I worked. He had talked about putting me on the corporate payroll but I thought it was a big hassle for him and not cost-effective. But we had been talking about it as it was becoming a more permanent gig. So when the bank told me they couldn't use my son's social security I told them I just started a new job which would make up for that portion of income. Great! Send us a paystub! My boss dropped everything and got me on the payroll (with taxes taken out!) in about a day and a half. I sent the paystub over to the bank.

Round Two: The bank says they cannot accept my new income because I had the job for less than 2 years. What? They couldn't tell me that before? I had specifically told them it was a NEW JOB. Now the bank asks for 2 years of tax returns.

I send the tax returns and continue to "sit tight," although by now I am most decidedly stewing. Steam begins to come out of my ears. What the hell is going on here? I've already gotten a letter saying I was approved! Couldn't they have told me about their little social security rule at the beginning of this whole mess? Couldn't they have told me their stupid 2-years-at-a-job rule before I went to the trouble of getting them a pay stub? I mean, wtf??!

Never mind the fact that my credit scores were 796, 800, and 806 from the three credit reporting agencies. I have never missed a payment on ANYTHING and always pay everything in full. Don't they realize the reason I want to refinance is to prevent a future hardship? Refinancing would save me $400 a month and I could use that as my own little economic stimulus. Come on people!

But, no. I just got off the phone (for the umpteenth time) with the news that my loan status is in "decline." And because it was declined, I am obligated to pay THEM $500! Arrrghhh!

Thanks for letting me vent. What would I do without you guys?

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