2 individuals:
- excellent credit scores
- excellent payment history
- have both owned homes (1 in the last 3 years, excellent payment history on properties)
- employed
- employed @ same employment for 5 & 15 yrs respectively
- monies in investments
- liquid monies in bank accounts
- own a home of which has increased from 110K to 265K in real value (debt far below real value)
& how many more hoops shall we have to jump thru to get a refinance to repay our private lender?
If anyone out there is wondering why the economy has stalled....or why the housing market is not recovering, hopefully this has provided a bit of "real" insight.
Scott & I just got done signing the same EXACT paperwork (20 pages each), that we signed Jan 20th so it would reflect a new date on it.
6 months later, the house undeniably looks amazing, could be resold for 265K today, have made 6 timely payments to private lender....and it looks like more red tape to untangle, and lots more hoops before the folks that deserve a loan can get one.....
I can't imagine what opportunity people who are less fortunate than us will ever have to own their own home....the great American Dream...right?
Too odd. When I checked my yahoo account just before checking your blog this was the top story on the yahoo page. Check it out. http://finance.yahoo.com/loans/article/112203/3-home-mortgage-refinancing-nightmares?mod=series-m-article-b
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