Jessica was a referral from another loan officer, who indicated that they couldn’t get the loan done. He recommended to the client that I would be able to get this loan done for her and unfortunately his company couldn’t.
There is something that happens inside my head, when there is a single mother working more than one job to make ends meet and someone say she can’t get a mortgage. One full-time job and 2 part-time self-employed businesses, 2 foster children, plus one of her own and a hard money loan at 12% interest. These are some of the basics that we had to work with. Too long of a story about the hard money loan.
We had the loan just about to close in September when one of her foster kids was being sent back to one of her biological parents. The problem, we needed all the income. The state said they would have another child soon, soon turned into the end of December.
We had to get all new statements. The lender wanted to see what the 2012 tax returns were going to look like. The tax returns were all done at the end of February. We finally got the income signed off, but the next problem was that the original appraisal was no longer good and a new one had to be done. We finally got the appraisal handled.
The final challenge, the hard money lender increased the payoff by $4,000 because the loan wasn’t paid off by 12/31. The bottom line, the only way I could get this loan to close, was to change the way I get paid and ended up with $1,540 dollars on the $285,000 mortgage.
It became a mission to get Jessica out of her present situation. Her monthly savings was $1998 per month. The bottom line, she closed and her life will become financially easier.
