Posted by Yowheelz on 6/11/13 7:47am
Msg #472860

what happened to July

Loan did not close last night because BO could not figure out what happened to July. Loan closes June 14, first payment August 1. No July payment. The LO and I spent an hour in discussion with BO. Wife gets it, husband argues. Wife ready to kill husband who is being obstinate, informed me on way to car that she's not sure how much longer she can live with him. He had done a spread sheet with exactly the number of months he would make payments before he had settlement charges paid. Not paying July would make it one month more and "that is not satisfactory." LO told him he could make a payment in July if he wanted, it would put him 1 month ahead. I have never sat through a more frustrating closing. You just can't fix stupid!!!

Reply by NVLSlady/VA on 6/11/13 7:53am
Msg #472862

How frustrating! Mr. BO, never heard of mtg "in arrears"? n/m

Reply by Shoshana/AZ on 6/11/13 8:00am
Msg #472865

I'll bet that the average person doesn't know about

mtg "in arrears".

Reply by Yowheelz on 6/11/13 8:06am
Msg #472866

Re: I'll bet that the average person doesn't know about

Impossible to explain it to Mr. BO.

Reply by Blueink_TN on 6/11/13 8:57am
Msg #472874

Re: I'll bet that the average person doesn't know about

Most people want to skip as many payments as possible and then you get the stubborn ones like this man. I bet that LO was pulling his/her hair out! If the lender will allow an interest credit, the loan can be closed without skipping a payment, but it usually needs to fund within the first few days of the month. But due to the rates worsening, a relock will cost this borrower a good chunk. I feel sorry for this guy's wife - sheesh!

Reply by RuRu/NC on 6/11/13 9:02am
Msg #472878

Re: I'll bet that the average person doesn't know about

I feel your frustration and I agree.
A closing like this usally doesn't pay full fee either.
I wish they would pay DOUBLE when this happens.
( We deserve more money for the Zanax after something like this)

Reply by MW/VA on 6/11/13 9:29am
Msg #472884

Agree. ;-) LOL n/m

Reply by NVLSlady/VA on 6/11/13 9:01am
Msg #472876

It's the average "homeowner" that should know this. But,

even so, when someone refuses to be informed despite all valid attempts . . . well, it's Pointless.

Reply by MW/VA on 6/11/13 9:01am
Msg #472877

That's a good one. Sometimes borrowers just don't get

that they're working against themselves by arguing points like this one. Most people are really happy to be signing loans at the low rates that have been available. I can't imagine that he'd jeopardize his loan by his "spread sheet" mentality.
Sometimes borrowers need a reality check--the Golden Rule--those that have the gold make the rules. ;-) LOL

Reply by NVLSlady/VA on 6/11/13 9:12am
Msg #472882

Re: That's a good one. Sometimes borrowers just don't get

Marilyn, this "spread sheet" mentality you spoke of made me laugh because last weekend my mom and I had a "conversation" about a loan payment I made for her (without telling her); she was PUT OUT. It "messed" with her whole day - and instead of calling me to check, she called the bank and told them a mistake was made on her loan. Even after I revealed the extra "mystery" pymt to her, she asked, "How can we correct?"

I was in Turmoil. "Mom, nothing to correct; just keep paying like you always do and the loan will get paid faster"

Now, I'm laughing as I share this with all of you; but, I can assure you during the "episode" I was flustered beyond mention. I had to go away and Pray.

Personalities are peculiar things in our lives. And when one is on the OCD border, well, ya just got to let it go!!

Reply by NVLSlady/VA on 6/11/13 9:15am
Msg #472883

Just saw the "Zanex" post, RuRu and ROFL!! n/m

Reply by BrendaTx on 6/11/13 7:22pm
Msg #472972

Haven't even read this thread, but omg, so MY MOTHER.

Yes. I pray, too.

I can tell that good woman the sky is blue, but if she hears down at the sr. center place that the sky is pink, well...it's PINK. I have to deal with the PINK.

Right now, I am trying to convince her that....never mind. Pick a topic, any topic.

Reply by Notarysigner on 6/11/13 9:48am
Msg #472891

Re: The Aug payment is July

When you rent you pay in advance, when you're buying a house the interest must accrue first.

Thus, interest accrues for July you pay for it in Aug. Dah....His spreadsheet correct math correct 360 months is 360 months but.....I guess you're right, can't fix stupid.

Reply by JanetK_CA on 6/11/13 3:29pm
Msg #472947

I find it helps a whole lot when whoever prepares the HUD includes the dates for the partial interest on the payoff (if the existing lender provides it) and on page two for the new loan. Some people need to see that in black and white so they can see that they haven't actually skipped a month, it's just being accounted for somewhere else.

The guy sounds like an analytical type who needs to be able to figure out the numbers. Doesn't help when they're fixated on certain things. The one that usually drives me nuts is when they look at the payoff amount shown on their last statement and try to reconcile that with the payoff demand which represents a partial month. Lots of engineers in my neck of the woods - and I just love it when they pull out their technical calculator and try to calculate the partial interest for the extra days... but at least those types understand the concept. The real crazy making stuff is when they don't get it at all.