All Forum Posts by: Collin Cameron

Does anyone have more recent experience with this platform? Obviously things change over time, is anyone using it now that likes it or hates it? 

I have the same question which led me to this post... It seems like REO might be a pretty good option in my area but struggling to get a feel for it. A number of suggestions point towards finding a real estate agent who is knowledgeable about it... but how did they get knowledgeable about it?

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When I'm looking through zillow and other platforms, I've noticed that the areas close to Drake and some of the areas around Grandview seem to have a fair amount of available inventory of properties for sale and for rent-- I'm curious to know if those of you with rentals geared towards college students saw significant changes heading into the fall of 2020 and if you expect significant decreases in demand due to the potential increase of online classes? 

Hi All, as you might imagine, it's been an interesting week: I would really like to thank the community for their collective wisdom, and I appreciate the feedback. I have been reading the responses but haven't had time to reply until now.

--The end of this story is that I called my loan officer and they  cancelled the closing-- we might try again with them if I find something quickly or we might try with just my wife on the loan. Disappointing, but not the end of the world. In case anyone is curious, we do have to "start over" and our 2.75% on a 15 year fixed is no longer locked, so we'll have to start shopping around again to see who has good rates :)

I would humbly point out that in my original post, I explicitly stated that I had not and was not planning on providing false information, but was asking about what information would be requested at the closing to find out what I should do. It was unclear to me exactly what the closing documents would ask about, which is why I asked the question. I knew this was a great place to get clarity about what would be in those documents and you have collectively done a fine job providing it, which I very much appreciate.  I think this point applies specifically to the very helpful responses from @Paul Defngin @Travis Brizendine @DJ M. @David Barnett  @Michael Noto @Charlie MacPherson @Christopher Giannino @Ned J. @Matt Carey @Ryan Proffit @Rob Rothstein   I very much appreciate you all for sharing your experience and perspective with me!

Thanks as well to those who left encouraging notes, I've had a couple interviews this week, We'll see what turns up. Perhaps we can turn my severance into the first deal :)

Ps. I feel like I should take a screen shot of the post by @Mindy Jensen on a thread I started #celebritysighting #fan 

@Mike Stadel thanks! Appreciate the input

@Paul Defngin I really appreciate your advice! You see, that’s exactly what I’m trying to figure out: because everything that they have asked for, I have provided them 100% honestly— they’ve received all requested pay stubs, w-2s, bank statements etc... if they ask me, “have you had a change in employment?” I will say yes. But if they ask me, “is everything you have provided us accurate?” I will also say yes, because it is...

from what I have been able to find out, at a closing you are primarily signing the mortgage documents that establish the lein for the bank, which from what I can find don’t have much to do with your quality as a borrower, since that’s what underwriting is supposed to determine? Is that a correct way of thinking about the closing event?

@Matt Crusinberry thanks!

Hi y’all looking for some advice from any friendly loan Officers or other knowledgeable people.

I’m refinancing my primary residence to take advantage of lower interest rates. Everything was going fine, closing date is scheduled for next Monday and #boom I get laid off.

What do I do about it? I have not thus far and will not give any false information to the bank, but since the closing is already scheduled, is it a done deal? Does the paperwork you sign at a closing include reverifying employment?

I didn’t sign anything promising to tell them in the future if I have a change in employment, and I don’t feel obligated to tell my current mortgage company I’m laid off. Is this different?

I can ask my loan Officer, but I don’t want to mess it up if It’s a “don’t ask, don’t tell” situation.

I don’t have any concerns about making payments or bringing money to closing in the meantime.

My plan currently is to go to closing as scheduled and if they have paperwork that explicitly asks if I’m still employed, I’ll have to decline to sign it.

Bad idea?

If I can ask, how did the seller financing conversation go? Did you go into the deal thinking that way? Did they bring it up or did you bring it to the table as an option?