Posted by Rick on October 25, 2000 at 24:14:34:
Thank you for responding. I had a feeling I was forgetting something. I live in CA. With the first on the house, we still owe 130k. (original price 128.5k, plus fees). As far as the debt, I can understand their reluctance since I do know that many fall right back into debt. What we’re looking to do is to pay off 4 cards (cancelling 3), pay off a car loan, and use the rest to pay off back-taxes. So debt problems after the fact won’t be an issue. This would actually end up saving me anywhere from 700-1200 worth of payments a month.
The broker called today and wanted us to order a drive-by appraisal (He’s in orange county, I’m in Sacramento county). I told him I ran comps for the area and could point him to the website I used. He said that wasn’t good enough. I know from posts on this site that appraisals are just one guys opinion, and like economists, you get three in a room and you get three different opinions. lol
I do have another question. When my wife talked to him today, I had her ask him to fax us our credit report he ran. He told her basically, “it was against the rules for a broker to provide us a copy”. (I’m paraphrasing.) I don’t think that sounds right. In fact I know that we’re eligible to receive a free copy if we are turned down for credit. Does this qualify? Or is he just afraid that he might lose our business once we get our report on his nickel? (I would have paid for it).
I appreciate your feedback.