![]() ![]() First payment was due October 1st, but my account never updated so I called my loan officer, and he said to log into Brian's account to make the payment. Rocket sent me an email and said they would reach out in a few days with more information and that my account would be updated to be able to make payments. ![]() My name and my name only are on the closing documents. On that day, this house we're living in became my legal responsibility. Closing date was scheduled for September 21st. The process moved really quickly after I called them in August to ask why they hadn't contacted me yet, since I submitted my intent in April. This meant that I could keep the 2.25% interest rate we got last year, instead of being at the mercy of the volatile housing market and paying 6-7% and having a much larger monthly payment going to interest. The advantage to an assumption is that all the terms of the loan stay the same, just that the payment responsibility changes hands. I submitted bank statements, credit check, proof of reserves and all that comes with applying for a mortgage. Federally backed mortgages are assumable, meaning that as long as someone meets income and creditworthiness guidelines, that person can assume payment and responsibility for the loan. When I was ready, in April, I started the process to identify myself as a successor in interest and take legal responsibility for the mortgage. Be smarter than me and choose a more trustworthy investor. It's all a big scheme to have you lose your home and they MAKE MORE MONEY off the poor. Instead, we are stuck struggling with a payment that is higher than promised until God knows when. We would have used the 20k we put into the house IF WE WERE NOT LIED TO. Upon speaking to the new company, they did receive the list however, they have different policies and now I would only be able to take off the PMI if I paid over 22k to my principal balance. I was assured absolutely nothing would change and that the list we made would be forwarded over to seamlessly complete the process. I needed a little time to get the fee together that they asked for and when I called back, I was informed that my loan was suddenly sold to another company. The lady made a list of the improvements and informed us that all we needed was to allow them to come do their own appraisal and we'd be good to go, PMI free. ![]() We put at least 20k into the home and then called back. Furthermore, he said that if we wanted to get this off sooner, that all we needed to do was increase the value of our home to meet the criteria. ![]()
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