Nunya BizNiz
Posted on | January 15, 2011 | 3 Comments
I am looking to put a mortgage on a rental property I own outright. I have some things I would like to do with the money, but nothing specific or particularly interesting.
Wells Fargo sent me a list of their requirement, many of them ridiculous but none more so than this:
BORROWER TO PROVIDE A SATISFACTORY EXPLANATION OF THE INTENDED PURPOSE OF THE CASH OUT REFINANCE.
To which I was forced to reply with the following, which may interfere with the (heretofore completely unhelpful) agent’s willingness to help me.
Wondering why this is necessary? Is there a purpose that would be unsatisfactory? If I have clean credit, property that is valued above what I intend to borrow and the means to make the mortgage payments, what difference does it make if I have no intended purpose – or one that would not be deemed “satisfactory”?
I was trying to be diplomatic, but seriously – none of your damn business unless you think you won’t get the money back. If you think you won’t get the money back, don’t loan it to me.
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January 15th, 2011 @ 6:15 pm
The only valid use I can think of for that is to try and save scam victims from losing their house to the scam. And probably give them ammunition should the bank get sued after the fact. “Well you told us it was for reason X, not to send to Nigeria in hopes of a $20M windfall. If you had told us that we’d have explained the scam and not lent you the money.”
Other than that, I’m with you. Nonya!
January 15th, 2011 @ 6:38 pm
We have been in the process of REfinancing with Wells Fargo… had I realized the pain it was going to be, I would not have even started. Mind you, I have had a mortgage with the same institution for over 3 years… always ahead on payments, always overpaid. With all the BS they have you go through, it is no wonder that home sales are down.
January 16th, 2011 @ 1:26 pm
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