05/30/2025
HORROR STORIES FROM OTHER LENDERS AND SO CALLED BROKERS!!!
Call me if you are in one of these situations or know someone who is and let's see what options they have. Varune Ajay Ramhit/L And Z Financial Services - NMLS #2309952 (754) 273-0357
2 Tips for today (EXPLANTATIONS BELOW ):
TIP #1 - DO NOT DO A DSCR ON YOUR PRIMARY HOME, YOU'LL LOSE YOUR HOME IN THE END!!!! BONUS TIP, MAKE SURE THE BROKER(S) YOU ARE WORKING WITH IS ACTUALLY LICENSED TO DO RESIDENTIAL MORTGAGES IN YOUR STATE!!!
Link to check is here: https://www.nmlsconsumeraccess.org/
TIP #2 - DO NOT GO INTO A CONTRACT WITHOUT A REAL PRE APPROVAL, YOU MAY LOSE YOUR EARNEST MONEY DEPOSIT!!!
While I love posting all my wins and fast closings, from time to time I encounter clients that come from "OTHER LENDERS" or "SO CALLED BROKERS" that just did not know what they were doing nor do they work in the clients favor, causing financial losses and even foreclosure. Here are two clients that I encountered this month that I wish I had encountered a month or two ago or even earlier, and if you are in this predicament or know someone, call me Varune Ajay Ramhit/L And Z Financial Services - NMLS #2309952 (754) 273-0357.
CLIENT #1 had an investment loan (DSCR) done on their primary residence to access their equity. The lender found out that it was not a true investment home and they began foreclosure proceedings due to the breach of contract. I tried everything that I could to help her but with all the interest from the investment loan and payoff they ended up being so upside down that they had no choice but to accept the foreclosure outcome and will now have to battle this out in court.
How could Varune Ajay Ramhit/L And Z Financial Services - NMLS #2309952 have helped? For one, we could have done a proper cash out refinance (TX 50a6 Loan) and get the cash out that they were looking for. This would have come with a better interest rate and better terms and have no recourse; the sad part is that they would have qualified given their income and credit. Two, assuming option one didn't work, knowing about this earlier would have allowed me to assess the situation earlier and calculate the necessary cash to close to get out of this loan sooner. Knowing this before the lender is triggered would have allowed us enough time to save up the cash to close and get out of this horrible investment loan and get back into a qualified residential loan.
CLIENT #2 went to a reputable retail lender and was issued a pre approval based on initial documentation and a credit check. Without me knowing the specifics, the lender probably messed up with calculating income in the beginning and more than likely under estimated the insurance and the property taxes, giving false hope of a large pre approval. The buyers, with these grand hopes of the high pre approval, went under contract near the top of their budget only to find out they would not be approved. To make matters worse, the lender took a really long time to break the news, fully exhausting the buyer's options to legally back out of the contract, and causes the borrowers to lose their $3800 deposit.
How could Varune Ajay Ramhit/L And Z Financial Services - NMLS #2309952 have helped? Simple, getting income calculated with the lenders upfront gives the client piece of mind, also knowing what to look for with credit, liabilities, taxes, insurance, etc., gives the client a realistic outlook and sets better expectations. This client would have been told upfront about their true buying power and ways to increase their buying power if a larger pre approval was desired.
DO NOT END UP IN THESE SITUATIONS. LET Varune Ajay Ramhit/L And Z Financial Services - NMLS #2309952 HELP YOU WITH ALL YOUR RESIDENTIAL MORTGAGE NEEDS, WE SERVICE ALL OF TEXAS.
If you made this far, THANK YOU FOR READING!!!
(754) 273-0357
Individual NMLS #2222527
Company NMLS #2309952
Texas Mortgage Company License
Visit www.landzfinancialservices.com for more information.
We are Mortgage and Home Loan Experts and we offer Purchase, Refinance and Cash-out Refinance Loans.
