4 ms·

I had my mortgage application (already pre-approved) delayed and finally denied on what was supposed to be day of closing. For some reason they decided that sin

by orbz 4y ago

I had my mortgage application (already pre-approved) delayed and finally denied on what was supposed to be day of closing. For some reason they decided that since I owned more than 15% of the (Delaware C-Corp) company they had to attribute that percentage of the company PnL to me. For a VC backed company in growth mode this resulted in me personally having something like -$40k monthly income. No amount of trying to explain I was not on the hook for that or offer of increasing the down payment to any level would convince them otherwise.

PaulHoule 4y ago
How is that a problem? If you really had a $40k monthly income it seems you'd have no problem making payments.
- orbz 4y ago
  That's negative 40 thousand, as in they were under the impression that I personally was hemorrhaging money.
shaburn 4y ago
Who was the lender, might I ask?
- orbz 4y ago
  JPMChase
  - shaburn 4y ago
    Not Surprised now. They are painfully stringent and difficult along with Wells Fargo. How did you recover or what did you do following?
    - orbz 4y ago
      Liquidated my life savings and went full cash. It _sucked_.
      - shaburn 4y ago
        This is surprisingly more common than I expected. Congratulations. Did you evaluate a private mortgage lender? If so, why did you decide not to go this route?