I Has Been Scarce
4/3/10 15:52![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
madrobins…partly because I'm poaching on the Spouse's computer until Apple releases the new MacBooks and I can replace my sturdy ol' laptop.
…partly because I've been up to my hips in Nebulation tribulation (but the second batch went out today,so hurrah)
…and partly because we've been trying to refinance our mortgage, and it's been an experience.
We got a letter (or a dozen letters) from our bank urging us to refinance. After some thought, decided that it might be a good idea--we could lower our rate, or change the term, or whatever. And since both of us have fairly stellar credit ratings, and one of us has a good job, this seemed like a piece of cake. So we applied for the refi and were approved; shortened the term from 30 to 20 years; decided to add in escrow for the property tax (which always comes just when one needs to be spending money on something else, and o dear). All lovely.
Then we hear that while we're approved, we're not entirely approved. Since Spouse has been at his job for less than a year, please additional data, to wit: documents relating to the income from our apartment in NYC, and relating to my income. The fly in this ointment is that the last tenant (who had been there almost ten years) left in July, and since then one prospective lessor after another has fallen by the wayside. In other words, no income lately, just outgo. They're not willing to consider our investment portfolio in these calculations. So please have me gather my financial data together and...
Meanwhile, a possible renter appears on the horizon. Aside from the refi, this is good news because we've been paying the maintenance charges on the apartment without income, and it would be nice to have that change. Many hoops must be jumped through, however--vetting tenants (who must move in on March 1, as they have to vacate their old digs) and contacting the co-op board with the sublease fee and...Oh shit, the board wants to approve the rental. And by the way, the board is talking about instituting a "you can only sublease for two years out of five" by-law. And okay, the tenant has been tentatively approved (as of February 26 at 3 pm) but they need to interview her...on Sunday. Finally, they meet with the tenant and as of 5pm on Sunday the day before she's supposed to move in, to her relief and ours, she is approved. We have overnighted the horrendously large "move in/out" security deposit to the management company. All is well.
Meanwhile over in refi-land...well, now we've got income, right? Only the underwriter would really prefer that the tenants have been there for at least six months, to make sure they're not fly-by-night sorts. But as the tenants have agreed to send the first month's rent and security deposit (plus, near as I can tell, complete financial statements!) the underwriter agrees, grudgingly, to take the income into account.
So we're in the clear, right? Well, not entirely. Despite having turned our pockets out to see if there is any loose change, they still have questions. About stuff we don't own any more. Like, a share in a mutual fund "partnership" which we got rid of in 2007 (they want a statement for 2008, but since we sold this tiny investment in 07 there is no 08 statement...). And they'd also like some sort of statement I never heard of, to prove that we sold the Barn in 07. Apparently the payment, the paying off of the old mortgage, and the payment by us of a huge walloping tax on the income from the sale doesn't count. All this stuff is scanned and sent to them.
And now everything seems fine except the K1 for the mutual fund that we don't have for 2008 because it wasn't owned by us in 2008. The Spouse is out of town, and I have been left rootling around looking for something useful, and finding fuck-all (if you will pardon the expression). If this is banking reform, I think someone missed the point.
In the end, I believe we will persevere. We decided to refinance, not because we had an ARM or an usurious rate, just because it seemed like a good idea. But I do sort of feel like No Good Deed is Going Unpunished here.*
* and the first time I typed that it came out as No Good Dead is Going Unpunished here, which is ungrammatical but interesting to contemplate.
…partly because I've been up to my hips in Nebulation tribulation (but the second batch went out today,so hurrah)
…and partly because we've been trying to refinance our mortgage, and it's been an experience.
We got a letter (or a dozen letters) from our bank urging us to refinance. After some thought, decided that it might be a good idea--we could lower our rate, or change the term, or whatever. And since both of us have fairly stellar credit ratings, and one of us has a good job, this seemed like a piece of cake. So we applied for the refi and were approved; shortened the term from 30 to 20 years; decided to add in escrow for the property tax (which always comes just when one needs to be spending money on something else, and o dear). All lovely.
Then we hear that while we're approved, we're not entirely approved. Since Spouse has been at his job for less than a year, please additional data, to wit: documents relating to the income from our apartment in NYC, and relating to my income. The fly in this ointment is that the last tenant (who had been there almost ten years) left in July, and since then one prospective lessor after another has fallen by the wayside. In other words, no income lately, just outgo. They're not willing to consider our investment portfolio in these calculations. So please have me gather my financial data together and...
Meanwhile, a possible renter appears on the horizon. Aside from the refi, this is good news because we've been paying the maintenance charges on the apartment without income, and it would be nice to have that change. Many hoops must be jumped through, however--vetting tenants (who must move in on March 1, as they have to vacate their old digs) and contacting the co-op board with the sublease fee and...Oh shit, the board wants to approve the rental. And by the way, the board is talking about instituting a "you can only sublease for two years out of five" by-law. And okay, the tenant has been tentatively approved (as of February 26 at 3 pm) but they need to interview her...on Sunday. Finally, they meet with the tenant and as of 5pm on Sunday the day before she's supposed to move in, to her relief and ours, she is approved. We have overnighted the horrendously large "move in/out" security deposit to the management company. All is well.
Meanwhile over in refi-land...well, now we've got income, right? Only the underwriter would really prefer that the tenants have been there for at least six months, to make sure they're not fly-by-night sorts. But as the tenants have agreed to send the first month's rent and security deposit (plus, near as I can tell, complete financial statements!) the underwriter agrees, grudgingly, to take the income into account.
So we're in the clear, right? Well, not entirely. Despite having turned our pockets out to see if there is any loose change, they still have questions. About stuff we don't own any more. Like, a share in a mutual fund "partnership" which we got rid of in 2007 (they want a statement for 2008, but since we sold this tiny investment in 07 there is no 08 statement...). And they'd also like some sort of statement I never heard of, to prove that we sold the Barn in 07. Apparently the payment, the paying off of the old mortgage, and the payment by us of a huge walloping tax on the income from the sale doesn't count. All this stuff is scanned and sent to them.
And now everything seems fine except the K1 for the mutual fund that we don't have for 2008 because it wasn't owned by us in 2008. The Spouse is out of town, and I have been left rootling around looking for something useful, and finding fuck-all (if you will pardon the expression). If this is banking reform, I think someone missed the point.
In the end, I believe we will persevere. We decided to refinance, not because we had an ARM or an usurious rate, just because it seemed like a good idea. But I do sort of feel like No Good Deed is Going Unpunished here.*
* and the first time I typed that it came out as No Good Dead is Going Unpunished here, which is ungrammatical but interesting to contemplate.