27 responses to your post “Rodney Says”

1. 

   Karleen September 5th, 2009 at 15:58

   Rodney:

   Thanks for taking my call this afternoon. But why would you not have? Just trying to defend your honor! Seriously, how can a guy “shame” you about secured credit cards when he clearly doesn’t understand the concept and refuses to let you explain it to him? One thing I meant to say, which was probably important, is that I’m not one of your clients. I’m sorry, dude, but I just don’t need you right now (even though you’ve answered a few question for me on this blog).

   Keep up the good work.

2. 

   Rodney July 27th, 2009 at 08:12

   Thanks Donna,

   This is affecting everyone out there…especially homeowners that are trying to refinance! Hopefully someone will listen sooner rather than later.

   Rodney

3. 

   Donna Corrado July 26th, 2009 at 16:36

   Rodney, I saw your commentary on FOX NEWS this Sunday evening and thank goodness you brought to light the HVCC Code of Conduct. I am a small appraisal business that employed 11 people 4 State Certs and the rest were experience trainees, that is, until the lenders stopped orderng through us in favor of AMC’s. I can’t tell you that they have taken 40%+ of our fees just to be a middle man. The cost of staying in business to pay licenses,education,E&O insurance, software, car and gas expenses and equipment has put us into a deep whole.
   Why on earth would Cuomo who found WAMU in cahoots w/ Eappraiseit (AMC) then turn around and reward and praise AMC’s??
   AMC’s want to find the cheapest appraiser out there that bring them the biggest profit margins.The poor consumer is paying big bucks for their appraisal and the appraiser is still the lowest fee paid on the HUD closing statements.I get calls every day from lenders asking me to bid a fee on the appraisal order and I ask them “WHY, you are only going to give it the lowest bidder. Rodney,BRAVO to you for going on national TV….. and mentioning it.

4. 

   Pam July 10th, 2009 at 10:20

   Rodney,

   Our home is on the market, but we have not had any offers. We were wanting to downsize but realize we may have to stay in our home. We would like to refinance but were told since our home has been on the market, we have to wait 6 - 12 months. Is that true? That doesn’t make any sense. Thanks much.

5. 

   Jan July 1st, 2009 at 14:30

   Refinancing Question.

   A few years ago, we refinanced our conventional mortgage by obtaining a home equity loan which paid off our existing mortgage. We paid no closing costs and have a 20 year loan @ 6% fixed rate which is fine.

   Due to changing circumstances, we are interested in switching to a 30 year loan again to lower our payments.

   We have been told we are able to do a standard refinance because we now have a home equity loan rather than a regular home mortgage.

   The question is:

   Is this correct and if so, what options do we have to replace our current loan with a 30 year fixed rate loan of some type?

   Thanks.

6. 

   David Bibanco June 23rd, 2009 at 18:26

   Hi Rodney.I have been trying to refinance my Home in Rowlett,Tx for about two years now and i am currently working with a broker..the lenders keep denying me a loan because I live in Louisiana. I work remotely in Louisiana for the company I work for.I rented out the home in Rowlett because I planned on moving back someday and wanted to have a place to come back to.the lenders keep saying that I do not qualify for a primary homeowners loan and nor do I qualify for a non owner occupied loan,because i live out of state.The ARm on my home already adjusted once and will adjust again in October.I am still making my monthly mortgage payments with the rent that is collected each month.My credit score is about 640.is there anything i can do to keep my home or should i consider selling the home in this bad market.the home is worth 120,000.00.I owe less than that.any and all advice would be greatly appreciated as I have spent a small fortune in appraisals trying to refinance and get a loan…Thank You.

7. 

   marie May 28th, 2009 at 19:42

   Rodney,

   My husband and I would like to apply for a home loan, however we have a couple obstacles: First, my husband has not been able to keep a stable job for the last 2 years, therefore we have not been able to keep up with his student loans they are now with a collection agency which reports to credit bureau making his score in the low 500’s. We will begin to make payments but according to the agency they will not report to credit bureau until after 9 consecutive payments have been made (only then will they remove the negative status from credit). For the last couple of years we have lived off my income only and my credit is lot better than his. So, I do not if it will be possible for me to apply for loan just based on my income or by myself. We are are trying to take advantage of the First time buyer progam if possible.

   Thank you,
   Marie

8. 

   cheryl May 28th, 2009 at 09:46

   hello, i was told yall were the pople to go to for mortgage, construction, heloc’s etc. i am trying to buy my brother’s 4.5 acres. it has a parital mobile home that has been built around and turned into a regular house. its attached to the property as real property not personal, has a deck and pool out back etc. my brother cant afford it anymore and hes only asking about $85,000 or so for the whole shebang. its appraised at 118,000 but i can get anyone to even talk to me about it. i would eventually build a better house and probably tear down the first one or i might just leave it as a guest house. it also has s detached garage that has an apartment above it. can you suggest a lending agency that i can talk to? my credit score per Chase is 723 as of this month. i was prequalified for a USDA loan but that deal fell through and has since expired. thanks for your input.

9. 

   Rodney May 27th, 2009 at 06:57

   Unfortunately Marc,

   The rule is that you are considered a first-time homebuyer if you have not OWNED a home in the last three years. It does not apply to if you have a mortgage or not. Texas is a community property state, so unfortunately your wife would not qualify as a first-time homebuyer either.

   Thanks for the comment Marc,

   Rodney

10. 

    Marc May 24th, 2009 at 16:38

    Rodney,

    I have a question about the 7500$ tax credit that is being offered for first time buyers.

    3 years ago my condo I live in was given to me by my parents as a gift at no cost to me.

    I have been told different stories by the real estate agent and another mortgage company.

    My wife has never purchased a house either.

    Would we still qualify for the credit even though we own the condo?

    Any Help is greatly appreciated.

    Marc

11. 

    Karleen May 20th, 2009 at 17:46

    Just to follow up my comments about the credit cards. In our last episode… First National of Omaha had increased my rate and was promptly canceled. I expressed concern about Capital One doing the same as they did to my comment neighbor, Katrina. I applied for another card with Pulaski Bank, and it was approved. Yay! Not so fast… I just received a notice today that Capital One is increasing my rate by 10% to a total of 17.9%. For cryin’ out loud! Never late, always either paid in full or within three billing cycles. My scores are way high, and I really don’t have anything on the horizon that can’t withstand the effects of canceling cards and opening new accounts. Why should I pay for their bad business? Pulaski is giving me 8%, a free balance transfer and 0% for 6 months. That’s what you do when you want customers. I don’t need this other… poop.

    Thanks for letting me vent.

12. 

    Reggie May 19th, 2009 at 14:09

    Rodney,

    I have a question regarding a situation that I’m in. I bought a home 4 yrs ago, my credit was in the low 600’s at the time. The home I bought is now at least $30k upside down. My credit scores are now in the 700’s and I can’t refi, it’s going to be hard to resale the home, and I’m in an ARM loan. Is there anything else I can do to get out of this situation? Please advise! I’ve seen some programs out there that will offer to take the home off my hand if I decide to purchase a home thru their company. I want to know if they are going to put the negative equity in the rear of the new loan or will they just obsorb it and write it off?

    Thank you,
    Reggie

13. 

    Rodney May 9th, 2009 at 12:17

    Karleen,

    Thanks for the comment. It would not be cost effective to do a cash-out refi nor would it make sense to put it on your credit card. I would suggest going to a personal bank or a credit union, because they are able to do a HELOC for the amount you are looking for and for a lot less in fees. Also, check with your CPA to find out what will be deductible once you do the loan.

    Thank you,

    Rodney

14. 

    Karleen May 4th, 2009 at 15:42

    Rodney, I have a question. I have really good credit. I bought my inexpensive little house a year ago with 20% down with an interest rate of a fraction under 5.7%. Everyone called it “instant equity.” Having lived in it for a year, I have made a list of things I want to do to it. I don’t have any problem putting them on my credit card, but since it’s for the house I want to be able to write off the interest. My problem is that every HELOC I’ve looked into has a huge minimum and wants me to go through all of the same expenses I did when I bought the house–appraisal, title, etc. For all of that, I’ll incur non-deductible expenses that wipe out anything I’d be able to deduct.

    It was suggested that I do a cash-out refi, but that doesn’t seem cost-effective, as I might end up having to pay PMI, and I raised my monthly obligation for the life of the loan. I considered going for a larger HELOC and pay off my car, but I only owe $7,500 and the rate is 5.1%. I can’t wrap my head around the options, and I’m beginning to think I’m just SOL. Do you think that’s the case?

15. 

    Rodney April 30th, 2009 at 18:10

    Thank you B for the comment.

    I would encourage you to contact my office so we can get additional information to point you in the right direction. Please call 972-985-5208 and allow one of my assistants to take down some of your information.

    Thank you,

    Rodney

16. 

    kay April 29th, 2009 at 15:05

    I saw you on Channel 5 or 8?? today(4/29) & you mentioned to
    write down each month- each creditor by ??( I missed the breakout)
    could you repeat please? thanks

17. 

    B Mustafaa April 29th, 2009 at 10:30

    Rodney,

    My husband and I have a lot loan currently at Wachovia that will have a ballon payment due June 2009. We have been trying to refinance this note but haven’t had much luck as Wachovia and many financial institutions are not financing lot loans. How much will this hurt our credit if we can’t find anyone to refinance for us? Any help you can give us will be appreciated.

    Thanks,

    B Mustafaa

18. 

    Karen April 24th, 2009 at 12:12

    This is one for the books. I have had a Card with Barclay for years. I paid on time and 3 times the mimium. I stopped using the card for 6 months just didn’t need anything. Well finally the need arose. I used it for a 27.00 lunch and 2 days later tried to use it for a 50.00 purchase..but I was declined?? Confused (as I had just recieved my statement and had over 2000.00 on my open balance). I called customer service they said my credit limit had been decreased and I would get a letter as to why. UMM odd.so I called the automated line to see if there were purchases made> Imagine my surprise when the robot operator told me I had a pending charge of 3 trillion, 8 million,657 thousand and .25 cents!!! When I called and talked to a real person they told me it was not charged to my account and I was mistaken. So I recorded the transactions to share with my family and friends. Needless to say 2 weeks later I recieved a letter about the decrease on my credit line (no reason but was dated the day after I called). Oh and my interest rate went up. And when I called they had erased the automated line but only part of. Recorded that too! What in the world is going on with these banks? Do they really think we are that dumb? All I know is now I pay only the mimium and they can charge all they want…but they will only pocket what I send. Umm… cutting off their noses to spite their faces? LOL Good Luck to all.

19. 

    Carly April 23rd, 2009 at 17:44

    My mothers credit rate on her Chase card has been above 30%, both the Chase and Wal-Mart cards will charge a late fee, and enter it on the statement as a purchase, and then charge interest. The Wal-Mart card has even moved her billing due date up without notice, so they can charge a late fee.

20. 

    James April 23rd, 2009 at 17:25

    I had a card with Chase for many years and had a 7.9% fixed rate. In the process of moving my statement did not show up and I was late making a payment by two days. Obviously my fault, but Chase raised my rate form 7.90% to 34.9%. The said it was because I was not a good credit risk. Now I have a credit score over 740 and manage debt very well. When I questioned this action, they said that since I missed the one payment they had a right to raise my rate to whatever they wanted to. In the roughly 8 years that I had that card I had never missed a payment. Needless to say I don’t do business with Chase any longer.

21. 

    Karleen April 23rd, 2009 at 12:27

    I had a card with First National Bank of Omaha (formerly Hibernia) for over 5 years. I would use it for big ticket purchases just to qualify for benefits, but would pay it off immediately, which is why my credit scores are in the 800s. The interest rate was fixed at 11.9% and I asked them to lower it, but they declined. So, I got another card with Capital One with 7.9% fixed, and kept a recurring payment on First National just to keep the account active.

    I asked them again recently if they would lower the rate and they said it was 9.9% and that was the best they could do. They also told me it was changed to variable. That was all well and good since it’s lower, but they never told me, and I read EVERYTHING that comes in the mail. Then a month later they sent me a letter stating that my rate was increasing to 15.9% and if I didn’t want that I had to close the account and notify them in writing. I wondered if my inquiry triggered because of the way the economy is, but I had really only asked because I was considering getting rid of the card. I closed the account.

    Reading “Katrina’s” experience with Capital One, I hope the same thing doesn’t happen with them, but I have already applied for a replacement of the First National card at a fixed 8% rate. We’ll have to wait and see. I am an excellent customer and an excellent risk. I’m not going to beg people to give me credit at a decent rate. I can live without it.

22. 

    Katrina April 23rd, 2009 at 09:10

    I have been a loyal customer of Capital One for over 8 years, and have excellent credit. As such I had a fixed credit card rate of 2.9% on a miles reward program card. I recently opened a piece of “junk mail” from Cap One, and discovered that not only had my rate somehow jumped from 2.9% to 8.99% without my being aware, but I was being informed that the rate was going from 8.99% to 17.99%. I pay off my card at the end of the month, and had never had a late or missed payment. Even though the rate change would not affect me, I closed the card as a matter of principle. I could not believe that they could be so low as to raise the rate with no provocation whatsoever.

23. 

    Bill Harriman April 23rd, 2009 at 06:58

    As per your KRLD request for credit card grievances:
    I received a credit card from MBNA back in the late 90’s with a”fixed” 4.9% rate. When Bank of America took over MBNA, I still used the card to consolidate balances since it was my oldest and best rate. Well, on April 9th, I received a “change of terms” notice. To my shock, my interest rate was changed from a 4.9 fixed to a 10.65% VARIABLE (a 127% increase). I have never failed to pay on time and always pay MUCH more than minimum. To make matters worse, all of the rates also went up - balance transfer, currency exchange etc. from 3% to 4%. My credit score has always been close to 800 and I know I have never done anything to change that score. Note: This particular card has a balance and I have been in the process of paying it down.
    I immediately called customer support and the lady said that I could “opt out” which I did. She checked back 8 months and saw no “reason” that the rate should go up but figured that it was an arbitrary adjustment.
    As I stated before, this “was” my oldest and best credit card and now I have to pay it off while making sure that I never use if for any reason otherwise the new rate takes effect. After I pay it off, I have to close the account and since this card is my oldest and largest credit limit available, it WILL affect my FICO score.
    Thanks for letting me vent.. I hope Congress or someone can do something about this!

    Bill Harriman
    Plano,TX

24. 

    Rodney Anderson April 22nd, 2009 at 14:54

    Julie,

    First thing you need to do is check your credit report to see what is showing on there. Secondly, it doesn’t sound like you have re-established your credit. If this is true, you will need to establish about three credit accounts and maintain them for at least one year. I would suggest getting a couple of secured credit cards and a secured installment loan. Revolving debt weighs more on your credit report because it takes more responsibility to handle it. Also, monitor your credit monthly so you can be proactive if anything pops up that you were not expecting. Lastly, be aware that by paying on old debts, you can actually hurt your credit score. Credit card companies are starting to be more aggressive and are putting judgements on credit reports with charge-off balances over $2,000.

    Thank you,

    Rodney

25. 

    Julie April 21st, 2009 at 15:23

    In my early 20s I racked up credit card debt and when the bill came of course could not pay. I was irresponsible and ignored the statements. About 5 years have passed and I am trying to figure out how to pay off my debt. I am not sure what I have out there. My goal is to purchase a house within the next two years. What can I do to rectify the situation with the creditors and get my credit score to where it needs to be?

    Thank you for any help you can provide!

    Sincerely,
    Julie

26. 

    Rodney April 16th, 2009 at 10:01

    Darlie,
    There is only one place that you need to contact for help and that is Wells Fargo. On Wednesday the Treasury Department announced that 6 banks signed up for Obama’s loan modification program. Wells Fargo was one of them, receiving $2.9 billion in subsidy and incentive payments. You need to contact their servicing department immediately to discuss modifying your mortgage. Their servicing hotline is 877-216-8448.

    Thank you for the comment!
    Rodney

27. 

    Hamman April 15th, 2009 at 14:49

    We are very worried about losing our home of almost 10 yrs. We have a foreclosure date and have been bombarded with calls from loan mitigation specialists, bankruptcy attorneys etc… My husband has been very ill with life threatening and in the hospital at least 3 times in the past few months. We do not know who to trust to take advantage of the Obama Housing Affordability plan with lowered interest and some forebearance. Any advice anyone? We hear of the the scamming and we do not have alot of money to spare as we want to get back on track making payments on time. We have had a hardship my husband has an income now as do I and we want to start over but in our home. We are raising our 4yr old grand child and she desperatly wants to stay here also. Rodney can you reply? Is there some kind of list of those that are legitimate. Our lender is Wells Fargo branch ASC and our current interest is about 11% payments over 1600 a month and we cannot do that now. Please advise… Thanks so much if you can or cant it is okay. God bless you all. Darlie