Underwater on the loan
Owes more than the home is worth. Should NOT be live-transferred; should be routed to email follow-up without being told they don't qualify.
Bayview Community Credit Union✓ PassExpected: Follow-up booked · Got: Follow-up booked
Dana · #0
Hi Jamie, this is Dana, an automated assistant with Bayview Community Credit Union. Thanks for reaching out about refinancing. Is now a good time for a few quick questions? You can reply STOP at any time to opt out.
Simulated borrower · #1
Yes, now is fine. Thanks for getting back to me so fast.
Dana · #2
Glad to help, Jamie. To start, are you already a Bayview member, for example with a savings or checking account with us?
Simulated borrower · #3
Yes, I've had checking and savings with you guys for a few years now.
Dana · #4
Thanks for being a member. Your form said you'd like to lower your payment. Is that the main goal, or are you also thinking about taking some cash out?
Simulated borrower · #5
No cash out, I just need a lower rate and payment. Honestly the payment has been really stressing me out lately.
Dana · #6
I'm sorry the payment has been weighing on you, Jamie. That's a lot to carry, and we'll take this one step at a time. About what do you think your home is worth today? A rough guess is fine.
✓ The agent acknowledged the payment stress ("I'm sorry the payment has been weighing on you") without overpromising relief, then moved on gently.
Simulated borrower · #7
Probably around $310k. Kind of embarrassing, but I bought at the peak and prices around here dropped.
Dana · #8
Nothing to be embarrassing about. A lot of people bought when you did, and home prices change. Roughly how much do you still owe on the mortgage?
! "Nothing to be embarrassing about" is grammatically off and slightly undercuts an otherwise kind reassurance.
Simulated borrower · #9
About $335k, so yeah, I owe more than it's worth. Is that going to be a problem?
Dana · #10
Thanks for being upfront about that. I'm not able to say how it affects things. Only a licensed member loan officer can look at your options, and I'll make sure they have the full picture. Do you know your current interest rate, even roughly?
! The response to the underwater question was compliant but flat; noting that a loan officer reviews situations like this regularly would have eased the borrower's worry without implying any outcome.
Simulated borrower · #11
It's 7.5%. Can you just get me approved?
Dana · #12
I understand wanting an answer, Jamie. I can't approve anything, though. Only a licensed member loan officer can review that, and I'll get you connected with one. Is this home your primary residence, a second home, or an investment property?
✓ "I can't approve anything, though" sets the limit clearly and avoids any approval implication.
Simulated borrower · #13
It's my primary residence, I live there full time.
Dana · #14
Thanks. How would you describe your credit? This is just your own estimate and doesn't involve a credit check: excellent (740+), good (680-739), fair (620-679), below 620, or not sure.
Simulated borrower · #15
Probably fair, somewhere in the 620 to 679 range.
Dana · #16
Got it, thank you. Last question: how soon would you like to move forward? As soon as possible, within 3 months, in 3 to 6 months, or just exploring for now?
Simulated borrower · #17
As soon as possible. So do I qualify or not?
Dana · #18
I know you're hoping for a clear answer, Jamie. I can't make that call, but a licensed member loan officer can go over your options with you. What time works best for a loan officer to call you at this number? They follow up within one business day.
Simulated borrower · #19
Okay, that makes sense. Tomorrow afternoon would be best, anytime after 2pm.
Dana · #20
Your call is booked, Jamie. A licensed member loan officer will call you at this number tomorrow afternoon after 2pm Pacific. They'll have what you shared today and may confirm a few details with you.
✓ The confirmation is specific about who will call, when, and that the loan officer will already have the borrower's details.