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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Mortgage NIGHTMARE vent
We have been working with Weichert financial for the past four months for our FHA loan. They have been the absolute worst to work with...we let them know well in advance any and all possible problems. Our mortgage processor lost paper work, did not return phone calls and generally messed up...our contract was signed 11/18/12, we got our commitment 1/18/13 and we returned most of the items on the conditions list by 1/21/13. Today they tell us there is a problem and suggest we pay off 15K for my DH's student loans to "fix" it. My contract states a closing date on or about 2/28- The sellers are pissed and have already moved out of the house they are threatening to walk away from the deal if we do not close by the 28. I just want to cry!
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Posted 3/20/13 9:35 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Mortgage NIGHTMARE vent
If you need a contact that does amazing work fast, let me know.
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| Posted 3/20/13 11:15 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: Mortgage NIGHTMARE vent
I just got a recommendation from Beth (she's on here). My brother is using him and so far he's been wonderful.
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| Posted 3/21/13 7:21 AM |
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Mortgage NIGHTMARE vent
What kind of problem is fixed by paying down 15k of debt that wouldn't have been discovered at pre-approval or at least at application? That sounds like an absolute nightmare, and I'm so sorry you are going through it.
I don't know that starting over with a new lender is the solution, because it can take a few weeks even with the most diligent follow up. If the sellers walk away from your deal, then they have to completely start over and remarket their home, correct? I can't see why any seller would want to do that over waiting for a few weeks. Maybe they are bluffing trying to "encourage" the process along?
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| Posted 3/21/13 8:35 AM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Mortgage NIGHTMARE vent
the problem (obviously) is they F'ed up on your debt to income ratio. Thats what it sounds like.
Asswipes. Thats why you work with them before hand to figure this ish out. We knew that we had to get some debt "off the books" before we bought our house and paid off my husbands car (about 12k).
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| Posted 3/21/13 10:28 AM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Mortgage NIGHTMARE vent
If its an on or about date, don't you have 30 days after to close? I don't think they could really just walk away at this point...
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| Posted 3/21/13 11:08 AM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Re: Mortgage NIGHTMARE vent
Posted by evrythng4areason
If its an on or about date, don't you have 30 days after to close? I don't think they could really just walk away at this point...
March 28 is 30 days past our on or about date. They can walk away at that point.
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| Posted 3/21/13 12:07 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Re: Mortgage NIGHTMARE vent
Posted by Lori Brewer - Daniel Gale Sotheby's International Realty
What kind of problem is fixed by paying down 15k of debt that wouldn't have been discovered at pre-approval or at least at application? That sounds like an absolute nightmare, and I'm so sorry you are going through it.
I don't know that starting over with a new lender is the solution, because it can take a few weeks even with the most diligent follow up. If the sellers walk away from your deal, then they have to completely start over and remarket their home, correct? I can't see why any seller would want to do that over waiting for a few weeks. Maybe they are bluffing trying to "encourage" the process along?
I think the seller's are bluffing. That being said my lender made a couple of big mistakes- first they calculated my debt to income ratio incorrectly then they kept insisting that our education loans were paid off although I sent emails and documentation showing that they were not paid off. They will give us an exception on the debt to credit ratio if we pay off DH's education loans-Fine I go to try to pay off DHs loans and find out the US department of education sold the loans on Friday to another lender. They cannot track down the loans and are telling me that it could take 30-90 days to update the nation student loan data system. So now I need to know if they will give me an exception on the loans if I pay off something else or close a revolving credit account. I would go to another bank if I could but at this point Weichert has help my application for so long telling me all they need is a tax transcript or a current bank statement that I really do not have any other choice. All of the issues I am having should have been identified long before the bank gave a commitment.
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| Posted 3/21/13 12:15 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Mortgage NIGHTMARE vent
Posted by MrsG823
Posted by Lori Brewer - Daniel Gale Sotheby's International Realty
What kind of problem is fixed by paying down 15k of debt that wouldn't have been discovered at pre-approval or at least at application? That sounds like an absolute nightmare, and I'm so sorry you are going through it.
I don't know that starting over with a new lender is the solution, because it can take a few weeks even with the most diligent follow up. If the sellers walk away from your deal, then they have to completely start over and remarket their home, correct? I can't see why any seller would want to do that over waiting for a few weeks. Maybe they are bluffing trying to "encourage" the process along?
So now I need to know if they will give me an exception on the loans if I pay off something else or close a revolving credit account.
This is exactly what you need - and keep badgering them until you get an answer.
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| Posted 3/21/13 12:43 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Mortgage NIGHTMARE vent
Posted by BabyBoy
If you need a contact that does amazing work fast, let me know.
Me too because, wow, your post sounds just like me from about three years back when we were buying our first home. We had the WORST experience with a lender and then, thank God, our real estate agent, recommended someone else who literally saved us and got us the house - we would have probably lost it otherwise.
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| Posted 3/22/13 10:28 AM |
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