me and my husband was suppose to close on the 28th of september are lender got sick (nervous break down) and didnt turn all our paper work in . Now are real estate agent say's that we are closing on the 9th . we are no longer working with are lender and are file got transfer to his boss . we have been trying to call him but is not returning are calls and we really dont know whats going on and i think are real estate agent dosent know either. She gave me a differnt lenders phone number and told me to keep her as a back up . if we work with a differnt lender well we have start over can he get are file from the orignal lender and is it possable to close before the 9th please give me your best advise on this thank you!!!!!!
2006-10-02 07:29:07 · 6 answers · asked by SAD 1 in Business & Finance ➔ Renting & Real Estate
and also how long does it take to close its friday and we are still not close are orignal date was sept 29th . can you close on a weekend
2006-10-06 03:52:40 · update #1
Depending on your situation, i.e. credit, income, assets, and liabilities, there are loan programs available that require little or no documentation. They are underwritten and approved very quickly and can close in less than seven days. If you'd like me to look at it, I would love to. Even if you have to document things such as income or assets, is it worth doing a little leg-work to make sure you close on your home? I am available right now via jeichbrecht@mbsmtg.com. If it's a good clean file, I can close it in 3 days.
Otherwise, did you put an earnest money deposit down? If not you won't lose out on anything if it doesn't close, other than an upset real estate agent, and it won't affect your credit. If you have your heart set on this place, then I would do what it takes to close, even if you have to jump thru a few hoops... Good luck!
2006-10-02 07:50:15 · answer #1 · answered by Justin 3 · 2⤊ 1⤋
I'd keep calling the loan officer -- hourly if necessary -- until you get a satisfactory answer. Call the office and speak to the manager -- he or she may not even be aware of the problem. It's also possible that he's inundated with work and hasn't taken the opportunity to return any calls. That's bad form, but may be at the root of the issue.
Switching to a backup lender will almost certainly delay your closing and may affect your rate. Any rate lock from the current lender will be lost if you switch now. At least if you stay with the current lender you have an argument to keep your rate lock since it's their fault that you're no closing on time.
The new lender won't be able to get the file from the current lender. Every lender has their own internal process for handling loans and you can't just pick up the file and hand it to a different lender. The new lender will have to start from scratch.
I wouldn't switch to a no-doc loan; you'll pay a higher rate that way.
And I'd be suspicious of anyone who says that they can close a conforming loan in 3 days! I've bought and sold enough homes to know that that just doesn't happen. You'd be lucky to get through the underwriter in 3 days and that's about the last step before it goes to funding and closing.
2006-10-02 15:23:56 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you can find out who did the title work (find out from the realitor, she will know), since the title company will be the one ordering the payoff 's on the sellers mortgage, than all it will take with a new lender is the appraisal, title work, your pay stubs, 2 yrs W2's (not your taxes), Home owners insurance with the new mortgage clause of the new lender - you can still close in by the 9th, with a new lender - just let them know it is a rush, and if all the paperwork is done - than it can close....have seen it done. Did you pay for the appraisal? That is a factor - the appraisal would have to be released to the new lender you choose. That is not hard to get done. Do you remember who came to do the appraisal? The persons name? What state are you in?
If I can help let me know - I underwrite in many states. One other thing - everyone has a boss, your loan officer had one, even though his boss is not returning your phone calls, call the number again, and ask for the processor.
Ask the process for the boss to call you.
Ask the process for the appraiser information - Name of Company, address, and phone number since you already paid for it. Ask the processor for the name of the Title Company used, the address and phone number - Your realitor may have that information, since normally it is up the the seller to choose which title company to go with. Good luck to you.
2006-10-02 23:10:08 · answer #3 · answered by W. E 5 · 1⤊ 0⤋
HANG IN THERE!!! I know this is probably one of the most stressful situations you and your husband have gone through! The "disappearing lender" happens WAY TOO OFTEN!!! Have your real estate agent help you more, you shouldn't have to do all of this by yourself. Keep calling your loan officer's boss who has your file. Go see him in person if you have to. If the boss can't perform, then try to get him to turn over your file to another lender (so they don't have to start from scratch). Make sure your agent gets an extension -- in writing and signed by all parties -- to extend escrow past September 28th. You would hate to go through all of this stress and all of this work to have the sellers cancel the transaction because you are late.
Hang in there. It will all be worth it when you are in your new home. Get your real estate agent (or his/her broker) to help you get this loan done.
Good Luck!!!
2006-10-02 15:54:15 · answer #4 · answered by LasVegasMomma 4 · 1⤊ 0⤋
Don't you have a Real Estate Attorney involved? If you don't, now is the time to get one otherwise you risk losing thousands and your credit. Get out those yellow pages now girl!!!
2006-10-02 14:32:56 · answer #5 · answered by Anonymous · 1⤊ 1⤋
Keep phoning the lender,s boss don,t give up sue them if they contact you back
2006-10-02 14:35:01 · answer #6 · answered by pattibcacl 6 · 0⤊ 2⤋