What do I do if I feel I have been taken by a mortgage company?

Question

I had an interest only loan that has now come due. Payment went up 500 a month. I was told I qualified for an FHA 30 yr fixed. I have completed all the "leg" work and have been repeatedly told I qualify that an FHA takes a little longer to close. It has been almost two months.....now I am not getting my calls returned.
Thanks,
Rebecca

Answer 1

Go somewhere else!

Answer 2

If I were you I would shop around for another mortgage company, an FHA should not take this long. I bought a house and my loan is an FHA 30 yr fixed. My process did not take long, a couple weeks maybe.

Answer 3

I've never had a loan take 2 months to process. Something is wrong. Good thing for you, you don't have to stay with them, and you shouldn't owe them anything, either. What I don't understand is, if you qualify for FHA, you qualify for conforming, and there's no rate advantage to going FHA, and at the same time, you have to have 3% of your own funds, plus a funding fee up front, and you have to pay MI anyway when you go over 80%. So why would they take you FHA, if there's more hassle and more paperwork for no rate advantage? Conforming follows Fannie guidelines just like FHA does, but they don't charge an up front funding fee, and conforming will go to 100%. It just doesn't make sense.

Answer 4

If you start over you will restart the clock again. Start with BBB and chamber of commerce in you town.
I would guess that you are dealing with a mortgage broker, and not the bank direct. They have fewer rules.

Answer 5

Rebecca,

2 months is entirely too long, espeically since they are not returing your calls. Shoot me an email to [e-mail], and I can set you up with a loan officer who really cares!

Marty

Answer 6

Then switch to a different mortgage company. Its that simple.

Answer 7

call someone else.