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I'm buying a house built in 2003. I went through a mortgage search engine to find a lender. Long story made short. The lender got all his paper work from me and turned it over to an underwriter. I was cleared to close through the title company that they selected. An hour before close the lender called and said that they could not close on that day. He said everything was alright on my end, but they had to get funding together. The title company got the packet but no funds. My realtor called the lender and got word from the president that the lender that my loan was earmarked for is having problems. That he would personally look into it and handle it. This is two days later and no word. Please tell me this is normal. The real estate agent is wanting me to start the loan process with another lender. Will I get stuck with paying both lenders cost? I am so stressed out now, and do not know what to do.
You are being fed a bunch of bull****. I bet they had "the lowest rate."
I'm buying a house built in 2003. I went through a mortgage search engine to find a lender. Long story made short. The lender got all his paper work from me and turned it over to an underwriter. I was cleared to close through the title company that they selected. An hour before close the lender called and said that they could not close on that day. He said everything was alright on my end, but they had to get funding together. The title company got the packet but no funds. My realtor called the lender and got word from the president that the lender that my loan was earmarked for is having problems. That he would personally look into it and handle it. This is two days later and no word. Please tell me this is normal. The real estate agent is wanting me to start the loan process with another lender. Will I get stuck with paying both lenders cost? I am so stressed out now, and do not know what to do.
Addendum: The mortgage company called me today and told me that their company sold this week to the fifth largest mortgage company in the US based out of Chicago, IL. Now I have to send them a new disclosure statement as if nothing has been done to date. HOW LEGAL IS THIS?
It concerns me that you used a search engine and submitted paperwork. How did you submit it and to who? You didn't answer a question in another post about inspections and an appraisal. Did you have them? It sounds like you are being scammed and not working with a legitimate lender.
Addendum: The mortgage company called me today and told me that their company sold this week to the fifth largest mortgage company in the US based out of Chicago, IL. Now I have to send them a new disclosure statement as if nothing has been done to date. HOW LEGAL IS THIS?
How legal is what, selling a business, stopping your transaction, s*** happens, work with random people, get random non predictable results.
Not FHA, We were cleared to close on Dec 9 2013 by the lender. An hour before we were to be there the lender called and said the close was canceled. In talking to the lender he said everything has been done right on our end., that they had to get the funds together. Weds the 11th my realtor got a hold of the president of the lending company and he apologized and would personally see that this was taken care of. Friday the 13th the loan processor called and said that their company had been sold this week to a much larger lender out of Chicago, and if I would sign a new disclosure we should close withing 7 to 10 days. The title company is holding my deposit, they got a partial packet from the lender as I understand no funds from lender. I had to send an additional 1500 dollars for extension. Needless to say I would never recommend this lender to anyone. I just want to close.
Not FHA. Yes, appraisal has been paid for. We were cleared to close Dec 9 2013. But because lender sold their company to a large lender out of Chicago that day, I have to sign another disclosure., All I want is what is legal, and right.
Will I get stuck with paying both lenders cost? I am so stressed out now, and do not know what to do.
Your agent advised you to start working with another lender, does your agent feel that this is acceptable to the seller? I'd be stressed out too in your situation, you probably lifted the contingencies and have your deposit at stake.
The cost you typically pay for would be the appraisal when you switch lenders. You paid this additional $1500, a fee is typical for a lock extension, although it sucks that you are paying for something that is the lenders fault. As I think about it, it could have easily have been a bait and switch but it is not going to be easy to tell.
Is it a reputable broker, have other posted similar experience on websites like yelp about them?
Just found out that Arbor Mortgage in Grand Rapids Michigan, has sold to GuaranteedRate Mortgage in Chicago. They want me to start this all over again. It looks like all the money that this has cost me so far is lost. There ought to be a law against this. This is fraud in its worst.
Just found out that Arbor Mortgage in Grand Rapids Michigan, has sold to GuaranteedRate Mortgage in Chicago. They want me to start this all over again. It looks like all the money that this has cost me so far is lost. There ought to be a law against this. This is fraud in its worst.
There are laws against it. And it's not fraud - however it might be a violation of the Unfair Trade Practices Act. Are they refusing to refund monies not expressly identified as non-refundable?
What have you paid so far - if you can bullet point it, we can gain some clarity.
The appraisal should be transferable under this circumstance. Did you pay some kind of Application Fee?
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