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Old 08-22-2017, 12:05 PM
Location: Phoenix, AZ > Raleigh, NC
14,297 posts, read 17,497,824 times
Reputation: 22118


Since the OP hasn't been on CD since March 2016, I'm pretty sure he's not gonna answer.
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Old 08-22-2017, 12:23 PM
3 posts, read 1,496 times
Reputation: 10
ok. thanks new here but totally frustrated
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Old 01-25-2018, 06:46 AM
1 posts, read 294 times
Reputation: 10
Can i ask what type of atty you hired to deal with these incompetent people? I feel we were screwed over by all involved also. From realtor to her atty buddy, to the mortgage company friend of hers who gave us the consultant. I knew from day one that we looked at the house it needed a 203k and said as much. They wasted 2 months telling me don’t worry everything is fine we don’t need that. Yet the home had no heat, water, outdated electric and had been empty for 10 yrs. well first closing date it obviously failed when the bank inspector showed up and failed it (he ended up being our consultant)

House closed 2 months later and suddenly the consultant says the narrative of the SPEC means nothing and the contractor is doing sub par work or just not doing parts of the jobs at all. Example he has the trees trimmed and paints trim on still sealed windows, paints over vents outside thus sealing them, then refuses to remove vines from the entire side of the house which specifically is mentioned due to possible repairs needed under it. The contractor dares to say “oh the husband said he wants to keep the vines i no do vines” wth? Why would we want vines to stay on the house? We are not the friggen adamas family! Then he took the electric upgraded to 200amp and totally REMOVED the panel for the studio apartment that was run off the main meter and panel combining it to a one family which was NOT what we asked for or what was in the spec and bid.

Then this contractor convinced my husband to do some work which we find is illegal for him to do unless the bank signed off on it. Like remove kitchen countertop which my husband removed and now the contractor is trying to charge us $1500 for REMOVAL of countertop which he never did!

Needless to say our mortgage was sold and we fired the contractor and consultant and got a new consultant only to find out that the bids made no sense because that initial consultant focused on work that was not needed yet did not require NEEDED work like the railing of the porch falling down or the foundation both of which were in the inspection but we were convinced weren’t needed.

Now it makes sense of why the bank refused to use my income even though my credit rating was the same as my husbands. They made me feel like a loser for my $30,000 plus income being from disability permanent disability. The mortgage estimated closing docs said -$7,500 due at closing for 3 months then 36 hrs before closing the closing estimate suddenly was $30,750! When i asked why they said “you have $46k why are you concerned?” I only had $27,000 and my atty (referred by realtor in fact was in her office the day we made offer) called me for the first time to scream at me “you had $46k in july wtf did you do with all that money?”

I am disabled with multiple autoimmune diseases and ptsd, depression and anxiety, i just bawled because he was so nasty and i still got no clear answer why they don’t use my income as “other income” they didn’t have my name on the home I didn’t care about that and i know “other income” as long as provable can indeed be used they ignored me and berated me!

The 3 contractors we first found oddly came back at triple the cost of the bids which again weird! We had to settle for whoever accepted our bids first which literally was 2 days prior to closing!

Its been a fight since day 1!

Day of closing suddenly the osing cost goes from $30,750 to $32,750 i was a mess. The mortgage company paid our horrible atty and the realtor literally slipped us $1000 in cash. Don’t get me wrong it seems nice but i feel they did this not because they cared but because they all screwed up so much!

I need to know what kind of atty i need to sue all of them AFTER our new consultant and contractor finish the job of course hoping they can since this first mortgage company literally cleaned out our bank acct from all of my disability back pay

Originally Posted by cityofcanton View Post
I got a call back from closing attorney, not wanting to get involved he led mto a couple of strangers out of the phone book, I hired my own attorney. I called the realtor, she was shocked at first, [promised to come over and view the house, she never called or showed up as planned. I feel she is in knee deep too, she swore that the mortgage guy never called her. I doubt that because he is her friend. Did however take the advice of my attorney and got a licensed GC to come in a go line by line on the work write up and document all that was not done, and what a huge surprise he has ran into this group before as they pulled this on another homeowner and got fired. this GC was hired to go in after them and fix their mess.
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Old 01-25-2018, 07:19 AM
2,962 posts, read 2,870,888 times
Reputation: 2839
Holy revived thread, batman.

Just stumbled in here since I saw "FHA 203k." I did that back in 2009. End result was positive but there were so many places where it could have been ruinous. People thinking of a 203k need to be really careful - and consider just getting a different house. If a potential buyer of a property sees enough work that needs to be done that requires a 203k, imagine how much he does NOT see.
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Old 01-25-2018, 03:59 PM
3,317 posts, read 7,253,255 times
Reputation: 4095
Everybody thinks it's easy.

Nobody learns a thing about the loan program.

Nobody reads the disclosures.

Then they blame everybody else for "cheating" them.
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Old 01-25-2018, 04:13 PM
Location: Rochester, WA
3,827 posts, read 2,047,976 times
Reputation: 10552
Rehab loans are complicated. And so... not for everyone.
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Old 01-26-2018, 10:17 AM
4,542 posts, read 11,544,610 times
Reputation: 3063
Originally Posted by Diana Holbrook View Post
Rehab loans are complicated. And so... not for everyone.

When I broke into mortgage lending in 2003, I asked a couple of the veteran lenders about the FHA203k. Their advise was simple......"Don't ever do one". I took their advice to heart and am glad I did.
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