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Old 07-13-2015, 12:42 PM
 
4 posts, read 4,484 times
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Hello, I'm a first time poster. My husband and I are in escrow on the home of our dreams. We've been renting our current residence for 5 years and received a 30 day notice on June 1st. We started the process of looking for our home immediately thereafter. We requested a 30 day extension from our landlord because securing a new home, packing up our family (4 children) and moving within 30 days just wasn't feasible. We were given a closing date on our new home of 7/31/15. Needless to say, we didn't move by the 1st of June, instead we paid rent and hoped for the best. Our landlord did not accept our rent check, instead she has chosen to take us to court on Thursday July 16, 2015. Our file for our new home is currently in underwriting. My question is; how long will our loan take to fund and close. Our LO has been incredible up to this point. The process has been smooth and timely. However, I've done research and I know once we go to court, if the judge finds in her favor, we will have five days to move out -- which is well before the 31st of July.

Anyone know the typical time it takes to fund and close a loan?
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Old 07-13-2015, 03:07 PM
 
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The real question is get out of there before you go to court! Court might enter a judgment and it might affect your credit. Pack up your stuff and move it to storage and stay with family/friends or extended stay hotel. It doesn't matter if you have no kids or 10 kids, you should have left. The landlord doesn't care if you are buying or whatever, it's prime time to rent NOW and not later which is probably why she wants you out. Since the landlord didn't use your rent, there's the money you can use to move/store/stay at hotel.

I can't believe you are letting it get to court.
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Old 07-13-2015, 03:31 PM
 
3,317 posts, read 7,251,326 times
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Quote:
Originally Posted by momtothree View Post
The real question is get out of there before you go to court! Court might enter a judgment and it might affect your credit. Pack up your stuff and move it to storage and stay with family/friends or extended stay hotel. It doesn't matter if you have no kids or 10 kids, you should have left. The landlord doesn't care if you are buying or whatever, it's prime time to rent NOW and not later which is probably why she wants you out. Since the landlord didn't use your rent, there's the money you can use to move/store/stay at hotel.

I can't believe you are letting it get to court.
This is excellent advice.

As far as time frames, every single mortgage company is different. You should pose that question to your loan officer, focusing on the Funding part. You could feasibly "close" or sign closing docs on a Friday, and if the mortgage company requires original docs to fund, it could be as late as the following Tuesday before you Fund. Or, they could "table fund" and it would be the same day you sign, pending some other components. Press your LO for an honest timeline.
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Old 07-13-2015, 04:31 PM
 
4 posts, read 4,484 times
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Thank you both for your points of view. I agree with moving out, but my husband (being thorough as usual) discovered that the various correspondence we received (including the 30 day notice) were not filed and distributed according to the laws and statutes Arizona. She even told us we could stay if we gave her an extra $1000 for the month of July (the only condition under which she was "willing" to grant our extension). Needless to say, that pissed us off. So, our attorney has prepared a brief based on the law and prepared an "answer" to present in court on Thursday. Messy....quite, but necessary....YES.

I've made our loan officer aware of our situation so there are no surprises when it comes time to close. He is working feverishly to get our loan funded. We are first time home buyers and aren't familiar with the process and the time frame in which this should take place.

Thanks again for your input.
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Old 07-13-2015, 05:37 PM
 
7,672 posts, read 9,323,633 times
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Quote:
Originally Posted by nauniesmom View Post
Thank you both for your points of view. I agree with moving out, but my husband (being thorough as usual) discovered that the various correspondence we received (including the 30 day notice) were not filed and distributed according to the laws and statutes Arizona. She even told us we could stay if we gave her an extra $1000 for the month of July (the only condition under which she was "willing" to grant our extension). Needless to say, that pissed us off. So, our attorney has prepared a brief based on the law and prepared an "answer" to present in court on Thursday. Messy....quite, but necessary....YES.

I've made our loan officer aware of our situation so there are no surprises when it comes time to close. He is working feverishly to get our loan funded. We are first time home buyers and aren't familiar with the process and the time frame in which this should take place.

Thanks again for your input.
Excellent! I am glad you have an attorney and that's ludicrous! I too wouldn't pay that to extend a lease.
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Old 07-14-2015, 07:09 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
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I agree, there's an issue here, I do hope it's resolved quickly. Jacob is dead on, at closing, you will have to sign that you are not a party in a lawsuit. If you sign this document and the is still in litigation or the courts continue the case, that is loan fraud. Additionally, if a judgment is entered against you and your husband, it will be picked up in your pre-closing softpull. You have altered your financial situation since your mortgage loan application, and should the loan not close due to this case, your earnest money could be at risk. I am also happy you have legal representation and hope the attorney isn't taking you for a ride. He can keep telling you the seller will be paying, but chances are you signed to pay if you lost. I hope he wins, this is the oldest trick in the book, securing the "fallback" payment.

As far as how long it takes to close - typical is two weeks from the day the approval is issued. Some a couple days faster, some a couple days more. It really comes down the the approval conditions. Does the UW want additional comps? An explanation from the appraiser on something? Do any of the condition require 3rd party action? (Credit bureau nerds to correct a trade line). Do you need copies of your deposit tickets for a deposit 5 weeks ago? Does your homeowners premium match or comes close to the figure used for underwriting? Did the loan officer give you the correct disclosures at the right time? Did the APR go up over .125%. Will you clear the pre-closing LexisNexis? The list is ENDLESS. It depends on the type of an organization, how much authority is in the office and where the decision makers are and their process.
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Old 07-22-2015, 10:53 AM
 
4 posts, read 4,484 times
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Quick Update. Court went as we expected. We did get a judgement (payment of rent for the month--which we had already done, they just didn't cash the check) and court costs. We also had to pay a small fee of $200 to stay in the property until the 31st. The judgement was satisfied on the spot and we filed court papers (signed by our landlord) to vacate judgement so it will not be on our credit report.

Fast forward to today. We received a conditional approval last Monday, the 13th. We satisfied those conditions and the home was appraised and the report submitted last week. I've read many blogs about the home buying process and this is the most nerve wracking time as you hear very little from the LO or our agent. The blogs have been helpful, but most are old and outdated.

What is the process from here on out and what kind of time frame can we expect before closing? I know the answer to this question can depend on lots of factors, but from anyone who has purchased a home or are familiar with the inner workings, any information you provide is priceless.

Thanks for all of your feedback and input
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Old 07-22-2015, 09:34 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
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Has your loan gone back to the UW for the clear to close? You are probably 5-10 days out, end of the month is here next week. Have you turned in your hazard insurance yet? They will put you in for the clear to close, do the softpull and the final checklist.
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Old 07-27-2015, 01:35 PM
 
4 posts, read 4,484 times
Reputation: 10
All conditions have been met (termite inspection, home owners insurance, etc) All repairs have been made by the seller (only 4 and nothing major). We found out this morning that the final approval should be done tomorrow. I think we are a few days out. The closing date we got was 7-31, but with school starting on Monday, I'm hoping it's a few days sooner. Thanks SmarMoney for your feedback.
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