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We were pre-approved third week of March for home loan. Our credit report was pulled (I imagine) by the lending bank and it shows we had a short sale. No questions about this or request for additional information on our short sale. We are slated to close June 3. Last week the bank comes back saying well this portion of the credit report shows it was a foreclosure that we had and not a short sale and now they arent scheduling the appraisal or moving forward at all until its cleared up. Anyone who has dealt with these f*%!* banks like we have knows nothing gets "fixed" or changed, or even addressed sometimes for weeks. And trying to find the RIGHT person who can help is like finding a freakin unicorn. We luckily did find someone who told us to send them (BofA) the report that shows the error and that it should be fixed (ie: letter from BofA that we can send to lender) by the 21st of May.
Correct me if I am wrong but no letter until possibly the 21st of this month, no appraisal, no appraisal results and we can close by June 3? I think our mortage guy is telling us what we want to hear. Oh and right now he is out of the country, has his assistant doing all this legwork among other things. I mean, maybe he can close it that fast but I have a feeling I would have to be up his a$$ in order for it to happen. We cant go with any other mortgage broker, too late, so we are stuck
If you have a loan approval, than it is possible to close by June 3. Your loan officer can get all the other conditions cleared in the meantime. If the lender isn't going to underwrite your file until they receive the letter than it won't close by June 3.
Did you retain your original letter from B of A defining the terms of the short sale? Are there mortgage lates prior to the short sale that triggered a NOD (Notice of Default/Foreclosure Proceedings started)?
Isn't it good that they are not spending your $$ on an appraisal until after this is cleared up?
Why no B of A letter until May 21? If you can get someone on the phone at B of A, you can get a letter same day, faxed or emailed. Then it's a 3-4 day process for your lender to update your credit report, but you would at least be back on track.
In short, if it took them from March to May to properly read your credit report, and address this discrepancy, then I wouldn't thing we are in reality by thinking they can jam the entire thing in 2 weeks.
Did you retain your original letter from B of A defining the terms of the short sale? Are there mortgage lates prior to the short sale that triggered a NOD (Notice of Default/Foreclosure Proceedings started)?
Isn't it good that they are not spending your $$ on an appraisal until after this is cleared up?
Why no B of A letter until May 21? If you can get someone on the phone at B of A, you can get a letter same day, faxed or emailed. Then it's a 3-4 day process for your lender to update your credit report, but you would at least be back on track.
In short, if it took them from March to May to properly read your credit report, and address this discrepancy, then I wouldn't thing we are in reality by thinking they can jam the entire thing in 2 weeks.
Why do you think it's too late to change lenders?
I guess its not too late but we have a lease that ends beginning of June and have movers/move scheduled. It seems like we wouldnt have time to go to a new lender and start all over and still have the same close date
If you have a loan approval, than it is possible to close by June 3. Your loan officer can get all the other conditions cleared in the meantime. If the lender isn't going to underwrite your file until they receive the letter than it won't close by June 3.
What conditions do you mean?
Our new lender isnt doing squat until the credit report reflects the correction
What conditions do you mean?
Our new lender isnt doing squat until the credit report reflects the correction
When you get an approval it will have conditions that need to be met before you can close. In refinances, an appraisal is usually a part of the conditions, while in purchases, an appraisal is usually before the loan is submitted to the lender. I doubt they will be able to close by June 3 if they have to wait until May 21 before reviewing your loan file. I am almost certain. Why can't you just have them fax a letter directly to your lender now? Why wait until May 21?
You must have a settlement statement from your short sale closing (aka HUD-1). This should prove to your lender that it was indeed a short sale and not a foreclosure.
While it is certainly doable to close by 6/3/13 if the letter and appraisal are in by 5/21/13, but if they wait until 5/21/13 to order the appraisal, you are going to have to pay more to have the appraisal expedited.
Since we do not have a copy of your contract, we cannot see if there are drop dead dates you must meet. I would be thinking about an extension of both your closing date and lease. Talk to your agent.
Don't you have a copy of your short sale approval letter? If you don't, then call the listing agent that did and ask for a copy. I know in my state I have to keep my records for 6 years. I doubt you will close on time. I'm confused why your lender didn't see this on the credit report in March when they pre-approved you.
You must have a settlement statement from your short sale closing (aka HUD-1). This should prove to your lender that it was indeed a short sale and not a foreclosure.
If there was an NOD, and/or massive lates, it might not matter if it went to short sale, as many times NOD over-rules as far as guidelines are concerned.
Another question: what kind of loan are you doing on the new property? Guidelines differ for all.
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