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We are buying (notice I don't say 'bought') a REO from FannieMae. We signed our closing papers on Monday. Yesterday was the closing date. FM has NOT signed their paperwork - means we didn't close. Title company faxed papers to FM before we left their office on Monday, and said we should have their signature by Tuesday afternoon at the latest. Nope.
Apparently, FM isn't even returning calls to their own real estate agent who is handling this sale, because he says he doesn't know WHY they haven't signed. There is $150G sitting in an escrow account just waiting for them to sign off so we can record and get keys. And they haven't. And they won't return calls. What options do we have? (I'm NOT walking away from the house - great deal, and I love it!) Do I just have to suck it up and wait? Keep in mind, there's been no request to extend escrow, and that expired yesterday. And if they delay long enough, my loan papers will need to be re-written and the interest rates are climbing....
I had a co-op sale that fell through. Fannie thought (through the listing agent) that they'd get the value of the underlying mortgage. Don't blame your agent if he can't reach anyone who has decision-making power.
Quote:
Originally Posted by PhotoGal67
We are buying (notice I don't say 'bought') a REO from FannieMae. We signed our closing papers on Monday. Yesterday was the closing date. FM has NOT signed their paperwork - means we didn't close. Title company faxed papers to FM before we left their office on Monday, and said we should have their signature by Tuesday afternoon at the latest. Nope.
Apparently, FM isn't even returning calls to their own real estate agent who is handling this sale, because he says he doesn't know WHY they haven't signed. There is $150G sitting in an escrow account just waiting for them to sign off so we can record and get keys. And they haven't. And they won't return calls. What options do we have? (I'm NOT walking away from the house - great deal, and I love it!) Do I just have to suck it up and wait? Keep in mind, there's been no request to extend escrow, and that expired yesterday. And if they delay long enough, my loan papers will need to be re-written and the interest rates are climbing....
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,309,298 times
Reputation: 6471
Quote:
Originally Posted by 2bindenver
You can try emailing Fannie.
LOL good luck on that one.
If nothing else you should get an extension signed on your end to give the broken end time to close. At this point is your agent should be on the phone entirely during business hours until Friday evening.
Interest rates aren't climbing in the next few days, if you locked your rate, fine, if you didn't, the difference won't make you disqualify or regret the difference.
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