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"I'm 2 days from the 6 month deadline ..what happens now?"
It took my extension request about a month to get approved. I had to call a request in, fax a request in, and finally e-mail a request in. Apparently they have a backlog of extension requests. Just call repeatedly until someone answers the phone and ask for an extension request.
If you are past your deadline, they will send a letter stating that the rest of the rehab money will be put back into your loan, but if your extension is approved, that will not happen.
They told me that most extensions are granted. I called every week asking about my extension, so that may be the best way to go.
I want to know what happens if you are not done your repairs and you are not granted an extension. Has this happened to anyone?
I'm starting to get a little confused by the process and I'm hoping someone can help me out with the procedure. I am almost done with the reno's. I haven't submitted any invoices or the final draw request (i have a streamlined so just the two draws) but BofA went ahead and contacted the appraiser who has called asking for when he can come out and inspect it, take pictures etc.
I am not completely finished as I am tiling myself (didn't include labor in the scope as I don't think you can pay yourself) so the work isn't complete. However all the work that was financed by BofA through the loan is done. The appraiser told me that he will come back when the work is done, the kitchen looks like it can be eaten in and there are no tools anywhere, etc. That's fine.
My question is, once he takes the pictures and sends the final inspection paperwork to BofA what is my next step? I thought i had to send a disbursement request to even get the inspector out, but obviously that isn't the case as he was contacted by BofA shortly after I spoke to Carol Sherman. Should I still send the draw request or is that sort of moot and it'll just be processed once the inspector sends his paperwork? Thanks!
I wouldn't count on anything being done 'automatically' or done for you. I would follow up with every step. It's a bit of a surprise that BOA did call the inspector out. When you talked to Carol, did you imply to her that everything was done? That may have been the impetus for her calling the inspector.
After the inspector has done his/her job, you'll need to complete a Letter Of Completion and send it to BOA. That along with receipts and invoices will get you your final disbursement. Keep copies, and send multiple times - as I'm sure you're already well aware of.
No, I merely sent an email asking for them to resend me the final disbursement form as I was getting close. That evening I get a call from BofA telling me they contacted the appraiser and I should hear from him shortly. Nothing was complete, but given the stories of delays, coupled with my own experiences of wait times I figured I'd go with it and have the guy come out. As of today, everything the appraiser tells me he needs to see is done, so I'm hoping he'll be out and take the pictures and then I can send everything in. My thought is to email Carol when I send the faxes, that way she'll be looking for them.
I would like to mention, in case anyone from BofA is reading this, that Carol really has done a good job of keeping in touch. She seems like one of the few competent ones working in that department and I hope her company recognizes that.
BTW - I'm not even going to throw in 'fair'. But I will here just for grins and giggles. I had a bathroom remodel. Every contractor I initially talked to said the entire project (including all the small odd's n ends projects) would take a max of 2-3 weeks. So my wife and I planned on roughly 6 weeks, maybe more, possibly less. Guess how long we've been dealing with this 2 week project?
We started August 10.
Was it a 203K? BofA? What was the cause of the delay?
Wow - I feel like I really got the shaft now... remember that whole interest thing? Where any interest accrued on your 203k escrow money will be deposited / credited towards your principle once your project is done? Hahahaha... well, I finally got an email from Kristy Baumgardner that I will be getting a whopping $4.78 returned on interest owed! Whoo-hoo! And that's a on a $20,000 project!
Was it a 203K? BofA? What was the cause of the delay?
To be honest, I'm not going to rehash everything out again. I know it's only been a few months since that post was written, but most info has been written already in this thread. L O N G story short, our contractor was last seen on our property mid-December. Yes, it was a 203k loan, yes it was through BOA. A majority of the problems were the contractor (pretty typical) but almost all of the delays stem from BOA. Which made the contractor delay. Which made BOA delay. Which made... well, you get the point.
Wow - I feel like I really got the shaft now... remember that whole interest thing? Where any interest accrued on your 203k escrow money will be deposited / credited towards your principle once your project is done? Hahahaha... well, I finally got an email from Kristy Baumgardner that I will be getting a whopping $4.78 returned on interest owed! Whoo-hoo! And that's a on a $20,000 project!
OMG, I totally just got the shaft.
Again.
I'm not kidding. This is a quote from an email I received today:
"Due to the system glitch instead of posting it to your account on our end we will be more then happy to send you the check for your interest."
I can't believe they are calling it a 'glitch.' More like a major screw up!
my deepest sympathies go out to anyone caught in the nightmare that is 203k my head is left spinning daily as this goes from bad to worst from 203k consultants who take bribes from experienced contractors who are more established and may have deep pockets to start these renovations but as the work progress they are less and less likely to do the up to full standard service as they hasten to complete the full work write up for service you begin to realize your dream of being a home owner and landlord are vastly becoming a nightmare it has to be some accountability with the fha/hud 203k officials justice is needed asap or this will become a 2 way nightmare i will not pay a loan with interest for services not renderd satisfactory enough to pass inspection good luck & God Bless to us all.
I'm not kidding. This is a quote from an email I received today:
"Due to the system glitch instead of posting it to your account on our end we will be more then happy to send you the check for your interest."
I can't believe they are calling it a 'glitch.' More like a major screw up!
Ha - kinda funny... I got my check for $4 sent via overnight FedEx. They prolly spent $10 to send me my measly little check!
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