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I entered in to a contract to purchase my first home with a 203k streamlined mortgage the first week of July 2009. The closing date was Oct. 20th. I was completely unaware and unprepared for the "Catch 22" situation I am currently in. I have experienced the frustration of the unreachable BOA disbursement unit and lack of guidance and instruction. I successfully jumped through every pre-loan hoop set in front of me. I have read several posts and find (bitter) comfort in knowing that I am not the only one. Thank you all so much for your informative posts.
If anyone can offer suggestions or information on the following, please do so ASAP: Draw requests-Do I need to submit a form or official letter to receive my first disbursement? If I do need to do this, where do I get the form? Where do I send it?
I have been told that as soon as my paperwork is processed I will be issued an over-nighted check for 50% of the rehab amount. The rep didn't mention anything about submitting paperwork or a draw request. My paperwork is currently in the stage of being assigned "vendor numbers" for the contractors and should take anywhere from 7 days to 3 weeks to complete. At the time of that call, 11/24/09, I was informed that the disbursements for loans closing late September were being processed. I am desperately praying for a Christmas miracle. I need this money to buy paint, painting supplies and a carpet. I have had to borrow and extend my credit to the limit for the money to buy supplies for a roof, fix wiring and other repairs necessary to make this house habitable.
Now I'm with BOA. At least they seem like professionals when I do get them on the phone. But what am I supposed to do now? I can't get info. I have no money left. Christmas is coming and I don't know how I'm going to buy presents for my grandchildren. Is there anything I can do? Please advise.
With a 203K Streamline Option the process is suppose to allow you to get money upfront (from 35% to 50% of the cost of the improvements) and then the remainder upon completion. The cap is for work of $35K or less. Typically an invoice or cash registrer receipt is sent to the lender / servicer.
Traditional 203K you need a consultant to verify the stages of completion.
Most lenders/servivers have web sites where everything is spelled out, if you did not get a packet from BOA I would be on the phone ASAP. Have your loan documents / account numbers when you call.
Thank you for your response. No, I did not get a packet from BOA. That is one reason I'm looking here for info. I know it was supposed to be money upfront, of course that didn't happen. I'm anxious and don't want to wait even longer for them to contact me and tell me to send some sort of official draw request then wait again for them to process it. Do I have to send a writen request with 203K streamlined? If yes, can I send it now? I know my account number and the fax number. I don't know what paperwork they might require to give me the money I was expecting in October.
mabellyne - see my post here, it will likely answer many of your questions as well as give you a plethora of contact info that you won't find elsewhere: //www.city-data.com/forum/mortg...hab-loans.html
.. and to answer a few off the bat - you will not receive a packet and 1st disbursements for streamlines are taking around 60 days (that I last heard). You do not need to submit anything.
Hope everything went well. You'll have to post an update since it's been nearly 7 weeks since this thread was last updated.
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