My 1st Home (BOA Loan Conditionally Approved) :) (insurance, approval, foreclosure)

[my1sthome]

UPDATE: 06/09/2010

I applied with LendingTree today, hopefully I'll get SOME status tomorrow from them.

After submitting ALL my documents to BOA and VOE was also faxed over by my manager, they required to speak to my manager, LOE of why my paystubs have variations (different pay amounts), I told them in the beginning that we average it out based on salary and commission and because accountant didn't separate the base and commission, we just averaged it out as a whole and report it as average. So now they want DETAILED information how it got to that specific amount up to the cents......and I'm like what the?? Basically it's partially our fault, because our payroll department not being detail enough to include my base $ and separate the commission now I have to explain the whole damn thing from beginning to end and I know from experience that the more detail you give them, the more they have questions and doubts...


so beats me....I reapplied with another lender and hopefully things will fall through, otherwise I guess it isn't meant to be.

my loan contingency got extended until this friday but if I don't get an answer by then, i'm going to lose house..oh wells...

I feel like I'm losing it....

[my1sthome]

UPDATE: 06/10/2010

Emailed LP to get status, no reply...totally being ignored.
Realtor called my Loan Processor asked her if she has everything she needs, LP says "YES", my realtor asked her it's been 3 days, now is and can there be an final answer soon, LP says "NO" and says still working with underwriter....

Realtor and I agreed that to be fair to the listing agent and seller (because they were nice enough to extend the contingency for a whole week) if by tomorrow end of business day we don't get answer from BOA, we will officially give seller the choice of an official extension to continue to wait with us or cancel purchase contract.

lets see...

[evilnewbie]

That sucks... hopefully everything will be okay... I am looking at buying some land (seems early considering I just bought a house) and have sent in my offer... I hope they accept my offer, I really like the piece of land... it seems like a perfect place to build a retirement home...

[my1sthome]

I wish you good luck! evilnewbie!! it's very hard these days, prices fall and everyone fighting for it.

UPDATE from lendingTree (I tried applying another loan immediately)......the Mortgage Banker that promised to expedite my documents is out sick and according to her co-worker that sits next to her, she left for home yesterday morning AFTER she emailed me about her promise to review my documents and expedited process... so this option is gone TOO....she should have let me know yesterday so I wouldn't waste another day....why are so many reps such liers????!!!! what's wrong with these companies hiring liers......I just don't get it....

[evilnewbie]

Sorry to hear that... I understand that these companies tend to make promises they can never deliver... Hope you can find a lender to close on the home... from what I hear, its been absolutely terrible with loans not being approved and decreased number of buyers... I talk to my realtor about the property that I put an offer on and she says that she is worried about closings from another buyer because their closing was pushed back several days as well... So you are not alone out there! I hope (and praying) that the seller accepts my offer on the property but haven't heard back from them yet... at least I still have my new home... hopefully you will get yours too... the sellers might be willing to keep your offer but open to other offers while your loan is being processed so it might not be all lost...

[sheenie2000]

Originally Posted by my1sthome

I wish you good luck! evilnewbie!! it's very hard these days, prices fall and everyone fighting for it.

UPDATE from lendingTree (I tried applying another loan immediately)......the Mortgage Banker that promised to expedite my documents is out sick and according to her co-worker that sits next to her, she left for home yesterday morning AFTER she emailed me about her promise to review my documents and expedited process... so this option is gone TOO....she should have let me know yesterday so I wouldn't waste another day....why are so many reps such liers????!!!! what's wrong with these companies hiring liers......I just don't get it....

Lending is such a nightmare. We had loads of problems trying to secure funding for our home. And we have great credit, 20% down, steady income etc. It took over 2 months for us to close on our property. Thankfully the seller (which was a bank) was very patient and extended the closing date several times for us. Hopefully your seller won't be so foolish as to drop you bc BOA is just slow. Our loan wasn't clear to close until two days before the closing date.
Just try to be patient and if all your finances are in order, you will hopefully get your home!

[evilnewbie]

I wonder what underwriters "do" exactly that takes them so long... the bank I went with told me that I could close on the property the very next day after I talked to them... they had the cash and were ready to go... Of course, I said "No"... why pay extra interest when I am not planning on living there just yet and my rental lease doesn't expire much later...

[Asus]

HI, Do you have any update with your loan?

[my1sthome]

UPDATE 06/15/2010: BOA denied my loan because they saw discrepancy in VOE...from my original application...BOA's fault not mine for not contacting for verification clarification.

First of all I am in sales and 1st year of employment therefore I do not have sick or vacation pay accumulated, therefore my salary of $XXXX is based on hours deducted if I take time off which has
occurred for the past 3 months and more for the month of May due to the house shopping and loan issues running around myself since I do not have a loan broker (WHICH I should have).

Now...here's my complaint, (BOA) loan officer is currently fighting to get my case re-opened because the LP failed to contact my manager to get the discrepancy fixed.

My manager have never filled out a VOE before and English is her 2nd language, therefore there were some miscommunication, she misread what was actually on the form, I just received the form from her and I caught the errors. Obviously I had nothing to do with the VOE form otherwise I would have caught the error already and corrected it, so we wouldn't have this problem.

1.) She mistaken YTD to be this year (future bonus of $XXXX at end of year)
2.) $XXXX past year bonus was for last year before tax, what I reported was after tax on my application because I don't remember the full amount, better to report low than high right?

Besides if there is a discrepancy, the LP says she would contact my manager to ask her why she wrote what she wrote, WHICH SHE DIDN'T call at all.....no emails...no calls...nothing...

This is a small discrepancy because someone (my manager) never filled out a VOE before, but the total of the written YTD pay and my paystub MATCH EXACTLY!!! So where's the problem and who's fault is it?! BOA is the problem and it's their fault, the Loan process is supposed to get all the CORRECT information to bring up to the Underwriter.

With no phone calls from her, how the hell we supposed to get her the right info?!

If my colleague last week just got approved and VERIFIED from another lender, there's no reason why BOA couldn't verify me when I make 3X as much as her....

this is ridiculous

anyway good news is I preordered and IPHONE 4, so got something else to look forward to....

good luck to everyone out there...I hope my luck changes around if the case is re-opened.

Originally Posted by Asus

HI, Do you have any update with your loan?

[BOACustomerRefi]

This makes me so nervous. We are 2 days away from closing our refinance with BOA. I had a very similar situation with one loan processor. She was absolutely ridiculous. She repeatedly would ask us for the same information over and over even though I had confirmed with customer service that they had in fact received it. She sat on our loan for almost 4 weeks. I finally complained enough that I was able to get her managers name. I totally threw her under the bus after one last call to her to figure out what she was working on. She was so rude to me. Anyway, after threatening to go with another lender, etc. and working my way up the chain of command, I was transferred to a more experienced loan rep. She's been fantastic. My loan was held up for a few weeks while they verified student loan deferments, but once that was done it was sent to the underwriter for final approval. And that is where it sits now. 5 days in underwriting. I was told it would take 2 days. I've contacted my loan processor daily about this and she's now referred it back to her supervisor. Sounds like even she can't get a hold of the underwriter to get a status. It's very doubtful we'll be able to close in 2 days. This will be the second closing date missed in the last 3 weeks. I am praying that this at least comes through before another larger than necessary mortgage comes out of my account. The interest rates are so low right now we really will benefit from this refi. Good luck to anyone working on a loan now and extra good luck with dealing with BOA. They are living up to their reputation online that's for sure.