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short summary: Mortgage broker left us high and dry day before closing. Said that everything was ready to go but Lawyer never received packet. No one is able to contact him all calls go to voicemail.
If we are unable to close monday we lose house. Shortsale, and sellers bank approval expires mon night.
Its been postponed before because our mortgage broker is professionally challenged and now we are at the deadline.
We will lose several thousand dollars that we have laid out so far plus we will need to begin all over again looking for a home (its been over a year already) and then start all over again with new financing...
And of course, consult a real estate attorney. #1 is your best shot at a resolution. If you say, "out of town," or, "online lender" there's not much that can be done except for #2 and #3. Not sure that #2 or #3 will provide any relief or remedy, but it will lessen the chances of someone else getting hurt by this lender.
Things you should try to recall and write down: when was the last time you spoke to the broker, what exactly was said? What was the status? Do you know where your loan is physically? What company?
And one last question, how did you find your loan officer?
There has to be someone else at the lender you can contact. Your mortgage broker doesn't get paid unless the loan closes so he either died or got fired.
Its been postponed before because our mortgage broker is professionally challenged and now we are at the deadline.
...
any thoughts?
Learn from mistakes and don't repeat them.
What do the agents involved advise doing? In most cases, if all parties want the transaction to close, and the seller and bank don't want to start from scratch, it will work out.
I hope everything worked out for you. I'm on the verge of losing a property due to lender delays and disappearances so I know it's frustrating. I'd second going over his head to see if you can find someone else at the company who may know what happened and can get you closed.
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