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Closing on Friday and still no final number for closing costs! These ppl suck.. this has to be against the law! How is it possible they can have you in limbo and at their mercy and not know what your suppose to pay. Im gonna file a complaint with HUD ASAP
Closing on Friday and still no final number for closing costs! These ppl suck.. this has to be against the law! How is it possible they can have you in limbo and at their mercy and not know what your suppose to pay. Im gonna file a complaint with HUD ASAP
Are you working with an agent? Either they can contact the title company or I ended up with a contact directly at the title company to discuss wiring money for the closing because I didn't have the statement of final costs and I wanted to be sure to allow enough time to arrange everything. They are a lot more laid back about things than we are as buyers.
If you are closing tomorrow, you should have received your final closing disclosure on Tuesday or earlier. You cannot close without that 3 day+ prior. It might not have the exact number, but should be a very close number within a couple of hundred dollars. Wire the amount you were told, and if it's different, deal with it then.
If you haven't received anything, you're NOT closing tomorrow no matter how badly you want to.
So, the mortgage company probably told you it was still in underwriting but didn't tell you why so that's frustrating.
As has been said the law says it has to be 3 days... and it cannot be fewer. So that everyone knows they will be covered whether they want to be or not. Not like the old days when last minute was not long before closing. Now, when it's out of underwriting you still might not hear till the next day...and then the 3 days start.
The three days before closing is so you have time to review and so that the lender can't spring something at the last minute. This was in reaction to the loan debacle of a few years ago so that that is one aspect less likely to happen again.
As an aside, there is also the privacy issue where now the buyer's sheet and the seller's are separate and can no longer be seen by the other. Also, a realtor has to have permission from one or both sides to swing by and pick up the disclosure to be sure everything is in accordance with the contract to purchase. In the experience of me and some friends, this has been important.
Yep. If you have a loan you MUST receive the closing disclosure 3 days (excluding Sundays in that count) before you can sign. Otherwise, you aren't actually closing tomorrow.
I've purchased a couple of homes in the past 5 years or so, including one about a year ago when the new "TRID" thing came out, and in both cases, I was asked to sign a draft closing disclosure three days before closing but the numbers kept changing up until about 30 minutes prior to the closing. So I feel OP's pain.
Real estate transactions are a mess.
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