Nitrousbird Posted May 22, 2009 Report Share Posted May 22, 2009 My wife and I are buying a pretty sweet foreclosure. We went into contract about 2 months ago, and had all of the paperwork, inspection, etc. done right from the start - basically we gave the bank that owns the property, our mortgage company (Chase), and the title company all the time in the world to get things cared for. We checked in regularly, and everything was "going fine" or some other statement of no issues. We are supposed to close today. Wednesday (less than 48 hours before closing) the title company says we can't close on Friday. We say that's unacceptable, and WTF is the deal? Because they decided to wait until the last second to do the title work, they found a paperwork error from 6 years ago when the house was built. It seems homes are sold by the parcel description (not the address), and the builder that built our home built the one 2 doors down. That home had the same parcel description of our home (luckily, it was the description of our place and not vice versa). Long story short (and my poor wife making an ass load of calls), the title company agrees to pay the attorney fee for the neighbor and have them sign a quick claim deed...at this point, all is well, and we can close. Now comes yesterday...24 hours before close, the mortage company starts asking for some more documentation. Okay, WTF...you've had two months, and said everything is squared away. After some more phone calls, they basically said you aren't closing Friday, and we basically need to re-start your mortgage process. Ummm, WHAT!!! More calls from my wife (she is awesome with this, I have to say) and it turns out that whomever started our mortgage left the company, then our file just got pushed into some pile. More calls later, and that wasn't fully accurate - everything got done, except the underwriter won't sign it. Why? This bitch decides that "oh noes, it needs paint and carpet." It needs an inspection. We need 1040's. We did what we could, and sent the 1040's, I sent the receipt for the 5 gallons of custom-matched paint for the house I already bought, the contacts we have on carpet, and explained we can't do this work to the house until we own it. Also forwarded the inspection. The mortgage manager is having a meeting first thing today with this underwriter's boss to try and get them to sign it over her head...I guess it has been sitting in her que for weeks, and she just NOW decided to look at it. We don't know if we will close today or not. If we don't close by the 26th, we loose our earnest money and pay a daily penalty...that's thousands of dollars. My wife made it VERY clear that we won't be the ones losing that money because of this screw up. The people working on it now seem to want to get this done, and were working on it up to at least 8:30 last night (still sending us e-mails). This is so pathetic...it is all internal paperwork for them, nothing more. What is worse is my mother-in-law and sister-in-law are flying in today for 10 days to help us prep and move into our new place. Very nice of them...especially at over $600/ticket from Newfoundland. We have everything planned/arranged based on closing today. Vacation time, the works. Needless to say, my wife and I are stressed/pissed. We are supposed to be excited about getting a new home. Instead, we are dealing with nothing but major issues. And I get the funny feeling this isn't the last of the drama we deal with on this transaction....... Quote Link to comment Share on other sites More sharing options...
Alex1647545498 Posted May 22, 2009 Report Share Posted May 22, 2009 Wow man, that's ridiculous. Hope everything works out. Keep us posted. Can't wait for a cookout at your new place! Did you say sister in law? *perk* Quote Link to comment Share on other sites More sharing options...
dragknee66 Posted May 22, 2009 Report Share Posted May 22, 2009 w.t.f suckage for real. Quote Link to comment Share on other sites More sharing options...
silverhatch Posted May 22, 2009 Report Share Posted May 22, 2009 Sorry to hear you are having so much trouble. Good luck! Quote Link to comment Share on other sites More sharing options...
HotCarl Posted May 22, 2009 Report Share Posted May 22, 2009 w.t.f suckage for real. What are you a 16 y/o girl? I kid I kid Sorry to hear about it man, keep looking my brother just found his first house up in delaware, a HUD home no less but they made an offer and everything looks to be going smoothly. Quote Link to comment Share on other sites More sharing options...
Akula Posted May 22, 2009 Report Share Posted May 22, 2009 I hate banks for mortgages, they always seem like they have never done this before. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted May 22, 2009 Report Share Posted May 22, 2009 wow. it sucks when everyone seems to collectively fuck everything up... always at the last minute too Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted May 22, 2009 Report Share Posted May 22, 2009 I still feel weird seeing you type/say "wife" That stinks Joe but keep on them for real call every half hour for updates be that pain I know you are capable of being. Hope everything works out in the end. I bought a almost foreclosed home and it was a PITA as well and I didn't close on my original date it was a day or two later I don't recall exactly. Quote Link to comment Share on other sites More sharing options...
FourString Posted May 22, 2009 Report Share Posted May 22, 2009 What a nightmare. Hope everything starts working out OK for ya. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 22, 2009 Report Share Posted May 22, 2009 thats pretty much what happened to me, to a "T" luckily (i guess you could say that), i was supposed to close on a friday, and it got pushed to monday. then, because we didnt put in the original contract to HUD (is this a hud home you're buying?) that we wanted to finance into the loan a few escrow things (roof, a/c repair, small gas leak), they said i would need to have almost 3k more at closing, instead of the ~600 bucks they originally said i would need. i could have submitted an addendum, but that would have been at least another day, and i needed to get in and work on it the week before moving, and i only had my PTO scheduled for that time...i had the $$ so i spent it. only good thing was it kept my mortgage payments ~$18/mo lower since i didnt finance in another ~$3400 Quote Link to comment Share on other sites More sharing options...
smokin5s Posted May 22, 2009 Report Share Posted May 22, 2009 both of the houses that I've owned I dealt with similar issues during closing.... don't sweat it man. Quote Link to comment Share on other sites More sharing options...
OMSRT8 Posted May 22, 2009 Report Share Posted May 22, 2009 Sorry to hear about that. I hope that everything gets worked out soon. Friend of mine thought he had his house sold. Buyer had a pre-approval letter from mortgage company. Closing kept getting put of one day, then two days, etc. In the end, mortgage company wouldn't give the buyer the loan. They were taking immediate possesion after closing so my friend had everything moved out and an apartment rented already. Quote Link to comment Share on other sites More sharing options...
CJINOHIO03 Posted May 22, 2009 Report Share Posted May 22, 2009 Sounds familiar I went through this years ago with Chase. Person quit and didnt a lot of what they were supposed to. They treated me the same even though I worked there. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 22, 2009 Author Report Share Posted May 22, 2009 Sorry to hear about it man, keep looking my brother just found his first house up in delaware, a HUD home no less but they made an offer and everything looks to be going smoothly. We don't want to look anymore! It took us months to find this place; anything that came close to meeting all of what we wanted was a good 100k more expensive. The two other houses in the neighborhood for sale are 1000 sq/ft less on .5 less acres, and are asking 30-40k more. This house is as close as we could come to all the things we wanted - neighborhood with land (this has 2 acres), vaulted ceilings with an open floor plan, decent garage, and in a good location....this place as it all and then some. luckily (i guess you could say that), i was supposed to close on a friday, and it got pushed to monday. then, because we didnt put in the original contract to HUD (is this a hud home you're buying?) that we wanted to finance into the loan a few escrow things (roof, a/c repair, small gas leak), they said i would need to have almost 3k more at closing, instead of the ~600 bucks they originally said i would need. i could have submitted an addendum, but that would have been at least another day, and i needed to get in and work on it the week before moving, and i only had my PTO scheduled for that time...i had the $$ so i spent it. only good thing was it kept my mortgage payments ~$18/mo lower since i didnt finance in another ~$3400 I don't think this is a HUD home...I haven't heard any mention of it. We are doing a convential 20% down loan...I mean, we have jumped through hoops on a loan that is about a straight forward as they come! Quote Link to comment Share on other sites More sharing options...
Brandon Posted May 22, 2009 Report Share Posted May 22, 2009 I am in the short sale market right now, and this is what I keep hearing... people dragging their feet. Good luck Joe, sounds like you got a good partner with your wife -Brandon Quote Link to comment Share on other sites More sharing options...
OSUGT Posted May 22, 2009 Report Share Posted May 22, 2009 been there...these things seem to get done at the last minute. Hang in there. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 22, 2009 Author Report Share Posted May 22, 2009 I am in the short sale market right now, and this is what I keep hearing... people dragging their feet. Good luck Joe, sounds like you got a good partner with your wife -Brandon From what I've heard of short sales, you need to have a LONG time window to get into contract on one. The banks, for some unknown reason, drag their feet on offers. A lot of offers fall through because the bank takes so long; sometimes up to 6+ months. Half of the mortagage crisis in the country I think could have been resolved with just good customer service. Treating people like they are spending the hundreds of thousand of dollars they are putting out there. Hell, I could say more than half, as good customer service wouldn't allow someone making 40k a year into a 300k house like they were doing during the mortgage boom. Quote Link to comment Share on other sites More sharing options...
Wease Posted May 22, 2009 Report Share Posted May 22, 2009 Dammit Joe, that sucks! Keep us posted. I want to peek in through your window sooner rather than later. Trust Joe when he says he's getting a sweet deal. Joe will be my neighbor (he'll be about a 1/2 mile from my house) after this is all over and he's stealing this house. Unbelievable deal. This is surely the time to be buying a house... Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 22, 2009 Author Report Share Posted May 22, 2009 I don't know WTF to do now: The bank now wants a 2-week extension. They want some condensed letter from our inspector, they want to send their inspector through the place, and seem to want it 100% habitable before we close. WTF...on a way underprice foreclosurer? From what we are gathering, they just started working on our mortgage Wed. afternoon. They had two fucking months. When we try to get them to address the penalties, their response is to call the foreclosurer bank and see what they can do for us. At this point, once we get all the documents in they want, then I am going to get ahold of our lawyer. They have admitted time and again it is there fault, it is 100% internal documentation, and they are fucking us over big time. Vacation, people from out of the country in, etc....we are getting screwed here. I am beyond pissed!!!!!!! My wife is starting to call other mortgage companies at this point as well. I have a funny feeling this will end up with some legal action from us on this........ Quote Link to comment Share on other sites More sharing options...
Ziggy1647545504 Posted May 22, 2009 Report Share Posted May 22, 2009 Good luck, Joe... Quote Link to comment Share on other sites More sharing options...
Bam Posted May 22, 2009 Report Share Posted May 22, 2009 Damn man, I'd have someone's nuts in my fist if something like this happened to me. Good luck,hope it works out. I got lucky, I bought my through the guy's lawyer (he was older/senile) and from the day I made the offer to the day I had the keys/closed was 6 days, not business days either. I was stressing too because my apt lease was up in a couple weeks and the house needed a lot of work to be able to move in, but in the end it worked out fine. Congrats on the house, pictures when you're in! Quote Link to comment Share on other sites More sharing options...
LJ Posted May 22, 2009 Report Share Posted May 22, 2009 Are you going through a bank or a mortgage broker? Quote Link to comment Share on other sites More sharing options...
Akula Posted May 22, 2009 Report Share Posted May 22, 2009 Name of offending company please.... Quote Link to comment Share on other sites More sharing options...
Ramsey Posted May 22, 2009 Report Share Posted May 22, 2009 Let me know if you need inspector help. Good luck on everything else. Quote Link to comment Share on other sites More sharing options...
Tractor Posted May 22, 2009 Report Share Posted May 22, 2009 I know you may think its just you, but so far all the screw ups your experiencing are standard. There is a huge amount of paper work and a lot of the time they have people doing that paper work that are incompetent and if its not 100% accurate it gets redone, end of issue. My wife goes though this at least once per month at her bank where someone up the line of hands in the paperwork screwed something up and the closing date gets bumped back. She even ends up being one of those managers stuck at work till 8:30 trying to fix it sometimes. Quote Link to comment Share on other sites More sharing options...
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