cancel
Showing results for 
Search instead for 
Did you mean: 

A day before closing and the deal is on Life Support

tag
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support

Wow, what a nightmare.
Message 11 of 33
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support


@Anonymous wrote:
Wow, what a nightmare.

It gets worse. In talking with the Settlement Agent at the Title Company it seems the Loan Officer told her to reduce the Dealer Concession to $3500 because I was short $267 in cash in the deal. This was AFTER the Loan Officer took $500 of my cash OUT of the deal because I could not source $15,000 in bank deposits from my business (which is being ignored in the loan). I needed over $60,267 cash in the deal for everything to be OK, after taking out the $500 I had $60,000.

 

If you want the banker to screw you over, just take your real estate financing to Jessica Blackwell at Imortgage in Arizona. She will make sure you get screwed good.

Message 12 of 33
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support


@Anonymous wrote:

@Anonymous wrote:
Wow, what a nightmare.

It gets worse. In talking with the Settlement Agent at the Title Company it seems the Loan Officer told her to reduce the Dealer Concession to $3500 because I was short $267 in cash in the deal. This was AFTER the Loan Officer took $500 of my cash OUT of the deal because I could not source $15,000 in bank deposits from my business (which is being ignored in the loan). I needed over $60,267 cash in the deal for everything to be OK, after taking out the $500 I had $60,000.

 

If you want the banker to screw you over, just take your real estate financing to Jessica Blackwell at Imortgage in Arizona. She will make sure you get screwed good.


Wow, this is not good at all.  Have you spoken to a lawyer?  What are his thoughts on all this?

Message 13 of 33
MauiMan85297
Established Contributor

Re: A day before closing and the deal is on Life Support

Walked away from iMortgage in AZ 1.5 mos away from closing,communication was horrible and overall fees were higher than whom we went with.  Josh L was our loan officer there.  So happy we didn't continue down that path...... FYI, iMortgage dba Loan Depot



Message 14 of 33
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:
Wow, what a nightmare.

It gets worse. In talking with the Settlement Agent at the Title Company it seems the Loan Officer told her to reduce the Dealer Concession to $3500 because I was short $267 in cash in the deal. This was AFTER the Loan Officer took $500 of my cash OUT of the deal because I could not source $15,000 in bank deposits from my business (which is being ignored in the loan). I needed over $60,267 cash in the deal for everything to be OK, after taking out the $500 I had $60,000.

 

If you want the banker to screw you over, just take your real estate financing to Jessica Blackwell at Imortgage in Arizona. She will make sure you get screwed good.


Wow, this is not good at all.  Have you spoken to a lawyer?  What are his thoughts on all this?


Haven't spoken to a lawyer yet but that may very well be in the cards. Both the dealer and the Mortgage company are "auditing" the file. I will give them until Friday to sort it out. Afther that I will have a lawyer frined of mine send a Notice of Intent to Sue to both of them and see what that brings. The last conversation I had with the dealer was evenmore confusing - it seems teh dealer was toldby the Mortgage person that the $267 shortage would trigger a requirement for Mortgage Insurance. The loan is $100,000 and the property appraised for $161,000 giving a LTV of around 62%. Mortgage Insurance with a LTV of 62%? No way.

 

Every time I speak with somneone the story gets stranger and stranger and less believeable.

Message 15 of 33
kc0039
Established Contributor

Re: A day before closing and the deal is on Life Support


@Anonymous wrote:

@Anonymous wrote:

OP, is there any update? Did you close?


I'm not sure if I closed or not. The builder is trying to reneg on a concession made so I refuse to sign the changed documents the bank sent me. I did sign all the documents when they were correct before the builder's change of mind. What happened? When I agreed to buy the house the builder offered a $7,300 price concession. I have that in writing. After closing the builder didn't pay the entire concession into closing - he shorted the payment by some $2,200 which I am insiting on getting because it represents an overpayment which the documents I signed show should be paid to me. The builder is claiming that the concession is only for "closing costs" and is therefore not refundable to me. I refuse to sign the "amended" settlement papers. Since the builder shorted the closing cash, the Title Company does not have the cash overpayment to send to me.

 

I am living in the house. I somehow thing it will take some lawyers to unravel this.


FHA or conventional loan?

 

6% concession is $10,020 for a $167,000 house. Why does he need to short it? Why are they requiring mortgage insurance if you're off by $267. Did the appraisal come in low?

Licensed in IL
Message 16 of 33
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support


@kc0039 wrote:

@Anonymous wrote:

@Anonymous wrote:

OP, is there any update? Did you close?


I'm not sure if I closed or not. The builder is trying to reneg on a concession made so I refuse to sign the changed documents the bank sent me. I did sign all the documents when they were correct before the builder's change of mind. What happened? When I agreed to buy the house the builder offered a $7,300 price concession. I have that in writing. After closing the builder didn't pay the entire concession into closing - he shorted the payment by some $2,200 which I am insiting on getting because it represents an overpayment which the documents I signed show should be paid to me. The builder is claiming that the concession is only for "closing costs" and is therefore not refundable to me. I refuse to sign the "amended" settlement papers. Since the builder shorted the closing cash, the Title Company does not have the cash overpayment to send to me.

 

I am living in the house. I somehow thing it will take some lawyers to unravel this.


FHA or conventional loan?

 

6% concession is $10,020 for a $167,000 house. Why does he need to short it? Why are they requiring mortgage insurance if you're off by $267. Did the appraisal come in low?


Appraisal came in at $161,000 for a $100,000 loan. This is a Conventional loan. I have no idea why they need to short the dealer concession. I have no idea why they are requiring mortgage insurance on a 62% LTV.

Message 17 of 33
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:
Wow, what a nightmare.

It gets worse. In talking with the Settlement Agent at the Title Company it seems the Loan Officer told her to reduce the Dealer Concession to $3500 because I was short $267 in cash in the deal. This was AFTER the Loan Officer took $500 of my cash OUT of the deal because I could not source $15,000 in bank deposits from my business (which is being ignored in the loan). I needed over $60,267 cash in the deal for everything to be OK, after taking out the $500 I had $60,000.

 

If you want the banker to screw you over, just take your real estate financing to Jessica Blackwell at Imortgage in Arizona. She will make sure you get screwed good.


Wow, this is not good at all.  Have you spoken to a lawyer?  What are his thoughts on all this?


Haven't spoken to a lawyer yet but that may very well be in the cards. Both the dealer and the Mortgage company are "auditing" the file. I will give them until Friday to sort it out. Afther that I will have a lawyer frined of mine send a Notice of Intent to Sue to both of them and see what that brings. The last conversation I had with the dealer was evenmore confusing - it seems teh dealer was toldby the Mortgage person that the $267 shortage would trigger a requirement for Mortgage Insurance. The loan is $100,000 and the property appraised for $161,000 giving a LTV of around 62%. Mortgage Insurance with a LTV of 62%? No way.

 

Every time I speak with somneone the story gets stranger and stranger and less believeable.


Something sound really really fishy here.  Don't let them off.  Get to the bottom of it.  Sometimes, these companies think they are dealing with people who don't know what they are doing.

 

Please update once you have an outcome on it.

Message 18 of 33
VALoanMaster
Valued Contributor

Re: A day before closing and the deal is on Life Support


@Anonymous wrote:

@kc0039 wrote:

@Anonymous wrote:

@Anonymous wrote:

OP, is there any update? Did you close?


I'm not sure if I closed or not. The builder is trying to reneg on a concession made so I refuse to sign the changed documents the bank sent me. I did sign all the documents when they were correct before the builder's change of mind. What happened? When I agreed to buy the house the builder offered a $7,300 price concession. I have that in writing. After closing the builder didn't pay the entire concession into closing - he shorted the payment by some $2,200 which I am insiting on getting because it represents an overpayment which the documents I signed show should be paid to me. The builder is claiming that the concession is only for "closing costs" and is therefore not refundable to me. I refuse to sign the "amended" settlement papers. Since the builder shorted the closing cash, the Title Company does not have the cash overpayment to send to me.

 

I am living in the house. I somehow thing it will take some lawyers to unravel this.


FHA or conventional loan?

 

6% concession is $10,020 for a $167,000 house. Why does he need to short it? Why are they requiring mortgage insurance if you're off by $267. Did the appraisal come in low?


Appraisal came in at $161,000 for a $100,000 loan. This is a Conventional loan. I have no idea why they need to short the dealer concession. I have no idea why they are requiring mortgage insurance on a 62% LTV.


This may come across as harsh but it's really not my intention:

 

 

Let's stop & think about this for a second. Who knows more about the mortgage process/business, you or the people who actually do it for a living every day?

I can install a ceiling fan but that doesn't mean I'm going tell an electrician how to wire a house.

 

Every mortgage program goes by the sales price, not the appraised value on a purchase so the appraised value means absolutely nothing in this case. This is per the underwriting guidelines. 

The underwriting guidelines also prohibit a buyer from getting more money back at closing than what they put into it so you, as a buyer, will never be "entitled" to any excess seller concessions. This is also a violation of RESPA Law.

 

The seller concessions in your contract are for closing costs. If your closing costs did not equal that amount, the difference goes back to the seller. This is standard.

 

If you're going to talk to an attorney, you better make sure they specialize in real etstate law.

 

 

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 19 of 33
Anonymous
Not applicable

Re: A day before closing and the deal is on Life Support

What about this part??

"The last conversation I had with the dealer was evenmore confusing - it seems teh dealer was toldby the Mortgage person that the $267 shortage would trigger a requirement for Mortgage Insurance."

Message 20 of 33
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.