Another Day, another NO CLOSE!!!

[Anonymous]

I am completely baffled as to how they can deny you within a few hours of the scheduled closing time. How does that happen? Why would they take you all the way through the process and deny it at last minute? I am stunned!

[Ron6262]

      When I hear a story like this I always wonder if the LO was being up front or was just incompetent.  I cannot imagine having a close date scheduled and being asked for write a LOX???    We all have a bit of last minute drama, but they are not usually deal breakers.

[Anonymous]

I am sorry to hear the bad news, but how did a LOX -- was it a collection that sealed the deal. If you had a collection or late account, did they not give you an option to pay the collection account ?

[tooleman694]

I had to write a letter explaining, why I gave earnest money to the new home builder, while during the same time my non purchasing spouse was late on her mortgage payments.

I screamed and yelled about why im getting hit because of credit issues from the non purchasing spouse. Didnt matter.  Late mortgage payment is the kiss of death, even if a non purchasing spouse did it.

The deal is done.

On the bright side, we met with the builder yesterday and we are going to build a new one. And since they are trying to close out part of the neighborhood I can build the same house for even cheaper, add in 6 months of savings for the build time, I will have enough cash for 20 percent down and ill go conventional.

Im moving into a short term lease on an Apartment this weekend.

[dehabel]

What state and what program?  Why didn't they inquire about this at the beginning?

[tooleman694]

Texas and we were doing an FHA loan.

They did ask about it at the start and I had to write a letter explaining. It looked like it was good enough since for the next week had to finish more conditions, then they brought it up again at the end.

[dehabel]

Wow, sorry!  What a pain!  Try to enjoy the building process