Credit Card Center Advertiser Disclosure†
09-29-2012 10:47 AM
09-30-2012 06:47 AM
We were cleared to close on wed..FHA short sale...my lender didn't meet the closing date of 9/17 and my realtor says he's never not closed a short sale on time...and we need to resubmit a HUD...I'm not very optimistic about this house after allllllll the stress if going through the loan process ...😢
When you were asking about the HUD before, I didn't realize you were talking about a short sale.
If your lender missed the date that the short sale lender alloted for closing then an extension has to be applied for by the seller's short sale representative (attorney/title rep or agent). An extension is signed by both the buyer and the seller and a new HUD is prepared showing the net. Sometimes the short sale lender will extend and sometimes they don't extend. If your date to close was supposed to be Sept 17 - (the date the short sale lender approved) - that means you would have had to close before that date in order to get the funds to the short sale lender on or before the 17th. When the short sale lender gives a date, they are giving the date by which they have to be funded and completely closed.
There have been short sale closings that had to be reversed because the lender didn't receive the funds by the due date and the lender literally refused the sale.
Hopefully your seller's lender will be more cooperative. Did you tell your lender the deal was a short sale? They know that those closing dates are more difficult to extend.
09-30-2012 10:00 AM
Normally if I have to get an extension from BOA they want to see a written extension signed by the parties and a loan commitment showing you can close. Otherwise they won't extend.
Do you have a loan commitment? Especially since your lender was not able to perform before -it is extremely important to show that they can close now.
09-30-2012 10:29 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.