Mortgage Loans

[Watching]

I'm so stressed and not sure what I should do... I'm trying to not post a lot of threads on here but, it really does seem very therapeutic 

Last week I finally decided to switch mortgage company's.. So we put everything thru FGMC.. He as been really nice.. I explained our situation to him (up to the point of when I talked to him) I told him we were very worried this house would slip away because of all the time/effort we had put into WF.. Everytime I turned around WF was coming up with something else...

To the point they pulled so many CR's it dropped our score below their requirements. So I finally got mad enough I gave FGMC a try.. After explaining the situation to him and him pulling the credit report, us giving him paystubs, W2's, LOE (which I already had this stuff scanned in and ready to send because WF had asked for the same things) he gave us a pre-approval.. This was a good step because I needed SOMETHING to show the sellers we really were working on the financing... We are not using any realtors or anything..

Bottom line is the sellers already have another home they have been remodeling and are ready to move into at the end of May.. So they said that either we buy the home or it goes into foreclosure but at the end of the month they were walking away from it and don't care what happens to it..

We have been living in our current home for a yr and a half.. We've always paid our rent on time and we've always maintained the home ourselves..

The reason I started this mission was because our current landlord had told me that he and his wife got divorced and she wants the home back unless we were going to buy it.. So I started the home buying quest.. He had told me that his wife's current lease was up at the end of June so he wanted to know by then if we were going to buy this house or what was going on...

My husband and kids are the ones that decided they like the other house better (and to be honest I love it too, I love the location and everything about this home)

The day the LO sent me the pre-approval letter our current landlord sent me a text message telling me that his ex wife (being co-owner of the home) had went to a real estate lawyer and found out she could block the sell of this home and would, even if we did want/end up buying it.. and that her only requirement was that she had to give us a 30 day notice...

So now the situation is... Our loan stuff went to the underwriter on May 3rd.. We now have to be out of this house by June 2nd... At this point, we have a pre-approval letter (which I know doesn't mean a whole lot it just means that we make enough money to qualify for the asking amount). And everywhere I'm reading I'm seeing everyone say that it was taking about 2mths - 2 1/2 mths to close... I have no clue what to do if it really does take that long... and still take the change of not ever being fully approved to buy that house... from my view point I wouldn't seeing why we wouldn't be approve...

Everything is current - no lates in the last year - we don't have CC's, student loans or anything like that, but, they did use cancelled rent checks for the last year.. Currently have 2 auto loans and 2 personal loans.. we are applying for a VA Home Loan which does not require any money down..So worrying about actually qualifying isn't my "main" concern.. just the timing of everything is what I'm worried about.....

I kind of keep looking on craigslist to see if there is another place we can rent but, being we have to have a 4bd home it's getting hard.. (we have to have a 4bd because we just recenly received permenant gaurdianship over our 2yr granddaughter and we have to show she has her own room.. and we have to show we are stable, moving to a temp situation is not good in our situation).. I'm just so stressed...

[JM-AM]

While many have issues that arrise in there mortgage process there are many that have no issues at all and close with-in 30 days. Last home I purchased I actually closed 6 days after I filled out application which was beginning of last year and was harder obtaining a mortgage at that time. Guess I was either really lucky or my broker was the best thing since slice bread, either way I couldn't and didn't have any complaints.

I do understand the stress involved especially if it is your 1st home purchase. Take a deep breathe and exhale! lol

Hopefully things go smoothly from this point out. I would stay on top of your LO or broker every few days and see if they have heard anything back from the underwriter. After a week goes by I would start pushing them to find out what is the delay. Usually your LO or broker will give you conditions or a clear to close once they hear from underwriter. If you have conditions take care of them asap (if possible) and return them. Then the underwriter will either came back with additional conditions or clear to close. The clear to close are the magical words you want to hear!

[Booner72]

Once we had a signed purchase agreement, we closed less than 3 weeks later.

[Watching]

Thank you for the words of encouragement... I am really hoping everything goes smoothly.. I'm hoping to hear back from underwriting this week with our conditions... Then we can order the appraisal... I am so nervous and worried all at the same time...

[kjm79]

OP, in the case the timeline doesn't work out in your favor would it be possible for you to make the seller's mortgage payment (as your rent payment)?  They could avoid the foreclosure process and you can move into the house. They don't seem to care what happens to teh house so maybe you can get a month to month rental agreement, pay the monthly mortgage payment as your "rent" payment and then finanlize the financing under a less stressful atmosphere...

[Watching]

That is what I am hoping for... At one time they said this was an option.. I'm not sure if that still stands... (I think so but, not 100% on it yet) I'm trying to make contact with them to see about this..

We are continually being harassed by the current landlord's ex-wife and their "drama".. I just don't know how much more I can take...

[kjm79]

Good luck!  I couldn't handle this kind of stress.  I want to app for a mortgage so badly right now.  And it would be a VA loan and even though I know we meet all the "guidelines" now, I'm waiting until EVERYTHING is golden (scores are good, util is so so and dti is good but still so so).  Me and stress don't mix well.  It makes me very cranky.   So for the safety of the world, I'm waiting just a little while longer! 

[Watching]

Oh believe me I totally understand... I do not handle all this that well either... I was fine with everything to begin with... But, now that this other part has been thrown in I'm just going completely crazy...

[Twizzle]

We've closed in 3 wks. Avg has been 6 wks, tho. The 3 wk closing, technically we had to be out of our rental too and were fearful we wouldn't make it. But, to be honest, we didn't even look for a gap rental. The advice given to us was to pay the rent and sit tight if it came down to that (the closing running a few wks over). We were told that the landlord can want you to leave all you want, but to force you out there's a long legal process they have to follow in our state, esp if you're current on rent.

Not advising, just sharing our exp. 

I would advise you to not allow the landlord to draw you into the drama, however. It sounds like you have enough going on, and who needs that. I'd just very politely tell him if he has something to share regarding your rental to send it in writing and not by text or phone to protect you both.

[Watching]

I'm just so beside myself on all this stuff... Last night after we put our kids to bed, this women just popped in to do a "walk thru"... at 9:20pm... This stuff is crazy... Of course my husband did not letting her in.. No way we are letting someone go in and out of our kids rooms once they are asleep...

At this point I'm willing to pack my bags up and live under the bridge... It would be less stressfull...