Reply
New Visitor
crzysailor
Posts: 2
Registered: ‎10-27-2012

Mortgage cluster....

I have been in the process of qualifying for and getting a home now for over 50 days.  Original mortgage broker said "you should be no problem whatsoever" Well after 30 days they came back with 37 conditions and wanted 5% down for a VA Loan.  Went to a different company and they got me "approved" but communication has been less than optimal.  Got told on a friday morning (Oct 26th) that I would be signing docs as soon as they were received and that I could use a mobile notary or go to the escrow office (over an hour away) this was at 9 AM.  Well come 2 PM I hadnt heard anything so I called the LO and she said they were being sent over right now and that I would have to go to escrow but she would call me back in 10 minutes to make sure.  By 3 PM she still hadnt called and I left for escrow got there and found out that I had blindsided escrow by showing up and they just got the docs about 5 minutes before I got there.  Is this normal?

Community Leader
Valued Contributor
StartingOver10
Posts: 2,993
Registered: ‎03-06-2010

Re: Mortgage cluster....

No, not usually. I have found that those types of closings sometimes happen with bank owned (REO) properties. Their title companies are generally the worst and they rely on mobile closers/notaries who know nothing about the transaction. Even if you use the escrow co they don't provide the paperwork on time - its always a last minute rush. Did you purchase a bank owned property?

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Mortgage cluster....

 


crzysailor wrote:

I have been in the process of qualifying for and getting a home now for over 50 days.  Original mortgage broker said "you should be no problem whatsoever" Well after 30 days they came back with 37 conditions and wanted 5% down for a VA Loan.  Went to a different company and they got me "approved" but communication has been less than optimal.  Got told on a friday morning (Oct 26th) that I would be signing docs as soon as they were received and that I could use a mobile notary or go to the escrow office (over an hour away) this was at 9 AM.  Well come 2 PM I hadnt heard anything so I called the LO and she said they were being sent over right now and that I would have to go to escrow but she would call me back in 10 minutes to make sure.  By 3 PM she still hadnt called and I left for escrow got there and found out that I had blindsided escrow by showing up and they just got the docs about 5 minutes before I got there.  Is this normal?


 

is this through a bank (REO) or a normal seller? Have you been under contract before and how were you able to get out of them? I would probably fire the LO and try to find a way out of the contract. Try to use someone local and stay up there butts.

ccpics2.jpg
New Visitor
crzysailor
Posts: 2
Registered: ‎10-27-2012

Re: Mortgage cluster....

No it was a normal sale, a new construction that was part of their inventory.  My first loan didnt get qualified like I had planned so prior to signing I turned it down and went with the lender that the builder normally uses and I have not been too impressed with thier service.  My mid score is 641 and for some reason I have had a lot of problems getting qualified.

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Mortgage cluster....

Have you looked into FHA? 

ccpics2.jpg

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+