My heart is breaking and so is my contract

Anonymous · ‎07-22-2015

First of all, thank you for all the helpful information on this thread.

It was here I first learned of USDA Direct loans.

I was to be a first time homebuyer, and was so looking forward to my USDA Direct

and it's low income safety net.

I tried to buy 5 homes during the springtime, after I was preapproved.

The trouble began with the low inventory of qualifying homes available.

I am preapproved directly thru the USDA, and had a timeline to complete.

All homes were lost to overbidding. I finally found a qualifying home

on my 6th try. It passed inspection and appraisal,

closing was set and I obtained an insurance quote. Now the seller cannot clear the title.

PLEASE DO NOT TELL ME TO GET AN ATTORNEY. If the seller cannot clear the title,

no amount of suing will help. I don't have the money

to fork out for an attorney. I used the sellers agent to buy the property, she knows both sides.

She just cannot understand why I am not believing

in fairy tales that after two whole weeks the seller will magically be able to clear up the judgement on her lien.

At the most, I can walk away with

my earnest money. Big whoop. The truth is, a low income buyer like myself does not stand a

snowballs chance in hell of finding a home in this

current market. It is a MAJOR sellers market and I walked into a situation where the seller

did not do her homework and find out about all this

ahead of time. Flaky as piecrust. At this point, I'll be lucky if I can rent the house since

she vacated and moved in to a new home of her own. I

rent and at this point, I am waiting ( again ) for the realtor to realize what I already know and my

underwriter already knows that we will not be

closing this friday as planned. My rent is due Aug. 1st, if I am here on that date,

my rent is due in full as my landlord will not pro rate. I am

hoping to move into the house I had planned to buy and just rent it while waiting to figure out when

my underwriter cancels my funding in the

distinct possibility the seller never clears up the title. I'm sorry, I am sooo frustrated and angry.

This market is horrible and my dream of finally

owning a little home of my own is a nightmare. So sick of this crap I could puke.

Anonymous · ‎07-22-2015

First off I am so very sorry, because I truly can understand your hearbreak. Take a step back and remember that we are all in this and you are not alone!

Anonymous · ‎07-22-2015

I am sorry to hear that. What a nightmare. I have not seen the market this hot in N. Texas! I will say this is by far the hottest housing market we have ever had. I am hoping it settles a little bit after school begins. I am in the same boat, but dealing with low inventory in the areas I am looking at. Last home I put in offer for 10k above asking price and it was not accepted. I am sure I am losing to cash buyers.

Anonymous · ‎07-22-2015

For the mortgage nerds among us, what exactly is the cloud? What's the likelihood of clearing it? Sorry to hear about the issue.

DallasLoanGuy · ‎07-22-2015

seller moved out?

see if they will rent it to you until they clear title

Retired Lender

Anonymous · ‎07-22-2015

@Anonymous wrote:
For the mortgage nerds among us, what exactly is the cloud? What's the likelihood of clearing it? Sorry to hear about the issue.

Thank you for asking. Quote from the title company email to my underwriter and forwarded to me:

"We are still waiting on the seller to get the payoff for the Abstract of Judgement. Once we

get that we are good to close."

It has been over two weeks. Zero progress. Same words and phrases. I suspect seller is going in

a loop and not addressing the situation more forcefully with better research and legal assistance. I

suspect seller is just spinning her wheels wasting time speaking to the same blowhards over and over.

Anonymous · ‎07-22-2015

@DallasLoanGuy wrote:
seller moved out?
see if they will rent it to you until they clear title

Yes, thank you. Already asked the agent. She said she still thought we were closing this friday ( Are not, obvious).

Supposedly she is going to get with the seller and write up a rental contract for me to move in. Again, she knows

I have to be out of my rental no later than July 31st. Spoke to her last Saturday night. No communication. I asked

again, she got huffy with me and told me she would call me back. Have not heard anything. Had it with this mess.

Anonymous · ‎07-22-2015

Oh, Tigermomma, I'm so sorry to hear this! I have no suggestions, but I wish I could give you a hug.

Anonymous · ‎07-22-2015

@Anonymous wrote:
Oh, Tigermomma, I'm so sorry to hear this! I have no suggestions, but I wish I could give you a hug.

Thank you. We seem to encounter obstacles that nobody else does. I calm myself down by reminding

myself that I am in excellent health and my child attends college on a full ride scholarship so I need to

be more grateful. But I'll admit I shed a few upset tears today and felt the frustration build. Best wishes

for your contract to close in time! Big hugs!

Anonymous · ‎07-22-2015

Yeah, don't give up. You'll get there eventually & it'll all be worth it. I'm curious to see what comes of the title issue. Hopefully it can somehow be cleaned up quickly.