Unbelievable!!!

[Anonymous]

Hello,

We were supposed to close today (after many delays with the appraisal and such).  When we got to the table we were told we couldn't close because the Lender (Franklin American) and the seller (GMAC Relocation) couldn't agree on what name to put down for the seller on the HUD form (FHA loan).  So here we are - FINALLY approved to buy a house with an approved appraisal and we could seriously lose the place just because these people can't agree - and no-one is willing to be reasonable and budge.  The problem is the Relo technically bought the house from John Doe a few months ago but the title search has only items that say John Doe.  The lender wants the form to read "John Doe with GMAC as POA."  The seller wants it to say GMAC.  Our LO isn't being very reassuring and our realtor gave birth 7 weeks early last week and is pretty much entirely out of the picture at this point.  Could I seriously lose this house because of something so cosmically stupid?  I am so upset.  I feel like someone reached inside and ripped my soul right out of me.  I have movers coming this weekend and the fridge is lined up to be delivered this week.  I have completed school paperwork for my kids' transfer, turned on utilities, given notice to my landlord, scheduled time off work, picked out colors, put furniture on hold  - you name it.  Once we got the clear to close I thought everything would be fine. 

To add insult to injury, if we don't get THIS house we can't get any house because the FICO requirements have increased since we've locked in the loan.  We'd need a 30 point boost to qualify again.  I am going out of my mind.  This was all an hour before business close today.  We won't know anything until tomorrow.  Our LO is trying to contact her rep w/the lender to get the supervisor's name to elevate this.  The u/w refused to allow the seller's title agency to talk to her supervisor today and communications have completely shut down.  It's so completely unbelievable.

Has this happened to anyone?  Am I really likely to lose this house?

[Anonymous]

I think one of our members just had a huge issue with Franklin too...and it had to do with issues between the appraiser and underwriter. I could be wrong, but trying doing a search for your mortgage company's name and see if the thread comes up. I'll see if I can find it too. If it is the same lender, I would RUN not walk from these folks.

Best of luck to you. 

[Anonymous]

Found it. Is this the same company?

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=34262&view=by_date_ascending&page=1

[Anonymous]

Hmmm.  It is the same lender and our u/w is also a she....  I wonder if it is the same she? 

It appears the other poster was having issues with the appraisal.  Our appraisal was actually fine except that the appraiser made a huge mistake by saying it was on cistern water when it was actually converted to city water.  This caused about a 3 day delay and we missed our original closing date of Feb 27 (same as other poster).  Once the error was corrected they actually looked at the appraisal and decided there were a few minor things - all that went off without a hitch.  So we figured the appraisor made a slight booboo and that we'd have smooth sailing.  Then they required the water heater to be replaced but that wasn't a big deal - except that the relo comp sellers drug their feet.  So we had an approval that said we could close as long as the water heater was replaced and proof was provided at closing.  That was last Thursday.  We set up closing for today at 5 so they had plenty of time to fix water heater and get paperwork signed by sellers (relo comp).  I was in contact with our LO today and got the final numbers and everything was fine - so we thought.  I'm not sure if its the lender or the seller in this case.  I can tell you that the sellers have been extrememly difficult to deal with.  They wouldn't budge on anything and they took their time to do everything (when they requested a fast closing).  It took a week to get the signed executed contract back from them.  Not only that, but their agent misrepresented a couple things here and there.  So between the appraiser, the sellers and their agent, the only one I was sure of was our own agent (who is out now).  I was feeling good about our LO until today.  I think someone should have caught the appraisal error and avoided the delay to begin with.  I'm so upset and I feel grossly unrepresented.

[DallasLoanGuy]

Good news: You are approved and this can be worked out. 

If you can't get your realtor on the phone.... call her broker(boss)

Tell them to fix it.

Seller/buyer/title/lender need to get their heads together.

[Anonymous]

We are getting nowhere.  Things are still at a stalemate.  The title companies are trying to see if they can get the seller and lender to sign 2 deeds.  We spoke to the real estate broker and he is saying this is out of their hands at this point and if we threaten to sue the lender may not give us the loan.  We have contacted an attorney and explained the situation.  He - of course - says that the sooner he gets involved the better.  Have I mentioned that we gave our landlord notice and will be effectively homeless this weekend if this doesn't get worked out?!?!?  Still no-one is cooperating.  Oh and I found out that our lock expires this Thurday b/c our LO - who could have extended the lock to the 20th - only extended it to the 12th.  So if we lose this I'm suing the sellers for breech of contract, the LO for being incompetent and not using good judgement on the lock, and the real estate firm for not giving us a replacement when our realtor went on maternity leave.  My question is - do I bring in the lawyer now or wait?

[SonorityGenius]

Call the Title Agency rep and press them. I would involve a RE Lawyer now as well. Call the LO and complain about the lock and get a free extension (Ask for manager if necessary)

[Anonymous]

No more rate lock extensions are allowed per the lender.  Our LO exhausted them all already.  Both times she was allowed to extend 15 days and chose to extend for only a week.

[DallasLoanGuy]

slow down, yer a little sue happy there.

 time to settle down.

locks can be extended more than once.

[DallasLoanGuy]

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@Anonymous wrote:

Hello,

  The u/w refused to allow the seller's title agency to talk to her supervisor today and communications have completely shut down.  It's so completely unbelievable.

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 go around the underwriter.

get the loan officer's boss on the phone.