topic Re: Lender Cancelled Closing with No Explanation the Day Before! in Mortgage Loans

Lender Cancelled Closing with No Explanation the Day Before!

mirandah2k — Sun, 10 Apr 2022 14:13:12 GMT

Hello. I am devastated and confused. Also 8 months pregnant. We were supposed to close Friday 4/8/22. Everything was scheduled and completed. I was just waiting for the clear to close. Weve been under contract for this new build since January. In March, my (newish) husband's ex wife reported that he owed child support to the credit bureau. I was completely blindsided, but the lender assured us that if we paid off a few smaller accounts, we would still be fine for the loan. ALLLLLL the way up until the day before closing, we were told several times "this is your house, dont worry, the loan looks good, we will close!" The day before closing, they did ANOTHER (THIRD) credit pull. It looks like because my husband was instructed to pay off some old debts by the lender in March, his middle score dropped below 620, but shouldnt they have expected this? Anyway, they didnt even have the decency to call us or respond to our emails. They had the builder's salesman call me and say "You wont be closing tomorrow, they may need a few more days, I dont have the details". Needless to say, no word from the lenders Friday, or all weekend. So I am on pins and needles because no one has told me what the issue is or if we have a chance to fix it. Im living out of boxes and had already started to buy smaller things for THAT house. I give birth in a few weeks and this is the difference between my child having a nursery or not. And the DFW market is so hot and overblown, with rising interest rates, theres no way I can get under contract with a different house quickly. I own a home that I planned on listing to sell as soon as we closed. Now I'm hearing that I might have a DTI issue with that. They never mentioned this before. I am anxiety ridden and stressed. Anybody been dropped right before closing? I dont know what to do.

Re: Lender Cancelled Closing with No Explanation the Day Before!

bigseegar — Mon, 11 Apr 2022 15:38:53 GMT

@mirandah2k wrote:
I own a home that I planned on listing to sell as soon as we closed. Now I'm hearing that I might have a DTI issue with that. They never mentioned this before. I am anxiety ridden and stressed. Anybody been dropped right before closing? I dont know what to do.

Can't help you with the other, other than to say good luck. But I can tell you from my experience on this above after having dealt with it on not only one home but two times on homes I was buying and selling. If you still own it at the time of your closing, EVEN IF it was to be under contract but not yet Closed then the lender will (at least Wells Fargo did with me both times) qualify DTI wise to have both loans at the same time. So if your salary won't support that then Yes it could very well also be an issue. On one of mine we had a contract in place to close two weeks after I was closing on my new home and they still made my qualify DTI wise for both. As they said until that Closing was signed the buyers could always back out and I'd still be responsible for the payments. So they needed to know I could afford them both at the same time.

Re: Lender Cancelled Closing with No Explanation the Day Before!

donkort — Mon, 11 Apr 2022 15:43:53 GMT

All I can say is:

I hope you close VERY soon!

I'm sorry you're going through this.