(long term lurker)
We seem to be stuck in mortgage hell though everyone tells me there is a light at the end of the tunnel --somewhere. I will NOT believe it until I have keys in hand because I seriously do not believe this is going to happen. Sigh.
Back story
Husband and I rented a house for a long time -- in 2009 the owners moved back. We started talking about buying a house then but didn't have time to get everythign together so we moved. In early 2010 we had a nightmare where we got a trojan key stroke logger on a computer and all our credit cards and accounts got hacked. Had everything changed. After that, had a few passwords I forgot for a card that I thought was paid off --WRONG -- wound up 120 late before I realized it (which sucked cause it was only like $50 or something.)
Last year his dad passed and left us some money --then my dad offered to gift us money for a down payment.
With the 120 day late and then another 30 day late for a credit card payment in July which got returned due to a bank hold on funds, figured there was no way to get approved. But submitted a preapproval through a mortgage brokerage company I know and in October got preapproved. WOW.
Went house hunting, found one we loved, put in an offer but another one was accepted. Kept looking, found our dream house in the same area. Its an REO owned house though. Put in an offer at full list price, was told there was a second offer, then upped our offer 5k,
Offer was accepted 11/7 for $655k. Our loan will be at 70/30 as we are putting down nearly 200k. We had a 45 day escrow so were scheduled to close 12/23 --and we still have not. GRRRR
First delay -- while out of town for Thanksgiving I get a call that now my loan cannot be submited due to disputes --no negative info --just disputes (I see from reading here this is common). Fax letter get all removed except two reported Orchard Bank cards reported with Transunion (same account --two numbers due to the hack) Orchard bank cannot/will not return calls, Transunion will not fix until OBank says go. blah blah blah. Takes two weeks to get resolved.
Goes to underwriting. Wait 3-5 days, gets kicked back with a question about my student loans --they are in deferral but now I need to know waht my payment would be cause it has to be calculated in DTI. Also, one is now being reported twice because Direct Loans just changed their account numbers. Fix that, goes back to underwriting, wait 3-5 days. Now we need to verify Hubbys employment --and his co is in teh middle of open enrollment and teh one person who can do this is on vacation. Oh yeah, and they had to find a way to verify the phone number independently and his company is not listed anywhere. Sigh. Fix that. . .3-5 day wait.
Then there was an issue with title. That kinda got resolved --its missing an assignment but title will issue insurance so I guess its good.
Our 12/23 date is blown, the REO grudgingly grants an extension to 12/30 but demands this be closed this year. I wish.
I am told that we should maybe get a clear to close decision today or tomorrow -- still waiting -- and then it will take still another 10 days or so to close.
We have submitted another extension request to 1/10-- I just really hope they will accept it.
We had told our Landlords we would be out by 12/31 -- thankfully they haven't rented the place so now I told them 1/31.
I know my credit is not great so I keep waiting for some other issue to come up. This is driving me NUTS!!!!!!
Just wanted to vent.
