if you work with mortgages please come in

I really don't understand its been five months of going back and forth with b/s and we are still not closing and we are at the point we will be homeless soon.

My question is why can't you get an itemized list of all the items needed for closing in one shot? I keep getting emails we need this form, then you get them that form, then another email we need your seller to sign x, y, z and change the title over, you do that, then you need a C of O, so we did that and now we are back with a termite inspection report. And why is it that things are dragged out so much, i always thought its like a month and your closed is this a bank thing or is it our lawyers messing this up?

I realized our closing would be delayed anyway because of the C of O which we got done in one week, and we had to fix the exterior of the house which had taken two weeks but I don't get why everything else is taking so long.

Sorry maybe this is more a vent but I just wanted to know if my bank is screwing this up by not giving us a itemized listing or this is how all banks work.

Re: if you work with mortgages please come in

This is like the longest awaited closing ever!

i am sorry you are going through this, but i would get on the horn with the rep from the bank (which bank are you using? it's a warning to not do buisness with them!) and demand a list of outstanding docs so that you can get them done THIS WEEK!

Message edited 10/7/2009 7:33:15 AM.

Re: if you work with mortgages please come in

wells fargo and i just did that last night, i emailed them & cc'd my husband so he will stop yelling at me. No one understands that this has caused so much stress on our marriage. I better get a list or your okay to close just get your insurance done otherwise I really do not know our options at this point but go put our stuff in storage and live at my parents until we do close.

Re: if you work with mortgages please come in

Good luck!!!

Re: if you work with mortgages please come in

We went through the same thing. It was torture but in the end it was worth it and hopefully it will be for you too!

Re: if you work with mortgages please come in

Honestly, I bought twice and both times it was like that.

Re: if you work with mortgages please come in

These are the times we are in. I just was going through the same thing and it was a re-fi!

Just hang in there, but stay on top of everyone at the same time to push it along.

Best of luck

Re: if you work with mortgages please come in

well i got back all you need is the termite form and your binder. So getting the binder done today/tomorrow sending the check out now so hopefully the termite form is given to the bank today so that this stuff is DONE.

thanks for the positive words, i really needed them.

Re: if you work with mortgages please come in

Jenn,

As PP said, these are times we are living in. I am working in mortgages and it's just terrible here. I don't really have much advice..but just wanted to say that we as loan officers (I'm actually an assistant to three of them) don't have much say or pull when it comes to getting the paperwork puched through. It's all about the underwriters adn they are under such strict guidelines and scrutiny right now that they have to be so careful to approve loans. WE go through the same procees of gathering all the paperwork and submitting it, only to hear we need three more tings, submit that and then we need more. and by then the original stuff expired so we have to get more.
Becasue of the current financial crises, every thing is looked at with 10 magnifying glasses! Hang in there, I'm sure it will work out for you eventually!!

Re: if you work with mortgages please come in

Jen, i had the same problem with Wells and ended up going with Citi.

We finally closed!!

i hope you get to close soon too and can enjoy your house.

Re: if you work with mortgages please come in

oh i am so praying on this working out very soon. Thank you all.

Re: if you work with mortgages please come in

I'm so sorry you are going thru all this waiting! I know (we're waiting too!) how frustrating this can be for you, your DH and your marriage.
I think it depends on your broker (at Wells Fargo) I hope you get a date set soon!

Re: if you work with mortgages please come in

i am soo sorry you are going through this. we actually went through the same thing. well not as bad as your situation. we used wells fargo too. they kept asking for stuff until literally the day before we closed
we came close a few times to almost throwing in the towel !

try not to let it get to you. i know me & DH fought alot during the whole process. it even almost ruined our 1st anniversary. i know its hard to believe right now but it will all be worth it. we have been in our house for almost 3 months & we love it!!


good luck to you... hope it all works out for you soon!!

Re: if you work with mortgages please come in

Jenn
We are going through the same thing as well

since a lot of people are not qualified anymore, they need to get lots of papers and make sure they have everything

it has been very stressful, but i try to remind myself that at least we are approved and will be homeowners hopefully!!!

Re: if you work with mortgages please come in

The buyer of my house I am selling got their mortgage committment pretty quickly. Like 25 days after the contracts were fully executed. They are pretty much ready to close whenever.

She is a single recently divorced mom, who is having her mom cosign the loan.

I heard her mom is loaded so I didn't think this would take very long once the bank found out how much assets her mom had. I guess it also helps that the buyer is putting down about 260k.

But I would expect the norm will be at least 1-2 months to start. Longer if your financial profile is questionable.

Message edited 10/11/2009 12:06:08 PM.