Mortgage loan fell through 2 days previously closing...HELP!!?
Okay, we got a mortgage loan via Lending Tree well over a month ago, or at most minuscule we thought anyway. We close on Friday to sell our current home, and Monday on the new one. Well, yesterday, Lending Tree call for a conference call to verify AGAIN our payment history with the sole purpose this time they want a 90 days late in the ending 36 months. Well, we had a 90 day deferred back in Sept. of 04. Well, NOW 2 days since our home closes, they're telling us there may be a problem, and that they'll permit us know tomorrow. Well, here's what we're gonna have if this disastor plays out. The lady that bought our home is going to be homeless, because she's already sold her house. The populace that we purchased the new home from, their deal is gonna tumble through. It's a terrible domino effect that, in my evaluation could of been avoided weeks ago had The Lending Tree be on top of things. Anyone have any ideals or warning...encouragement maybe? I am in dire straights here!!
Answers:
You inevitability to be on the phone with everyone to see what can be done.
If it came down to it could you live within a hotel to make sure your sale go through, then you'd just obligation a lender that can close in 2 weeks or less. But hopefully the trader of your new home will willing and competent to stretch on timelines...
Good Luck let me know if I can help... Source(s): Reginald Whitcomb - Mortgage Planner
978-998-7157 - reggie.whitcomb(a)redwoodfp.com
http://www.redwoodfp.com
Don't wait for lending tree. Find a current lender. Many lenders ca nget you approved and funded in a day or two. Get on the phone. My company have taken an ap, gotten the loan approved and funded it in about 24 hrs beforehand. It was only allowed because we underwrite and process our own loans. Ask a mortgage broker if they can do this. It's tough but doable. Good luck. Source(s): Mortgage Advisor
WOW - what a mess for you and I am sorry this happen to you. Most Lenders look at mortgage lates when you are qualified. Some go back 12 months others 24 months...Please phone up eveyone, get an extension, and you will need to progress ahead and close on your loan, since the lady already sold her home - You can/will get this to dance thru, for the other couple that you are buying their home to get their money. The lady that already sold her home, to buy your home, agree to her have your home, you have 30 days to move out of your home, so filch that time, and #1 - get another lender on board to close the business deal. #2 - call Lending Tree and let them know you are getting an attny, that you will be staying contained by a hotel, and that they are responsible for the motel room. (Don't think they will accept the hotel bill, but does not hurt to mention it). Everyone have a boss, go up higher up from the loan officer, to the Manager to the Supervisor, etc.
If you be in motion elsewhere, Talk with a broker, a broker underwrites for various company's (I underwrite for 150 companies) so I only have to verbs credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to relieve you and your situation, so you go elsewhere, and than that person pulls your credit (see what I plan.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 hours of daylight period. Just like shopping for a auto, it is angelic for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit mark. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, resembling a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will dance off his credit report. By the way, a loan application is call a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth within Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will communicate you the terms, rate associated with your loan. This is a estimate simply - not the final - but it does help you figure things out, as you enjoy found out.
I went to lending tree to find you a direction phone number and there was no phone numbers nominated on their site - sorry. Source(s): Wanda Ellis, Branch Manager
Charterwest Mortgage, LLC
wellis(a)charterwestmortgage.com
www.mycharterwestmortgage.com
BOY WHAT A CONTINGENT MESS LENDING TRE GUARANTEED THE LOAN UNTIL 2DAYS PRIOR A 48 HR NOTICE IS REASON FOR ACCOUNTABILITY Source(s): MA
If you don't get it, supply your house and rent. Don't break your contract because your other deal fell through. Renting for a few months isn't the end of the world.
Unless it is within your selling agreement that if you can't buy a new place you can cancel the flog contract then your buyer will legally know how to force you to sell.
Here are two great resources for more information:
http://www.californiahomeadvice.com
http://www.berksmortgagefactor.com Source(s): Here are two great resources for more information:
http://www.californiahomeadvice.com
http://www.berksmortgagefactor.com
you requirement to put some serious pressure on lending tree....you may even want to consult an real estate attorney...it will cost you $300 bucks for an hour of his/her time.
surrounded by a worst worst case and lending tree doesn't come through, you will call for to negotiate more time to close.
this is a primary reason to use a broker. these Internet loan services are not reliable for a purchase loans. they are faceless and typically administered but less than qualified associates.
i think it may work out but you really need to tack hammer lending tree and explain the serious issue with them relating at the point of closing.
one other thing, in California, Countrywide can do a purchase concordat from beginning to end contained by one week. If it were me, while I was hammering lend tree I would be talking to a human broker and countrywide to get back-up and alternate plans going.
one ultimate thing, as long as your were truthful contained by your application this should be ok. The credit report is the first thing that gets run so lend tree has no excuse for waiting this long. if you did fudge on your application, you need to find an alternate lender at full tilt because lending tree probably will pull the loan.
1) Don't evasion on your other contract because of this one. Move into a motel and put your stuff in storage if you have to.
2) Lending Tree (or to some extent, the loan provider you found through Lending Tree) knew about this issue when they first run your credit. It's the first thing a loan officer looks at other than score, and maybe even before that.
There are three key possibilities:
1) They intentionally didn't quote you right in the first place, and this is a tactic to get you to adopt the higher rate they've had contained by mind for you all along.
2) They quoted you a correct rate, but now are shaking you down for a highly developed rate or more closing costs. In short, they've decided they want to make more money.
3) They didn't lock your rate when they quoted you, hoping the rates would walk down. They've gone up.
See http://www.danmelson.com/posts/114746306… for details
There is also one more possibility: The loan officer/loan provider is a complete and utter incompetent. They're out there, but the first three possibilities are far more credible.
This is a savable situation. I've gotten purchase money loans funded in one and two days on multiple occasions. You may obligation a bit of an extension, but go apply for another loan right now.
Related Questions:
1099 query for a mortgage loan?
im selfemployed and on my 1099 is $44,137.00. do the lenders look at whats on my 1099 or whats left after my taxes and biz expenses? started doing my taxes online (late as hell) and when i put in biz expenses it showed me grossing $22k. the loan...
Answers:
You inevitability to be on the phone with everyone to see what can be done.
If it came down to it could you live within a hotel to make sure your sale go through, then you'd just obligation a lender that can close in 2 weeks or less. But hopefully the trader of your new home will willing and competent to stretch on timelines...
Good Luck let me know if I can help... Source(s): Reginald Whitcomb - Mortgage Planner
978-998-7157 - reggie.whitcomb(a)redwoodfp.com
http://www.redwoodfp.com
Don't wait for lending tree. Find a current lender. Many lenders ca nget you approved and funded in a day or two. Get on the phone. My company have taken an ap, gotten the loan approved and funded it in about 24 hrs beforehand. It was only allowed because we underwrite and process our own loans. Ask a mortgage broker if they can do this. It's tough but doable. Good luck. Source(s): Mortgage Advisor
WOW - what a mess for you and I am sorry this happen to you. Most Lenders look at mortgage lates when you are qualified. Some go back 12 months others 24 months...Please phone up eveyone, get an extension, and you will need to progress ahead and close on your loan, since the lady already sold her home - You can/will get this to dance thru, for the other couple that you are buying their home to get their money. The lady that already sold her home, to buy your home, agree to her have your home, you have 30 days to move out of your home, so filch that time, and #1 - get another lender on board to close the business deal. #2 - call Lending Tree and let them know you are getting an attny, that you will be staying contained by a hotel, and that they are responsible for the motel room. (Don't think they will accept the hotel bill, but does not hurt to mention it). Everyone have a boss, go up higher up from the loan officer, to the Manager to the Supervisor, etc.
If you be in motion elsewhere, Talk with a broker, a broker underwrites for various company's (I underwrite for 150 companies) so I only have to verbs credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to relieve you and your situation, so you go elsewhere, and than that person pulls your credit (see what I plan.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 hours of daylight period. Just like shopping for a auto, it is angelic for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit mark. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, resembling a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will dance off his credit report. By the way, a loan application is call a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth within Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will communicate you the terms, rate associated with your loan. This is a estimate simply - not the final - but it does help you figure things out, as you enjoy found out.
I went to lending tree to find you a direction phone number and there was no phone numbers nominated on their site - sorry. Source(s): Wanda Ellis, Branch Manager
Charterwest Mortgage, LLC
wellis(a)charterwestmortgage.com
www.mycharterwestmortgage.com
BOY WHAT A CONTINGENT MESS LENDING TRE GUARANTEED THE LOAN UNTIL 2DAYS PRIOR A 48 HR NOTICE IS REASON FOR ACCOUNTABILITY Source(s): MA
If you don't get it, supply your house and rent. Don't break your contract because your other deal fell through. Renting for a few months isn't the end of the world.
Unless it is within your selling agreement that if you can't buy a new place you can cancel the flog contract then your buyer will legally know how to force you to sell.
Here are two great resources for more information:
http://www.californiahomeadvice.com
http://www.berksmortgagefactor.com Source(s): Here are two great resources for more information:
http://www.californiahomeadvice.com
http://www.berksmortgagefactor.com
you requirement to put some serious pressure on lending tree....you may even want to consult an real estate attorney...it will cost you $300 bucks for an hour of his/her time.
surrounded by a worst worst case and lending tree doesn't come through, you will call for to negotiate more time to close.
this is a primary reason to use a broker. these Internet loan services are not reliable for a purchase loans. they are faceless and typically administered but less than qualified associates.
i think it may work out but you really need to tack hammer lending tree and explain the serious issue with them relating at the point of closing.
one other thing, in California, Countrywide can do a purchase concordat from beginning to end contained by one week. If it were me, while I was hammering lend tree I would be talking to a human broker and countrywide to get back-up and alternate plans going.
one ultimate thing, as long as your were truthful contained by your application this should be ok. The credit report is the first thing that gets run so lend tree has no excuse for waiting this long. if you did fudge on your application, you need to find an alternate lender at full tilt because lending tree probably will pull the loan.
1) Don't evasion on your other contract because of this one. Move into a motel and put your stuff in storage if you have to.
2) Lending Tree (or to some extent, the loan provider you found through Lending Tree) knew about this issue when they first run your credit. It's the first thing a loan officer looks at other than score, and maybe even before that.
There are three key possibilities:
1) They intentionally didn't quote you right in the first place, and this is a tactic to get you to adopt the higher rate they've had contained by mind for you all along.
2) They quoted you a correct rate, but now are shaking you down for a highly developed rate or more closing costs. In short, they've decided they want to make more money.
3) They didn't lock your rate when they quoted you, hoping the rates would walk down. They've gone up.
See http://www.danmelson.com/posts/114746306… for details
There is also one more possibility: The loan officer/loan provider is a complete and utter incompetent. They're out there, but the first three possibilities are far more credible.
This is a savable situation. I've gotten purchase money loans funded in one and two days on multiple occasions. You may obligation a bit of an extension, but go apply for another loan right now.
Related Questions:
1099 query for a mortgage loan?
im selfemployed and on my 1099 is $44,137.00. do the lenders look at whats on my 1099 or whats left after my taxes and biz expenses? started doing my taxes online (late as hell) and when i put in biz expenses it showed me grossing $22k. the loan...