Why is this taking so long?? Someone please help... I'm loosing it!

JackieFoley

I was pre-approved for 250,000 in September 2014. I found a home, put in an offer, seller accepted. 

It is now December 8th. We were supposed to close weeks ago. My LO said that he's waiting on the underwriter. This is FHA. They have all of the info they need. Got results from appraisal back 2 weeks ago... Underwriter JUST sent me a copy directly but I don't even know why. 

My LO isn't telling me anything other than "I think we're almost there but they haven't called me back". I have no idea what is going on. No dates, nothing. I am FED UP. Why is this taking so long?? Am I ever going to get my home?

Xstatic3333

I'm sorry you're having a tough time. I know the underwriting processs can be more lengthy with FHA due to strict inspection requirements and general government bureaucracy. For answers, I'd lean on your realtor more than your LO. Remember, he/she will make a big commission off this sale and should be working to make it smooth for you.

JackieFoley

My realtor said "it is out of my hands, the LO will take care of you he's doing all he can." 

I am using Blue Water Mortgage and the lender is Pacific Union Financial. What is so strange to me is that I am not being informed about anything. I'm left to do my own research and then ask questions... then I will get a single word answer by my LO. For example, they submitted my file to AUS and it "came back" so they said it must have been a glitch in the system. They resubmitted and it was fine. Apparently now we are just waiting for the underwriter. 

The Jr. Underwriter emailed me a copy of the appraisal yesterday, however, I've had it for over a week already. We set a closing date "estimate" for Dec. 5, then it was pushed to Dec. 9 and last week they told me they need until about the 19th... 

I have no idea what is going on and both the seller & I have zero patience at this point.

JackieFoley

Update: realtor just sent me this: "Looks like we have the approval.  Just a few docs that the title co and closing co need to take care of."

Whatever that means. lol

JackieFoley

Another Update: "Correction. Home Insurance Company needs to edit something; and Closing Attorney needs to edit something. Probably dates. LO is on it to get it done ASAP. Then it needs to go back to quality control at the bank. Then a 1-2 day turnaround. We are getting there."

JackieFoley

Update: OK so now it is still in quality control. The LO told me I need to get a copy of my home owners insurance POLICY # to them for the bank because they're requesting it. NOT the binder #, the Policy #. my home owners insurance rep looked at me like I had 30 heads because how can you give some one a home owners insurance policy # if they aren't technically home owners yet? I was supposed to pay that at closing and they still havent given him a date.

However he did a work-around & he had me pay. Then I get a call from my LO saying nevermind it isnt needed.... :smack:

SUPPOSEDLY I got financing commitment yesterday. I asked the mortgage co. to forward me the email since nobody told me yesterday and it was only sent to my realtor. In the financing commitment letter by my LO, it states that "Hi Sue, here is the commitment letter. HOPEFULLY WE CAN CLOSE THIS LOAN. So again, after being on this roller coaster far far FAR too long, I freak out. YOU HOPE??? So you're telling me you are STILL not sure?? WHO IS DRIVING THIS BUS??? And his assistant responds back: Oh he was joking!!...ok sure stop. What are you people not telling me...? 

Everyone is irritated with me... the LO, his assistant, & my realtor because I am asking too many questions. OH WELL... I AM MAKING A couple hundred thousand dollar purchase... this is my first time, shouldn't my hand be held a bit? It's not like you're all doing it for free now. 

Am I being too harsh? Everyone thinks I am crazy. Yeah I stress out but thats because nobody is keeping me in the loop.

It is in quality control... does that mean I should be good now??? Seriously, I haven't even began packing because I am so up and down with this. We are "roughly" "supposed" to close by the 18th at the latest since that is when my extension is for..... does this seem possible...??? I am so upset. Please help... thanks.

Xstatic3333

First, deep breath. I got a lot of similar questions and requests for things like insurance documentation as we approached our closing. I've also had a lot of friends have their closings get delayed for one reason or another. I know it's extremely frustrating, but try to be calm.

I don't think there's anything wrong with asking questions, just try to be kind and courteous when you do. Not saying you haven't been, it's just something I need to remind myself about when I'm stressed.

I wouldn't read too much into the word "hopefully." That just sounds like email semantics to me, personally.

JackieFoley

Thank you. It's hard, from the beginning its been a roller coaster. One minute they tell me one thing, then another. It's happened about 30 times thus far and it is to the point where I don't have faith in it. I have no idea if it is going to even close. I saw a letter sent from my LO to my Realtor that was the "Financing Commitment letter" but I have seen nothing from the bank. Still haven't heard anything. Don't know when to order a moving truck for. Haven't packed a single item, no idea on a closing date... I guess it is still in "Quality Control?"

jtmh2012

Some closings go smoother than others, but of the two I've done, there was a lot of back and forth all the way up to signing day.  So that's normal.  I will say though that my bank and realtor were a lot more responsive than yours seem to be.

cdn0292

I'm a few days late to this conversation but my husband and I went through something similar to your situation. We used Wells Fargo Home Mortgage (first mistake). Our process went like this:
First home we put an offer on...someone came in and bought it from under us with a cash offer.
Second home...The guy who "owned" the home purchased it as a foreclosure and flipped it. Found out a month into the loan process that the guy legally didn't own it because he never obtained the correct paperwork from the bank so legally the bank still owned the house. Wells Fargo didn't even catch that, our attorney did. Had to use our attorney to get out of that one.
Wells Fargo then told us that if we found another home and purchased it before Jan 31 we wouldn't have to re-do any paperwork. Yeah that was a BIG lie. Went through all of it again. Ours ended up getting held up in the Underwritter's office for THREE months. This threw our expenses off $2,500. I was so pissed.
I don't know if it would help you any but I ended up going to the Consumer Financial Protection Bureau for help (http://www.consumerfinance.gov/complaint/). I put in a formal complaint about the run-around I was getting and they got on the bank the very next day. They even made the bank compensate me for lost wages from multiple closing dates I had to take off, two separate moving costs, etc.

Good luck!!!

lovemesomemonster

Not sure if you've closed on this one yet but just some words of encouragement as it can be frustrating! Our first house was a short sale AND FHA loan, took from April to September to close the dang thing and a lot of back and forth.. lucky for me my realtor was amazing and kept me totally up to date.. second home was a foreclosure and conventional loan so should have been smoother. We got up to 1 week before closing (we were cutting it down to two days before having to move out of our rental) and there was an issue with the title of the house.. the bank didn't even have it and yet they listed the foreclosure to sell it. Long story short it was 6 weeks later when we finally were able to close after A LOT of research and bugging the crap out of people by myself. It will happen, and when it does it will all be worth it!