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Help! Foreclosure with an FHA loan (rant)
I'm pretty much freaking out. We went under contract on a house in late June. In that paperwork our closing date was to be "on or before August 25th." As far as our mortgage, we've been ready since July 6th.
Everything was going relatively smoothly until after the FHA inspection. There aren't any major issues, but the report did come back with some things that need to be fixed (Some stones in the front walkway are missing, garage door needs to be repaired, "chipped interior wall paint") It's not more than a day's worth of work. Really.
What's killing me is that the bank not only will refuse to fix it, they won't even ask us to pay. They just stopped communicating with us. They came back two weeks after the report to ask us if everything could be waived from the FHA inspection. Seriously? Their realtor suggested that we have our lawyer draft a letter demanding timely communication, because even he was feeling frustrated.
I'm really worried about closing late over something so stupid! Our apartment lease is up August 31st and our interest rate wille expire on the 28th. It is SOOOOO anxiety inducing to be packing up all your belongings, and not knowing where you are going to be moving. I've been so stressed about it that I haven't even been able to visit the nest boards 
Has anyone had any similar experience? Please tell me that I will not have to move twice in one week and pay a higher interest rate because some @$$ at the bank is incompetent.
Re: Help! Foreclosure with an FHA loan (rant)
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Unfortunately for you, it is not that someone at the bank is incompetent, but that you are trying to purchase an "as is" property with a loan that doesn't accept "as is." The bank is not required to fix the problems with the house to suit your loan. I am sorry that neither your REA nor your LO/Mortgage Broker informed you ahead of time that this was a very likely possibility if they found issues in the inspection. What type of loan we were going to use was the FIRST question our REA and Mortgage Broker asked us when we decided to go under contract with an "as is" foreclosure. For us, it was a non issue since we have a traditional 30y, 20% down loan. Our REA said that MANY people find it difficult or not possible to purchase "as is" foreclosures with FHA loans because of the loan requirements.
My Valentine Bookends (2~13~13, 2~15~09)
I don't know why the bank would even sign a contract with us, they knew we were getting an FHA loan.
Frankly, I don't think they'll be able to sell the house to people with a traditional loan because of the demographic. We live in an area with essentially no middle class (a prison town 40 minutes from NYC is mostly an odd mix of wall street bankers and prison families)
What bothers me is not that the house needs repairs - it very obviously needs repairs. But that they won't communicate about it. We're willing to pay for the repairs! They won't even return any phone calls - how on earth are we supposed to solve any problems if we can't even speak with anyone.
Cortlandt Place - My house blog
If you have money to pay for repairs, why don't you seek out a conventional loan. There are conventional loans that don't require 20% ( we did around 5% for ours).
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