Home Buying in Milton>Question Details

C_davis9088, Home Buyer in Milton, FL

Back in October 2009 I placed bid and won it on the 10/11/09. IT is now 1/177/10 and we still haven't closed. At first my lender stated we would

Asked by C_davis9088, Milton, FL Sun Jan 17, 2010

close on 12/31/09 so I could claim it on my taxes but now since the lender lost paperwork we didn't get to closeon time. Then the next closing date was suppose to be on 1/11/10 and then i was called and told on 1/7/10 that "I was informed today that HUD is putting a hold on closing for a week or so, we are hoping to get more information soon. Everything is at the attorneys office but HUD has asked them to hold on. We will update as soon as I have more information". Is hud really having budgeting issues or is this just my lender and reltor trying to delay more.

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Are you buying a HUD home? Is your lender a small mortgage banking company or a known bank? Unless there is a title issue, which you loan officer would be able to tell you, or he is asking you to supply more information, there is no reason why it should take this loan. I had an FHA deal that I took around the time you started yours, and I was ready to close before Thanksgiving, however there was a title issue. We did close on 12/22. If it is a mortgage banking company, it is possible that they do not have the money to fund your loan, this has been known to happen. I definitely would not blame this on your realtor, they have no reason to want this delayed.
0 votes Thank Flag Link Sun Jan 17, 2010
All of the answers below could certainly be the reason.....

OR, it could simply be that HUD is completely overwhelmed. This is what we're finding when dealing with HUD or with bank REO's and short sales.

Not only with my experience in selling these properties, but I actually know employees at HUD.....

I've been told they are just overwhelmed and are each are carrying up to 150 files they must work. So, yes...ask the attorney what he's been told about the hold up.....

Understand, everyone, the attorney, the Realtor and the lender WANT your deal to close, as that is the only time they get paid, and you are happy......which is why I would point the finger to a big, fat bottleneck on the part of HUD.....

In favor of HUD, however......they have GREAT programs for people, and if you can see this deal thru to fruition, it will be a great loan for you!!

GOOD LUCK to ya!!!!!
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0 votes Thank Flag Link Sun Jan 17, 2010
C,

I agree with both answer's below.

To be honest, any transaction now-a-days is always delayed for one reason or another!

99.9% of the time it's because of the lender. The guidelines put in place by Government backed loans seem to cause delay's if your FHA, VA, Fannie Mae, etc.

Just be patient and trust your agent. If you have question's like this, ask your agent to sit down with you and explain the whole process - even if it's been explained before.

Even as agents, it gets really confusing! I'm sure your agent would be willing to do whatever it took to help explain this to you.

Hang in there & best of luck!
0 votes Thank Flag Link Sun Jan 17, 2010
No, your Realtor doesn't want this delayed anymore than you--he/she does not get paid until you close--the same applies for your loan officer. If you didn't already--why not ask your attorney the question--he/she may have more information than your Realtor.
0 votes Thank Flag Link Sun Jan 17, 2010
More than likely HUD has found a problem with the title to the property. That would be the normal explanation for the events you describe. There's no way your lender or realtor want to delay anything. They don't get paid until closing.

Good luck, Mark
0 votes Thank Flag Link Sun Jan 17, 2010
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