Barbara Redm…, Home Buyer in North Port, FL

How many extensions are average before closing? We have had 3 and now they want another. We have been at this since November 7. Getting discouraged

Asked by Barbara Redmore Breault, North Port, FL Tue Jan 28, 2014

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Steve, there are many in your industry who do not want to be included in your "us" - they are more than happy to distance themselves from you......This woman, Barbara, is on her 2nd lender who still can't get this closed, or at least tell her this may never close...or take the time to explain what exactly is going on. She is living in a motel based on the "advice" she has been given, along with the hope she was given that this deal may work out......and someone - not sure who - advised her to put her son on the line and have him sign for a loan he has no part in. Wonder if they explained to her how this might impact him going forward, when he wants to buy a home of his own. or take out a loan.
Yes - stellar advice - you should be proud of those lenders who are "helping" her.....if that's help - I'd doubt it. I know that my in-house mortgage rep - whose opinion I value highly - would never let a deal like this languish and drag on without already knowing, by now, what the chances are of this ever closing, and sharing that information with the buyer. And, I didn't leave out the agent's part in all of this, either. It is always sad to me when any consumer, who is already represented by "professionals" feels the need to come here and ask for help and guidance. That tells me someone isn't doing their job.
0 votes Thank Flag Link Wed Jan 29, 2014
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For us in the mortgage industry to read how some so called "Experienced Professionals" are so out of touch with the reality of the post Obama / Dodd Frank Act here in 2014, who will criticize Mortgage Professionals for bending over backwards and investing months of their time and effort to keep fighting on to help borrowers close, who otherwise nobody else would even try to help, is simply nauseating!

The arrogance of some who could NEVER do what we do to get borrowers approved in this 2014 market, who are clueless about the effects these crushing regulations are having, making even simple tasks that used to be almost effortless and still should be, now take days, is so typical.

Instead of bashing the Loan Originator(s), who have tried so hard over these months and desperately trying to help you in your situation to purchase at these low prices so you can take advantage of this best time of your life to buy, try thanking them for what they are doing and turn up the effort to assist them in anyway you can.

....OR


....Stop the processor all together and continue to be a renter.
0 votes Thank Flag Link Wed Jan 29, 2014
Oh please Steve .......give me a break - You're nauseated? So am I, but not for the same reason......Barbara should "thank" the people who have her so upset, confused and living in a motel that she has turned to strangers on the internet for advice? She should have "advisers" who, by now, can tell her whether this is an exercise in futility or not. They - all of them, agent included - should know what they are dealing with......and she should have been made to understand right for the start that this would be challenging and might never close.
Flag Wed Jan 29, 2014
Well, the one thing you stated below caught my attention. You said: " We signed an extension for January 10 and switched lenders who have approved the loan ( so the realtor said)" .....what do you mean: "so the realtor said"?? It's YOUR loan - the lender should be getting back to YOU, NOT the agent. You should be told exactly what is going on and whether this is all a waste of time. I have no idea what is going on with your deal. And, to have the agent send an email, at this late date, blaming your low credit for the problems seems absurd. Clearly your qualifications for obtaining a mortgage were weak from the start due to your credit issues.....that shouldn't be a surprise to anyone (btw - who recommended the lenders?)......the people around you don't seem to be on top of things or very professional (in my opinion).....and the sellers are stuck (yes, I know you are, too) with a house they thought was sold, and apparently may not be sold. Also - asking your son to sign for the loan puts him in a position to have his credit negatively impacted, too. Certainly, it may prevent him from getting loans of his own in the future. Unfortunately, no one here can really help you. Your situation is unusual, and complicated due to all the twists and turns with the loans. The only advice I'd give is....insist on finding out what the exact status of your loan is. If you can't get straight answers, or you are told you need more "extensions", I 'd advise you to start looking for a new rental. Best wishes.
0 votes Thank Flag Link Tue Jan 28, 2014
Hi Barbara, I misunderstood your situation. As the buyer, there is no average and the seller is being generous with you. Your lender and agent want this to close too, if it doesn't they have worked hard for nothing. Hopefully you have really good pros working on your side and despite their lack of recent communication they are working on your behalf. I know when I have had difficult files (as both an agent and as a lender) I may not communicate every step along the way because it keeps me from taking the next necessary step. Given a choice, I'll keep things moving forward rather than tell you I'm moving things forward. I'm sorry we have no useful insight into your situation, let us know how it turns out.
0 votes Thank Flag Link Tue Jan 28, 2014
Barbara, are you the buyer..or the seller? (it says "Home Buying in Port Charlotte") but it isn't exactly clear which side you are on.....

If you're the buyer - is this a short sale (not sure who "they" is in reference to extensions)? Someone (your agent) should be able to give you a reason for the extensions.......get some answers from the people involved in your transaction as multiple extensions are not the "norm", and might indicate a real problem with the sale. Good luck!
0 votes Thank Flag Link Tue Jan 28, 2014
It is now grandfathered in but cannot be rebuilt if it is destroyed. Thus no loan on that portion. We signed an extension for January 10 and switched lenders who have approved the loan ( so the realtor said). on January 10 we had to do another extension till the 20th and then the 30th. Our loan officer has been not responding to our phone calls or e-mails from us or the realtor for 4 days. Then all of a sudden he is back on the charts 4 days before we are suppose to close. In the meantime we had to leave our house the day after Christmas and have been living in a motel. They know our situation and are just dragging around. We cannot get a straight answer about anything. Our realtor went as far as to send me avery harsh e-mail that she CC the seller the title company and the loan office about how our low credit score is the hold up as well as other embarrassing things that I do not feel should have been put out ther for the seller and the title company . now another extension,
Flag Tue Jan 28, 2014
I am the buyer. It started in October. We explained to the realtor that we did not have great credit and that we were on a time limit. The rental we were living in we had to be out by the beginning of December. We spoke to the loan officer and did all we needed to find out if we would be able to get a loan. He told us yes but we needed my son to be a nuyer instead of me because of the late payments on my student loan. My son agreed and we were told to find a house in the 124k to 130k price range. We found a house that has a mother in law apt attached. The realtor was excited and said it would be great that we could use it for extra income. Well we drew up the contract on November 7. They listed a closing date for Dec 19. I was able to get permission to stay in the rental that we were in till then. On December 18 we were told that there were problems with the in law apt. FHA would not finance that portion of the house because when the house was built it was legal.
Flag Tue Jan 28, 2014
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