Home Buying in Vista>Question Details

Debora, Home Buyer in Oceanside, CA

If I fall from escrow because lender is not funding can I get another lender or agent so I wont lose house

Asked by Debora, Oceanside, CA Wed Jan 4, 2012

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Letme’s answer
is this a manufactured home in Vista? if it is the home I am thinking it may be, I can tell you there are many problems with fraud and true ownership of this home. if it is , reply here and we can privately speak about it.
0 votes Thank Flag Link Tue May 29, 2012
Debora- To avoid a problem as this in the future apply with a Direct Lender as the company I represent. Most will offer you a full approval with property to be determined. This typically is accomplished within 3 business days from application and supporting documents.

With this your only concern is if there are property issues. These are typically occurring with condominiums not being approved for government or government backed loans.


Happy funding- Rudi
Web Reference: http://www.umboc.com
1 vote Thank Flag Link Wed Jan 4, 2012
Hi Debora,
My name is Gabino and I’m a direct lender. I’m sorry you had to go through this situation. If you want me to help you with this property or a different one give me a call. I’m an expert in doing my job good, If I had that file I would have only taken 20 to 30 days to close that file.

Gabino Barrera Jr.
Mortgage Professional

SWBC Mortgage
23705 Crenshaw BLVD. Suit 101
Torrance, CA 90505

License by the State of California Department of Corporations under the California Residential Mortgage Act
0 votes Thank Flag Link Thu Jul 5, 2012
Did you ever get resolution to your problem? It's always nice to find out your solution so others may learn from it
0 votes Thank Flag Link Tue Jul 3, 2012
Yes you could but there will be a bit of a delay getting the new lender to approve your loan.

0 votes Thank Flag Link Tue May 22, 2012
Hi Debora,

I suggest asking your current lender and see why they will not fund and find out if there is any way to resolve those issues with current lender. Have your agent immediately request more time on contingency periods and closing in writing from the seller and explain you are working on getting loan approval. I wouldn't switch agents as you are in contract with them on this but have them work with you on resolving issues with your current lender or quickly work with another reputable lender. I always think there is hope in all situations, keep trying until you've tried it all.

0 votes Thank Flag Link Tue May 22, 2012
I fund tough deals and have low rates.

0 votes Thank Flag Link Fri Jan 6, 2012
Hi Debora,

In reality, your lender should be telling you what the issues are with your loan. If not, that is a serious breakdown in communication. Find out what is happening with your loan.

Depending on the funding issue, another lender may have the problem. The more you know the better.

We hope this helps,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
0 votes Thank Flag Link Wed Jan 4, 2012
Your agent needs to address this issue with the sellers. Yes you can try another lender but your contract probably has a time limit on loan approval so that would have to be extended. The reason you should work with an experienced agent is to help avoid these issues
If you were preapproved by your lender, what changed that will not allow them to fund the loan? Last year I worked with a lender that my client chose, not one I would have recommended, and he strung us out so long that the seller cancelled out of frustration.
Good luck
I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Wed Jan 4, 2012

I agree with Jeffery below. Before you move the file, see if you can find out what's preventing the problems with the current lender. This may not be easy to do, but it may help you avoid other problems --- especially having your financing contingency come into play.

If all parties are OK with another attempt at getting financing, and your current lender is not cooperative, go for it. I can often get files done in less than a month if everything is already in order, and it usually is in these kinds of transfers.

I regret hearing about your experience, but stay positive and you'll get it done.

Rob Spinosa
0 votes Thank Flag Link Wed Jan 4, 2012

You can always switch lenders, but being able to do that and buy the house will assuredly require an extension on your contract and contingency timelines.

We have two lenders who have proven to be able to get approvals and close of escrow as fast as 2 weeks so you might want to check with them. Drop me a line and I will send over, but they are located here so not sure if they will work down there.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
0 votes Thank Flag Link Wed Jan 4, 2012
Yes, depending on why your lender didn't fund your loan. Pls call or email me at 760 622 6855 or maureen@bellrealtygroup.com
Web Reference: http://www.coastal.biz
0 votes Thank Flag Link Wed Jan 4, 2012
Debora you can go through several different lenders but you also need to know why the 1st lender was not funding and because it will take time and it the sellers will have to be willing to agree to an extension.
0 votes Thank Flag Link Wed Jan 4, 2012
Yes, you can get another lender, but you would have to go through the qualification process again with the new lender. This would take time, and it would be up to the seller to see if they will wait.. There attitude may depend where you are in the loan contingency period in the escrow process; this is something your agent can assist you with. The first thing you need to find out is why they are not funding, and see what it will take to get it done.
Your agent should be in contact with you regarding all of this. If not, get them involved.
0 votes Thank Flag Link Wed Jan 4, 2012
Hi Debora,
You should have applied with at least two lenders. If the first is not performing, you can go with your backup. If it is at the point of funding, then you are way down the line. I would have to know more about your situation, why is it not funding? I don't want to make any judgements, but your agent's job is to help you through this process and give you advice with regard to situations like these. Did they not counsel you to have a back up lender? Are they representing you properly? Feel free to contact me directly to answer any questions privately that you may have. I can only do so much since you are already being "represented," but I don't mind helping if I can. I happen to live and work in Oceanside too, so I am close.

Sinead McAllister
0 votes Thank Flag Link Wed Jan 4, 2012
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