Yes even though that should NEVER happen it certainly could if the loan officer was not paying attention to the lock expiration dates. I would definitely speak to the loan officer's supervisor but if the rate truly expired there may not be anything they can do. If it's a bank they may be able to be in a better position to assist as opposed to a mortgage broker. Please let us know how that all turns out and good luck.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.... more
Once a bank finally approves the sale, they want it to close as soon as possible to cut their losses. They are alrealy losing a lot of money as the loan will not be paid off in full. If you are getting a good deal on this property...you should want to close quickly as well. Waiting four months is long enough...don't you think?
If you mean you're looking for a tenants agent that will work with someone who has a Section 8 voucher, I do that. Remember that it is up to the owner to decided to accept the tenant, not their agent. Section 8 will assist you with income qualifying, but of course, like everyone else, you must have good credit and rental history and be able to agree to the other terms of the lease, including paying the full deposit and first months rent prior to move in. If that sounds like a description of you, please call or email me. 703-669-3142, email@example.com... more
You will have to find out the name of the Trustee handling the foreclosure process. You can find this by going to the courthouse and searching public records, the local newspapers dated 1-2 weeks prior to the Trustees Sale date, or by paying a local title company to do a title search for you.
Finding out the name is only a first step, actually reaching anyone to get any information about the property will be difficult. Everyone is swamped and you are not their client. They are busy clearing the property for resale, which could involve, eviction, repairs, clearing up other liens, etc. Banks (who are often out of state) are not equipped to handle the sale of the property, that's why they find local agents to list them. As everyone said, you will have the best luck with an agent. Many of us have ties with agents who specialize in foreclosures, and can get a "coming soon" list from those agents.
If you decide to keep researching the property, do post again to let everyone know if it was successful!... more
2+ months and holding! ...and hoping that we'll still get to settlement eventually! Depends on the bank and the accuracy of the information on the listing sheet. As suggested below, what really is it's staus?? Approved short sale or only hopeful borrower who has defaulted?
Hope that helps... more