We supposed to close last week,lender doesn't communicate with us we keep waiting ,we are already approved but don't know what is happening ....

Asked by anamontejo, Orlando, FL Thu Jun 27, 2013

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Elena Cruz, Agent, orlando, FL
Thu Aug 1, 2013
I Hope you were able to close! In this cases I recommend you go to the lender's office and speak to him in person. Sometimes they are overhelmed with the amount of deals they have to process.
2 votes
Vincent Paige…, Agent, Orlando, FL
Thu Jun 27, 2013

Go to your Realtor and get them to do there job! You shouldn't be out on an island like this. A good Realtor would be monitoring the transaction from start to finish, and should be communicating with you the entire time. Call your Realtor now! And get them to fix this for you! If the agent is not communicating with you via email/phone, go to the agent's broker of record, and attempt to get help!

Good Luck,

2 votes
anamontejo, Home Buyer, Orlando, FL
Tue Sep 3, 2013
Hi everyone thank you so much for all your answers , I really appreciate you taking the time to answer my question . Finally we are in our house , but it was not easy at all , we will never know what actually happened with the broker that was getting the loan for us ,we had no communication back from them at all and after almost 3 months of waiting ( beware of this company please name is CREFCO and this is the website http://crefco.com/ ) we decided to use another company ,this company is amazing , we got our loan in 2 weeks , was so easy with this guy , I therefore strongly recommend him , his name is Mr. Miguel Soto at Carrington Mortgage Services LLC.
1 vote
Natasha Mann, Agent, Lake Buena Vista, FL
Tue Sep 3, 2013
Ana, so how did it go in the end for you, girl?
1 vote
anamontejo, Home Buyer, Orlando, FL
Fri Jun 28, 2013
Thank you very much for all your answers , I really appreciated all these information.
Can someone tell me if I can take any legal action against the broker ? He sent me a letter saying that the loan was approved and gave me a closing date, therefore I told my landlord that I was moving and now I need to vacate my apartment by Monday because I gave the landlord 2 months ago a moving advice , now we don't have a place to live, I have a 8 month old baby , have all my stuff packed in boxes and I had to cancel the movers already twice. I don't know what to do now :(
1 vote
Sunny Pabla, Agent, Orlando, FL
Thu Jun 27, 2013
Get a new lender, if your having issues now what can you expect at closing.
1 vote
Ron Thomas, Agent, Fresno, CA
Thu Jun 27, 2013
Something is wrong here; other than your Lender not communicating with you:
The "other side" is not communicating with you either; have you noticed?
They will want to Close the Escrow just as much as you.
Why haven't you been given a NOTICE TO PERFORM?
Why isn't your Title Company communicating with you?
Why isn't either Realtor communicating with you?
We are the only people talking to you!
1 vote
Stephanie Le…, Agent, Miami Lakes, FL
Thu Jun 27, 2013
Did you get a loan commitment?

You can always ask for an extension for the sales contract.

Your lender really should be communicating with you and if you are in contract it is too late to change lenders.

I would recommend you get on top of the lender and find out what is the cause.

This most common delay is because the bank that is lending you the fund has several conditions that need to be met in order to submit a loan package to the closer.

Which then it falls on the responsibility of the mortgage broker your lender to satisfy all condition for the final package.

Ask your lender what step is he/she is in and if they have met all the condition set by the bank lending the funds?

Good Luck.
Web Reference:  http://www.SLeonRealtor.com
1 vote
I recently had this problem and we finally closed a little over a month later. It was very frustrating. My buyer and myself were making several phone calls and emails a day. I went on line and got information so that we could communicate with the CEO. That was when we finally got it closed. This was an out of area finance company that I hope to Never deal with again. I wish you the best.
Flag Fri Aug 30, 2013
Bill Eckler, Agent, Venice, FL
Wed Sep 4, 2013
There are levels of approval.....if you have a final approval from your lender's underwriter there should be no hold up. There's obviously some sort of "glitch" that is getting in the way of you receiving the money necessary for closing.

Could the delay be caused by the seller. Short sales and foreclosures can encounter difficulties that cause delays as well.

There is no reason for you not to have a clear understanding of what is going on. Between you and your agent, you should be able to access the necessary clarity. Start making calls and asking question to the people that you are paying for answers.

Do not accept their unwillingness to provide you with information......

0 votes
Stephanie Le…, Agent, Miami Lakes, FL
Wed Sep 4, 2013
Hi Ana,

Congrats, on your new home. I am glad to hear everything has turned out great.

Thanks for giving us the update. It is nice to hear how things turn out..

0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Jun 27, 2013
This isn't good. Purchase & sale contracts generally have dates on them that you need to keep. If you had a closing scheduled for last week, the lender would know this and should be advising you so you can request an extension or provide whatever they may be lacking.
At this point, I don't know what you've tried to do to communicate with the lender but it's time to up your game. If they don't return your email, call them. If they wont' take your call, visit them. If they won't see you request the owner/broker/manager. You deserve answers.
Where is your agent in this process? They should be anxious to get your deal complete too. Perhaps if you double team them you'll get an update. I would also want to find out from your agent the status of the contract. If you were to close last week, you will need an extension signed by the seller agreeing to it.
0 votes
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