kaktennessee
New Member
Hi,
I am currently in a huge mess due to my loan originator. I was pre approved for a loan from another bank and found a house in Foreclosure that is perfect for me. My contract was accepted and I asked for 45 days to close to make sure everything was in order. The house had a homepath sign and after doing some research on the loan decided it would be a better loan package. I picked my loan originator from the homepath site (the only one that was local here in nashville) I could have gone out of state but thought that I would get better service and over see thing better if the loan originator was local. I contacted him and he said that he handled homepath loans. I sent him the contract and visited his office to sign the initial paperwork. He said it would take about 2 weeks for everything to come back but said that everything was good and I should have no problems qualifying. I kept in touch for 3 weeks making sure everything was moving along and to make sure he had all the information needed. Last thursday he found out that the loan was denied. The reason is the house was only qualified for a homepath renovation mortgage and not the regular homepath mortgage. He applied for the wrong loan I myself was not aware there were two different loan packages and since he was a approved homepath loan originator his first step should have been to check to see what loan the house could get. Also he found out thursday. He did not inform me that there was a problem until monday afternoon. When he did inform me he stated that he talked to fannie Mae and was trying to get the home switch to the regular homepath loan since the home was not in disrepair. He assured me that he had talked to frannie mae and the loan would 99.9% be switch to the regular homepath loan. He asked that I write a letter to fannie Mae stating that the home was not in disrepair and planned on moving in right after closing and doing a remodel on the 2nd bathroom with funds that I had set aside in savings but the bathroom was in working condition. I wrote the letter and had it to him 2 hours later.(Monday night) I contacted him on Wednesday and he informed me that he should have a answer that day. I sent him a email later that day saying that it had to be taken care of today since the closing was in a week and half. Since then I have not heard anything. My realtor and the listing agent talked to him yesterday( thursday) and he said he should know something by today(friday) the latest and that he would contact all of us. What a surprise no call to any of us and it is friday night. I close now in a week and wednesday after talking to I decided to go down to my local bank and see what options I have. I have come up with having to borrow the whole amount from my roth IRa and getting a line of credit on the house to repay the Ira before the 60 day loan rule runs out. I have been pre approved for a line of credit, and conventional loan but due to the time limit I will have to do the line of credit. Then I have to wait to refinance the house(due to seasoning). He does not return emails or phone calls. I called fannie mae and told them the story and they say its the mortgage brokers fault and I should issue a complaint. Can I sue him for damages? He and his bank are the only one in Tennessee to write the homepath loan and he should of had training in this type of loan. Also he withheld the knowledge that the loan was denied for 4 1/2 days. I am issuing all the complaints I can but I will lose any interest in stock that I take my 401k and since I am a fist time home buyer might not be able to take out the 10,000 down payment for roth ira holders. Any ideas or comments on what to do would really help
Thanks
I am currently in a huge mess due to my loan originator. I was pre approved for a loan from another bank and found a house in Foreclosure that is perfect for me. My contract was accepted and I asked for 45 days to close to make sure everything was in order. The house had a homepath sign and after doing some research on the loan decided it would be a better loan package. I picked my loan originator from the homepath site (the only one that was local here in nashville) I could have gone out of state but thought that I would get better service and over see thing better if the loan originator was local. I contacted him and he said that he handled homepath loans. I sent him the contract and visited his office to sign the initial paperwork. He said it would take about 2 weeks for everything to come back but said that everything was good and I should have no problems qualifying. I kept in touch for 3 weeks making sure everything was moving along and to make sure he had all the information needed. Last thursday he found out that the loan was denied. The reason is the house was only qualified for a homepath renovation mortgage and not the regular homepath mortgage. He applied for the wrong loan I myself was not aware there were two different loan packages and since he was a approved homepath loan originator his first step should have been to check to see what loan the house could get. Also he found out thursday. He did not inform me that there was a problem until monday afternoon. When he did inform me he stated that he talked to fannie Mae and was trying to get the home switch to the regular homepath loan since the home was not in disrepair. He assured me that he had talked to frannie mae and the loan would 99.9% be switch to the regular homepath loan. He asked that I write a letter to fannie Mae stating that the home was not in disrepair and planned on moving in right after closing and doing a remodel on the 2nd bathroom with funds that I had set aside in savings but the bathroom was in working condition. I wrote the letter and had it to him 2 hours later.(Monday night) I contacted him on Wednesday and he informed me that he should have a answer that day. I sent him a email later that day saying that it had to be taken care of today since the closing was in a week and half. Since then I have not heard anything. My realtor and the listing agent talked to him yesterday( thursday) and he said he should know something by today(friday) the latest and that he would contact all of us. What a surprise no call to any of us and it is friday night. I close now in a week and wednesday after talking to I decided to go down to my local bank and see what options I have. I have come up with having to borrow the whole amount from my roth IRa and getting a line of credit on the house to repay the Ira before the 60 day loan rule runs out. I have been pre approved for a line of credit, and conventional loan but due to the time limit I will have to do the line of credit. Then I have to wait to refinance the house(due to seasoning). He does not return emails or phone calls. I called fannie mae and told them the story and they say its the mortgage brokers fault and I should issue a complaint. Can I sue him for damages? He and his bank are the only one in Tennessee to write the homepath loan and he should of had training in this type of loan. Also he withheld the knowledge that the loan was denied for 4 1/2 days. I am issuing all the complaints I can but I will lose any interest in stock that I take my 401k and since I am a fist time home buyer might not be able to take out the 10,000 down payment for roth ira holders. Any ideas or comments on what to do would really help
Thanks