TRSSanders
New Member
I purchased a house about two weeks ago, so I thought. On April 4, 2008 my mortgage broker submitted paperwork for a loan to Veterans Financial Institution located in Maryland, with a branch office in the same town as myself, Tampa, FL. On April 18, 2008 we received our first approval to close. They came back with a large number of stipulations that needed to be filled prior to absolute final approval. These stipulations were completed within the same day or no later than the next morning. We received our last and final approval to close on May 2, 2008. All parties were notified that the signing for closing was to take place May 7, 2008 at 8 AM EST at the title companies office. All contracts, paperwork, etc. were signed and finished by 9:30 AM EST and a wire transfer started to take place to the title company from Veterans to pay the sellers loan in full. I started to move right after the paperwork was signed and was completed by around 5 PM EST. Veterans requested the title company call Veterans to verify they received the wire. The title company called to acknowledge receipt and was told to stop payment to the sellers bank. Approximately 1:30 PM my mortgage broker received the call telling them that there was an issue.
Veterans is a wholesaler, so they had Taylor Bean and Whitaker lined up to purchase the loan right away. This would have been the sixth loan Veterans sold to Taylor Bean and Whitaker within the past four to five days. However, the relationship between Veterans and Taylor Bean and Whitaker was at an end from what we understand, so the purchase of the loan was refused. At this point Veterans no longer wanted to handle my loan because they had no one to sell it to, even though they were the originating loan company.
From what I am being told, Veterans is completely in the wrong and can be sued by several parties. Because all paperwork, absolutely everything had been signed and completed, except the transfer of the payoff to the sellers bank. Not only have I personally incurred costs from moving, but contracts with certain utilities for that address and contractors for home repairs, down payments have all been set in motion or completed.
It would be costly to Veterans, but they can handle the loan from what I am being told, but it does not matter to me who owns it, just that Veterans owns up to their end of the signed contracts which were signed by them and all parties.
I forgot to mention this beforehand, but the seller was going into foreclosure and it has been held off until May 30th because of what is going on right now with this.
I Have the number four person at Veterans cell and direct line. I have not contacted them yet because I am wondering what my options are, what can my wife and I do? We are really stuck between a rock and a hard place, please if anyone knows something solid that I can do, please let me know.
Thank you in advance for any help.
Tracy
Veterans is a wholesaler, so they had Taylor Bean and Whitaker lined up to purchase the loan right away. This would have been the sixth loan Veterans sold to Taylor Bean and Whitaker within the past four to five days. However, the relationship between Veterans and Taylor Bean and Whitaker was at an end from what we understand, so the purchase of the loan was refused. At this point Veterans no longer wanted to handle my loan because they had no one to sell it to, even though they were the originating loan company.
From what I am being told, Veterans is completely in the wrong and can be sued by several parties. Because all paperwork, absolutely everything had been signed and completed, except the transfer of the payoff to the sellers bank. Not only have I personally incurred costs from moving, but contracts with certain utilities for that address and contractors for home repairs, down payments have all been set in motion or completed.
It would be costly to Veterans, but they can handle the loan from what I am being told, but it does not matter to me who owns it, just that Veterans owns up to their end of the signed contracts which were signed by them and all parties.
I forgot to mention this beforehand, but the seller was going into foreclosure and it has been held off until May 30th because of what is going on right now with this.
I Have the number four person at Veterans cell and direct line. I have not contacted them yet because I am wondering what my options are, what can my wife and I do? We are really stuck between a rock and a hard place, please if anyone knows something solid that I can do, please let me know.
Thank you in advance for any help.
Tracy
