Question About My Personal Home.

I am in the process of buying my own personal home. So far it has been a tryong experience for me. We are being held up by our mortgage broker on the closing of out new home and the home builders are threatening to take it away and sell it from under us. What leg do we have to stand on? I want the home, it is ready for us to move into, we are just waiting on the docs to be delivered to the title company. Can they sell it out from under us?

Comments(8)

  • SmileyFace3rd October, 2003

    Yes, they could, if did not close the date you were supposed to close, but I hope this will not happen.

    By the way, did you ask your broker why you couldn't close the lone on the schedule date.

  • GFous4th October, 2003

    Too little information here to help.

    Has the closing day on the contract come and gone? What does the title company say? Is there an earnest money depoit? Who has it?

    This is your deal and yours to lose. Stay on top of title company, and broker.

    Good luck
    [addsig]

  • CURTWILL6th October, 2003

    Well a quick update. The broker who was doing our loan has been replaced with his supervisor, and has been in contact with the builders. He assured us that they could not sell our home unless they gave us written notice, and we would have to sign off on it. We are a little over a month on our due date for closing, a few people we talked to said this some times happens. (I hope this doesnt happen when I start investing). That will be a pain. We are just waiting on the document company now. Hopefully I will be hearing from some one today.
    Thanks for the replys

    Curt

  • CURTWILL8th October, 2003

    Well as it truns out, I was lied to. The mortgage broker sent it through again and then lost the loan. The last time I talked to Texas Residential, the loan was clear to close. Yesterday we got a call that said the loan could not be found anywhere. They lost the paper trail to the loan. So we contacted the Owners of Texas Residential and they said they would have some one work on it. Another call came and they cant find it. So they wanted to start over. Well long story short, they pulled my credit again and found 10 inquiries in the last 10 days. It some how dropped my score from 610 to 545, they rejected my loan. So now I dont have a home and went throuh this for almost a year for nothing. Not to mention they get to keep my $1700 dollars in escrow unless we buy a house with them in the future. ( after we get the mess cleaned up credit wise)
    I am not sure what I can do about this but I am sure an attorney would know.
    I thought I had a decient score untill this happened but now I guess it all went south. I dont know what else to do.

    Any ideas?
    Input would be greatly appriciated

    Curt

  • jhgraves8th October, 2003

    You should be able to get a loan with a 545, may not be an ideal interest rate. Look at the Lenders tab.

  • SKHunter8th October, 2003

    Sorry you have been through all of this. I just went through it on a lesser note.
    The mortgage co sounds a little fishy, but maybe you need to find an attorney to be sure you are protected. You can contact the state real estate commisioners office for advice too. They will investigate to see if there was anything not done as it should have been. Good luck and don't EVER give up!!

  • CURTWILL29th March, 2004

    Ok. I have been on leave from REI for about 4 months now and I am back to say that all my troubles with my personal home are over now. The loan officer I had messed my credit up pretty good but after a few month of repair I finnally closed on my home that I had built for me. All is good on the homefront and I am a happy camper now.

  • InActive_Account29th March, 2004

    Congradulations. Things happen on loans when people and machine are involved. Glad to hear you got the problem solved.

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