how long to close

**cath491** · 05-08-2009, 09:24 PM

I am in Louisiana. We are trying to purchase a new doublewide, and the land and improvements. The mortgage is going to be for 118 thousand. We had applied back in January with Countrywide and Quicken to buy a house, and were pre-approved with both, then received notification weeks later after we had started house-hunting, that we were denied, from both lenders at different times. Strange, I thought...so I assumed it would be too good to be true to get a home loan.

We had a lease purchase agreement where we are now, and opted out of it because the price mysteriously jumped 10 thousand dollars when it was time for us to buy. We are too prideful I suppose, to pay the extra, so we basically told the landlord she could keep her place, we were not going to be run over that way. So, it seems she is having another family take up residence in July. Looking back, I guess this was a mistake to be so rude to her about it, because now we have to move.)

So, we decided after the Countrywide and Quicken incident to try and apply for financing for a doublewide in the end of February...we have 4 small children and nice rentals are really hard to come by in the area. We thought maybe by this time our credit had improved enough to maybe get approved.

We (I keep saying we, it's all in his name...the lender said they were leaving me off because my credit was worse than his and I have no income.) were approved for a rural development loan with a mortgage company in our state, for a home we chose, and up to a certain amount for land. We found land, started the whole process. We turned in everything we have been asked to. My husband (his credit scores with each bureau are 616, 622, and 660) had a bankruptcy in 2004, and has had about 4 accounts go into collections, all hospital bills. We have all of that paid off, but still had to write a letter of explanation for the mortgage company for each bad account. We did a homebuyer's course, numerous other things.

We have called every week since the first of March. The appraisal came back fine...130 thousand, which is a good bit more than we are paying. It went into underwriting about 3 weeks ago. The first week it was in underwriting, the loan officer assured us it would only take a couple days. The second week, they said they should hear back that day or the next. This past week, they said the underwriter wanted appraisals done on similar properties in the area and they should hear back this coming week.

Do these things normally take this long? I emailed the loan officer yesterday asking them to speak to the underwriter and let them know we sort of have a deadline...it will take 30 days after we clear the land for them to get the home out there and everything set up. We can't clear land until closing. If we have to be out of here by July, we really needed to have closed before now. I have not heard back from the lender, I get the feeling they don't want to talk to me, which I guess is typical because technically my husband is the applicant. But he works everyday and cannot spend time on the phone at work other than when he has called once a week just to see if they are ready to close. We just would like someone to explain it all to us and answer our concerns.

Is there anything we can do to speed things up or is it totally out of our hands? And how likely is it that they would turn us down so late in the game?
Also, I read an article by a loan officer talking about how, many times, the underwriter denies an application, and the loan officers sometimes don't want to tell the buyer, and instead just keep sending the application to other lenders hoping for an approval...is this very common? I am worried now that maybe something like this has happened and we are just waiting for nothing...I suppose I am a little paranoid about it.

I am so worried about it, and wish I had more of an understanding of what to expect. Any insight at all would be helpful.

**Vegasloanlady** · 05-08-2009, 11:32 PM

"We had a lease purchase agreement where we are now, and opted out of it because the price mysteriously jumped 10 thousand dollars when it was time for us to buy. We are too prideful I suppose, to pay the extra, so we basically told the landlord she could keep her place, we were not going to be run over that way. So, it seems she is having another family take up residence in July. Looking back, I guess this was a mistake to be so rude to her about it, because now we have to move.)"

did you not have a option agreement stating how much you would have to pay? if u did, then your landlord can not charge you any more than what was stated.

**cath491** · 05-09-2009, 08:56 AM

We did have the amount agreed on in the paperwork...she just wanted the payoff. We were to pay the note she owed each month (350) up until March of this year, when we could buy it for the payoff amount. Back when we first moved in, she told us what the payoff was going to be in March(21,000), and that is the amount we put in our contract as the purchase price. We just stated that it would not exceed $22000 just in case it was a little off from what the bank had initially told her it was going to be. We all signed the paper, and had a notary sign and stamp it, just like the lawyer had told us to do.
Then, in January, I went to the bank to start trying to apply for financing for the place...I didn't know how long it would take to buy it, wanted to get it done before March. We were told we could buy it for the payoff amount, financing it with the bank. (We both use the same bank.) But the payoff was nearly ten thousand dollars more than what we had agreed to pay for the place. They said it was $30,750 something dollars.
I contacted the landlord asking why there was such a difference. The bank would not tell me anything about if it had been refinanced or she had added debt to it, I guess because it is her account...they would only tell me the payoff. The landlord did not answer my calls or emails, up until March. She lives out of town, so I did not try to go to her home or anything, I thought calls and emails would be sufficient. When I didn't hear from her by around the end of January, I just emailed and told her we were not going to pay her all that extra money. When she emailed me in March, the story was that the payoff was 28 thousand (still 7 thousand more though!) and I know that is not true...I went back to the bank that week to check again and it was 30,100 and change. She also mentioned that it appraised for $35000...unless she has had an appraisal done when I haven't been home...that is probably what it appraised for when she bought the place. We have been here 2 years, and no one has come when we have been home...I would think they would need to come inside the house...no matter anyway. I think it's just one of her lies.
There is nothing special about the place. It's a single wide trailer, 1994 model. It sits on an acre and a half of land. The home is in bad disrepair. We have cleaned the place up a good bit and started working on some things. We had wanted to buy and thought this would be a good way for us to do that, and because it was a low price, we wanted to pay it off quickly after we bought it and then work on building on the land or getting a doublewide.
But I will not pay so much more than what we agreed to. If it were a two hundred thousand dollar house, it wouldn't be as big a deal.
Anyway, I spoke to the attorney that told us how to put together our contract, along with another lawyer in teh area. They both said that we could file a suit, but we would have to pay the costs involved up front, and we could request that she have to pay it back. But they both said it would take months to do it all, and there is no guarantee we would win because the bank is not going to take less than the payoff amount, and if she sold the property, the bank is not going to just take less than the payoff and let her pay off the rest with no collateral.
So, I was not willing to chance it, it seemed like such a huge hassle, and we would rather use what bit of savings we have to work on getting into a new place where we don't have to deal with all teh drama.
I have spread the word around about what she did because she has another family moving in here in July, and has basically told them the same story about the payoff and all. The couple don't believe us, the wife is related to her or something. There is no telling what teh landlord said was the reason we were leaving...they don't think it has anything to do with the landlord lying to us. I just hope they know what they are getting into.

**REITrainingWhse** · 05-09-2009, 10:07 PM

Originally Posted by cath491

I am in Louisiana. We are trying to purchase a new doublewide, and the land and improvements.

Hmm, that is considered a home? (Not to be offensive, I am just a little taken back.) I am wondering if the lenders are looking for something a little more "conventional" when they said that they will supply you with a home loan. I don't think there is a very high demand for mobile homes, when compared to say a "bricks and morter" type home. I don't know, maybe in your area mobile homes are much more in demand, though if I was the lender, I might be leary and that is the reason for the delays... Again, maybe mobile homes are more common in LA.

Taking everything else in consideration, sometimes things take time, though if it is taking more than a month, there is something going on with underwriting, like credit issues, lender's stability, etc. that is causing delays. How are you acquiring the lending sources? Using a mortgage broker, or just calling places? What is nice about having a mortgage broker is that they can shop around, and if one place is stalling, they might have another place that will provide you funding. And yeah, they might not tell you that you were denied by one, and look at another... Very common.

As for help... Well, first you need to find out WHY you are getting delayed, before you can fix it. So talk with the loan officers and find out why, ask questions... Only then can you fix what is broke.

Sorry for not being much help.

Later.

**cath491** · 05-10-2009, 02:43 AM

No offense taken at all. Doublewides are a big thing around here. I don't know if they are in the rest of Louisiana, but where we live alot of people have mobile homes.
I do appreciate the insight...I guess we just need to be a little more firm with the loan officer...my husband tends to not ask alot of questions when he calls, and they won't give me any details because I am not the applicant...even though we are married. He just asks the status and leaves it at that.
The lender we are using is one of the ones the mobile home dealership uses. We went there first...the lots around here have that, where you go and apply for pre-approval first, then they submit the app to their lenders, so that is how we were approved.
I guess no one can really give me any definite answers because each case is different. But thanks for clearing up the issue about whether or not the lenders will do that, send the app around to get an approval elsewhere...I wasn't sure if that was a common thing or not...now I know.
I appreciate your input.

**luke8000road** · 05-10-2009, 02:56 AM

you have given your advises to so many earger people who really interested in RE .You have wide knowlege in RE.

Originally Posted by REITrainingWhse

Hmm, that is considered a home? (Not to be offensive, I am just a little taken back.) I am wondering if the lenders are looking for something a little more "conventional" when they said that they will supply you with a home loan. I don't think there is a very high demand for mobile homes, when compared to say a "bricks and morter" type home. I don't know, maybe in your area mobile homes are much more in demand, though if I was the lender, I might be leary and that is the reason for the delays... Again, maybe mobile homes are more common in LA.

Taking everything else in consideration, sometimes things take time, though if it is taking more than a month, there is something going on with underwriting, like credit issues, lender's stability, etc. that is causing delays. How are you acquiring the lending sources? Using a mortgage broker, or just calling places? What is nice about having a mortgage broker is that they can shop around, and if one place is stalling, they might have another place that will provide you funding. And yeah, they might not tell you that you were denied by one, and look at another... Very common.

As for help... Well, first you need to find out WHY you are getting delayed, before you can fix it. So talk with the loan officers and find out why, ask questions... Only then can you fix what is broke.

Sorry for not being much help.

Later.

**REITrainingWhse** · 05-10-2009, 09:34 AM

Originally Posted by cath491

I guess we just need to be a little more firm with the loan officer...my husband tends to not ask alot of questions when he calls, and they won't give me any details because I am not the applicant...even though we are married. He just asks the status and leaves it at that.

Well, that could be an issue... You need to get firm with the loan officer sometimes, in order to get things done. Maybe you should ask you husband to sign an authorization to release information, (or maybe you will need to go to the power of attorney level,) so that you can take the reigns and get the thing done (talk with the lenders on behalf of your husband.)

Originally Posted by cath491

The lender we are using is one of the ones the mobile home dealership uses. We went there first...

Well, go on the Internet and seach for mortgage brokers, a little competition never hurts, and it might light a fire under your current loan officer's butt, if not you might find someone that is better in getting you the funds anyway.

Originally Posted by cath491

I guess no one can really give me any definite answers because each case is different.

True enough. You need to find what is the hold up... You might find out it is the loan officer! In any case find out where the holdup is and then fix it.

Later!