This loan process has turned out even way more stressful than having to go through bankruptcy! I'm to the point I don't even care anymore what happens or what we end up doing. Friday afternoon I get a bank mortgage lender that gives me verbal approval. Tuesday morning, as I'm on my way to work, she calls me up and says "sorry, underwriting decided to say no. I'm really surprised, you meet all the guidelines and criteria, but they just decided overall it's a risk."
So, I had to turn around and go back home (at least I was only a few miles into my commute) and spend yet another day taking off work (thank god I have the most understanding boss in the world) so that I can try to figure out what to do. I was still waiting to hear back from this lender at a very small bank, so I email him again. He's the VP and informs me he was going to meet with his loan processor yesterday afternoon to go over my file.
in the meantime I'm emailing my realtor - just so I know all my options. Apparently we do have some wiggle room to cancel this sale, if we wanted. The buyer is still out of the county, and not following up with communications, until the end of the month. I said I thought you said he finally called in and now they were going to get the FHA appraisal finally ordered (this was 10 days ago now). Well, now I'm being told he switched lenders, so it still hasn't been done. Well, if he was able to switch lenders, then why didn't he authorize or the new lender get the FHA appraisal ordered? they know it has to be done. Something is starting to smell bad in all this, too.
I'm also emailing with this lender lady who screwed me over in all this. She's trying to cover her butt, (because I talked to a lending manager yesterday morning) so her story changed again, though she's still trying to stick with that she didn't know we needed a construction loan. Bottom line is on June 6th I sent her an email with house and shop plans and builder's cost breakdowns, that came in higher than what she told we were originally approved for, to ask if we could get approved for this. June 8th she told me we got approved for the higher amount (but our property was too far away). So what the heck type of loan was she approving me for and telling me I got approved for the higher amount if it wasn't a construction loan?! ummm.....house plans and specs should have been the first clue...not to mention all our other emails and phone calls about it. And she again tried to tell me that when she first talked to me only said I wanted a regular loan on a home purchase. I forwarded her my very first email to her, where I specifically said:
We are also considering building a
home, so would appreciate any info you have on the financing process for that,
as well as any requirements that might differ from just buying a home already
right after that first email we had a phone call where she explained the whole construction loan process to me. Obviously I'm not going to get a straight answer from her.
Then someone suggested another small saving and loan type bank in the area, so I gave a call. Again, super nice person. "Oh ya, we should definitely be able to do something for you." "Our construction loans are great, they run really smoothly." Same thing they all say (I have decided that lenders are really just salespeople - wish I could just circumvent them and go straight to an underwriter!). He sent me a link to do an online app, which I promptly did. I then emailed him some additional info and a follow up email this morning. No word back.
The other small bank is following up with me first thing this am with more bk filing questions. Again, and as I told him would come up, the issue they are running into is our mortgage, and supposedly the HELOC, are not showing up on our credit report, since we filed bk. Making it look like we had a foreclosure, etc. Well, I can prove we kept the house. I can prove I have continued to make on time monthly payments the past 5 1/2 years. Good grief.
I called up the HELOC bank and said apparently you guys haven't reported any of my payments to the credit bureau in almost 6 years. Is there a way to remedy that so I can start getting some credit for all my payments? She looked up my loan account and it has the box checked off that says they will report it to the bureaus monthly. Hmm. so that needs to be looked into further. She asked me to send any credit report I have that is not showing it, so I have asked the most recent 2 lenders to get me whatever they have, no reply back.
I called up the bank that has our mortgage. Big national bank, so I wasn't expecting anything out of them. Sure enough, they said if I didn't re-affirm the mortgage with my bk filing, then they won't report.
So, it's all like a big catch 22 that no one can just use common sense on. How about I just supply them with the past 70 months of bank statements that show my mortgage payment being transferred out of my checking account on the 15th of each month to the mortgage loan with same bank?