Wednesday, June 15, 2016

This is just too much to deal with

I am just beyond exhausted and just about in tears. Another week wasted with still no financing resolved!Now I'm being told that we don't qualify for the end loan (the regular conventional loan that the construction loan gets converted to) because since we had to include out home in our bankruptcy filing we have to be 7 years past, not 4 years. But my original lender is telling me it's 4 years per the "rules". The 7 years is only if we had been foreclosed on with our bankruptcy. We were not. We have never been late or behind on payments. We kept our house and we've continued to make timely payment the past 6 years post bankruptcy. Another lender said she thought it was 4 years too, but now she is double checking, but still couldn't get back to me on it today. We had to include our mortgage in our bankruptcy, even though we were keeping the house, we didn't have a choice.

I am honestly just pissed off and furious at my original lender. There was a reason I spent the time to get pre-approved months ago. If I had any inkling it wasn't going to go through, I wouldn't have even listed my house yet, LET ALONE accepted on offer on it! Now I'm supposed to be out in 40-some days and have no financing and no where to move to. She tells me it's because that she found out our lot is 80 miles outside their construction zone. Well, if that is the case then they don't even DO construction loans in that state, period. Our property is 58 miles from the state border. Plus the whole time I had told her the "area" we were looking, which was really about 100 miles from the state border. She should have known they didn't do construction loans in the state or at least checked on it from the very beginning.

and her "I have good news and bad news" a week ago....well I asked why being approved by her bank was good news when they wouldn't do our construction loan now and her reply was "well, you were approved for the extra amount, so that means you'll get approved by another bank".  Really? cuz it sure ain't happening yet! DH is beyond stressed and you all know he can't handle stress at all. He's ready to just back out of everything at this point and just stay here. But, of course now that we've accepted an offer to sell, that would just create a whole new set of problems for us.

14 comments:

  1. Didn't you make the sale contingent of your needs being met? (getting the loan) ??? Hopefully, it will all work out, but I understand the stress.

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    1. honestly, I'm not sure. When we listed our home and accepted offer, we thought we had our financing needs met. We did have the purchase of the land offer contingent on our financing.

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  2. What about Churchill Loans. So sorry for the stress

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  3. I am so sorry for you. Hang in there though. Are you dealing with just one lender? Aren't there alternatives that you can seek out? Just keep breathing. I am sure things will take a turn for the better in no time. Whenever I feel overwhelmed like this, it always gets better once I take a step back and try something I had not considered before. E-Hugs to you!

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    1. I've been trying to deal with several lenders now. Two, who at this early stage, act like they might be able to do something, but still waiting on an answer.

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  4. Mortgage underwriter/auditor here. Fannie Mae requires 4 yrs after a BK. If the 2nd lien was discharged (from your prior posts it sounds like it was), then the waiting period is 7 years UNLESS the mortgage obligation was included in the BK- then you go by BK guidelines. Here are underwriting guidelines: (https://www.fanniemae.com/content/guide/selling/b3/5.3/07.html). What's tricky with yours is determination date of date of discharge since you are re-opening and getting lien released now. If they won't do conventional loan, ask if your property qualifies for FHA refinance at the end (home type matters- manf home must be at least 12 months completed before refinance applications). FHA only requires 3 years after BK/significant derogatory event.

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    1. neither or first mortgage or our home equity loan was discharged. Our attorney said if we wanted to keep the home, we couldn't get the home equity loan discharged. We kept home and continue to pay both.

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  5. If you have financing for the land, can't you move as planned and if the construction loan is delayed....then just live in the camper longer? Or if it looks like the construction loan is not going to happen now, then you can look at rentals...both near where you are and in your new area.

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    1. There are covenents for the 7 2 acre parcels in this small subdivision allowing living in a camper for 6 months during building process, so we couldn't just go move on there for a year or more. Also, the winters aren't condusive to living in a camper. we had planned to be done with building or at least able to put the camper inside the heated shop if we had some cold weather before we could move in the house. At this point not interested in renting, since we have no idea how long it would end up. We have a huge shop full of stuff and dh just doesn't have the energy/health to have to move it all twice.

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  6. Oh no.
    I'm hoping that something, somehow works out.
    Breathe.
    Monica

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    1. thank you Monica. Trying to remember to breathe....

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  7. Awwww, this really stinks that you have to jump through all of these hoops - but if doing so will get you out of the 'hood & into your beautiful new home, well........keep your eye on the prize! :-)
    Hang in there!

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    1. Thanks Susie Q. I'm keeping my fingers crossed.

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