Friday, June 17, 2016

Beyond furious

I am so furious right now! This original lender is changing her story completely on me now.

Wednesday I kind of let into her that, based on what she had told me, I thought we had construction and end loan financing set up, so we put our house for sale and accepted an offer. Then a few days after that I sent her our builder's final cost breakdown with floor plans. The builder's estimate came in higher than what she told us previously we had been approved for, so we needed to know if we were approved for that higher amount or needed to come up with Plan B and go with what we were originally approved for.

This was our exact phone conversation last Wednesday when she called:  "I've got good news and bad news for you Which do you want first?" I said give me the bad first.  She said "we realized that your lot is 80 miles outside of our construction radius, so we can't do the loan for you". I said what's the good news? "the good news is that you were approved for the higher amount". I said how is that good news if we don't have a loan? and she said "well, it just means that you probably won't have any problem getting approved by a different lender".  That was the conversation. NOTHING else mentioned.

So, every day since then I have been trying to get financing from somewhere else with road block after roadblock. Wednesday I kind of told her off, as I've mentioned already.  She calls a couple lenders in the area we are moving and tries to help. Yesterday I keep emailing her that they are all denying me because they are saying we have to be 7 years past bankruptcy because we listed our house in our bankruptcy filing. She tells me they are full of crap, which I say maybe, but that's not getting me any financing. One of the lenders (who needed like 30% down for a construction loan) said to me "to be completely honest with you I really doubt the 80 miles is the issue. My guess is it has to do with not getting approved and she doesn't want to tell you that". Turns out he was spot on

So, yesterday morning I had looked up and found they had a branch 33 miles closer to our place than she said and asked her why they couldn't use that branch, would it be in the radius then? That is when I found out they were using a city 50 miles farther from our lot, to calculate the 80 miles. Then she tells me she'll check into it some more.  Then a couple hours later she tells me they have this new Fannie Mae construction loan product coming out July 1st, it might work for us, but she doesn't really know anything about it yet and has some calls in about it. So today, I email her, asking for an update.  She calls me up to tell me she is referring me to a different lender, that she just talked with that might be able to help. She says this new loan program they are getting in July isn't fitting in with our time crunch issue. I said, so you can't get an exception on the construction loan with you guys for the extra 30 miles outside of your area on the loan we were already approved on?

Get this......she then says "well, that isn't the issue - we can get an exception for that - the problem is I can't do a construction loan if you've had a bankruptcy." WHAT?! I'm like what are you talking about? You told me last Wed that the issue was the distance, but that we were approved.  Then she starts in with all this bluffing crap. "Well, when you first asked me to approve you, you were going to buy a home and that approval is different.....I wasn't for sure what you were doing, so I wasn't going to update you in my system until it was decided. " When I first asked her to approve me the first thing I told her about was our bankruptcy. I said we were looking at homes to buy but also considering building. Our very first phone call she told me all about how their construction loan/end loan works. I still have the notes in my notebook I took as we talked. This was February. In March we went to look at homes and property. I came back and emailed her that we decided to build. Three weeks later we made the offer on the land and I gave her all that info. Two weeks later we put our house up for sale (which I emailed her our listing) and I told her our house plans were being drawn up and that the builder was then going to get us his cost estimates. He was slow at getting us those, and we actually got them a few days after we accepted the offer on our house.  Then she calls me last Wed and we have this conversation about it being 80 miles too far, but that we were approved. That was the exact conversation.  How about all those times she was told we were building to say "hey, I can't do a construction loan for you, because of your bankruptcy"?

My boss is the one who referred me to her. I don't blame her one bit, but I just emailed her with this whole new development on what the real story apparently is now. I said am I that bad at communicating? because I don't think I am. I'm extremely thorough and my boss said, no you are amazing at communicating.

I'm about to blow a cork right now.


  1. I think you could call an attorney or the association that governs realtors.

    1. it's not the realtor - it's the mortgage lender with a bank who did this. Actually the same bank we have our current home equity loan with, already.

  2. I'd find out who her boss is and talk directly with them. Is there a branch office you can actually go in and speak face-to-face with them? I'd definitely let the head honcho know how this chic totally screwed things up for you by providing you with inaccurate information!!!

  3. Can you get a loan for a home instead of building. While not ideal it might be a better idea.

    I would also go to speak with her boss, what she has done is just not right.

    So sorry for this mess

  4. You're doing this all wrong. Forget the banks. They suck. You need a MORTGAGE BROKER. Different animal. He/she'll get you the loan BUT it may not be the loan you had in mind. Banks are leary to lend nowadays anyway.
    You may have to buy a house already built in order to get approved for a loan.
    Stop arguing with this woman and move on. Time is of the essence. Have you gone into contract with your buyer? If so, you can't back out of the deal or you will be sued for Specific Performance. Think you have nightmares now? Just wait.
    What's the worse that can happen to you?
    You'll sell your house, get some cash and you'll have to rent for a while. But at least you will be out of that godforsaken neighborhood you were living in.
    This is a whole new beginning for you. You are very lucky and fortunate you sold your home. Woo Hoo! The hardest part is over! Everything else will work out.
    Find another way through the maze. Everything happens for a reason. You guys will get through this. Find another way!!
    Good luck.

  5. I am so sorry you are having to go through this. I'm saying a prayer that this all gets sorted out or that a new avenue comes up right away to solve it all, better than before. Maybe there is something better down the pike. How awful to be so excited about the new plans and to have it come crashing down. Good luck to you.

  6. That is so horrible and stressful!!! I'm so sorry this is happening to you and your family! =(