Posted on: 04th Oct, 2009 05:32 pm
Completed purchase contract on 2nd home in June. After meeting several recurring conditions, our loan made it through underwriting late August. Supposedly went into quality control September 9th and has been stuck there since. Commitment expires on 10/12. We have called our attorney, lender, broker and either they don't return our calls or don't know whats going on. We are VERY frustrated. I have 2 questions: Isn't this timeframe out of the ordinary at this point? And, what is supposed to happen with the commitment, an extension?
forgot to add that this is FHA
Hi momto!
Welcome to forums!
If the closing of loan does not take place within 10/12, the rate lock would expire. Thus, you will have to go for a new rate lock with the lender. If the interest rates are high compared to what you were offered earlier, you will have to go for a higher rate when you go for the new rate lock. I would suggest you to contact your lender and ask him to speed up the process.
Sussane
Welcome to forums!
If the closing of loan does not take place within 10/12, the rate lock would expire. Thus, you will have to go for a new rate lock with the lender. If the interest rates are high compared to what you were offered earlier, you will have to go for a higher rate when you go for the new rate lock. I would suggest you to contact your lender and ask him to speed up the process.
Sussane
come on, sussane...to tell mom to "contact your lender and ask him to speed up the process" is completely off the wall.
mom said, specifically: "We have called our attorney, lender, broker and either they don't return our calls or don't know whats going on"
that ought to be a pretty good indication that she's way ahead of you on that thought. i won't even comment on the silliness about rate locks.
back to mom and the case at hand: yes, that's too long a period of time for the loan to be in qc. do you have a realtor? that's someone who should be pushing for you at this time; i don't believe your lawyer won't go to bat for you. it might be time for a new one.
yes, to answer your final question, an extension is definitely going to be required. obviously, you'll want to get that done quickly. but you need to keep hammering away at the clowns who refuse to be of assistance to you. sooner or later, they've got to deal with you. can you kick it up a notch to a senior executive, perhaps?
mom said, specifically: "We have called our attorney, lender, broker and either they don't return our calls or don't know whats going on"
that ought to be a pretty good indication that she's way ahead of you on that thought. i won't even comment on the silliness about rate locks.
back to mom and the case at hand: yes, that's too long a period of time for the loan to be in qc. do you have a realtor? that's someone who should be pushing for you at this time; i don't believe your lawyer won't go to bat for you. it might be time for a new one.
yes, to answer your final question, an extension is definitely going to be required. obviously, you'll want to get that done quickly. but you need to keep hammering away at the clowns who refuse to be of assistance to you. sooner or later, they've got to deal with you. can you kick it up a notch to a senior executive, perhaps?
