F
FoxSMulder1013
Guest
In am located in Florida. I recently went through a mortgage broker in an attempt to obtain a new home mortgage with a lower percentage. I did everything that was asked of me: Survey, Water Inspection, Termite Inspection, etc.
I was told the FHA loan was approved and closing would take place on June 15, 2001 at 6pm in the Miami area and my wife would need to be present. I work in Miami and live in Lake County (400 miles north of Miami). The Title company in Lake County said they were sending the documents to the Title company in Miami and they would be shipped overnight back to them because they have to do the filing with the courts, etc.
My wife and I went to the Title Company and I signed all the documents that are normally signed at closing and copies were given to me. We were told there is a 3 day cooling off period and funds would be released on Wed, June 20, 2001 because I am getting cash back as well as paying off the original loan.
At 8:30pm on June 19, 2001, I was called and told not to go to the title company to pick up my money, that the loan was not finally approved by FHA and funds would not be released because my well is located 6 feet from my property line and HUD requires it to be 10 feet. This well has been in place for 35 years. Naturally, I am shocked. On June 20, 2001, The title company in Lake County says they received a call from the mortgage broker to return all documents to them.
Saturday, I receive new documents from my home owners insurance removing my old lender and adding this new lender's name to the policy. I called the broker and they say they are working on a new loan, with the same lender, under a different loan method and not to worry about the insurance document, that this is normal.
I am in need of advice on what to do???? I assumed that when closing everything is done and approved.
I was told the FHA loan was approved and closing would take place on June 15, 2001 at 6pm in the Miami area and my wife would need to be present. I work in Miami and live in Lake County (400 miles north of Miami). The Title company in Lake County said they were sending the documents to the Title company in Miami and they would be shipped overnight back to them because they have to do the filing with the courts, etc.
My wife and I went to the Title Company and I signed all the documents that are normally signed at closing and copies were given to me. We were told there is a 3 day cooling off period and funds would be released on Wed, June 20, 2001 because I am getting cash back as well as paying off the original loan.
At 8:30pm on June 19, 2001, I was called and told not to go to the title company to pick up my money, that the loan was not finally approved by FHA and funds would not be released because my well is located 6 feet from my property line and HUD requires it to be 10 feet. This well has been in place for 35 years. Naturally, I am shocked. On June 20, 2001, The title company in Lake County says they received a call from the mortgage broker to return all documents to them.
Saturday, I receive new documents from my home owners insurance removing my old lender and adding this new lender's name to the policy. I called the broker and they say they are working on a new loan, with the same lender, under a different loan method and not to worry about the insurance document, that this is normal.
I am in need of advice on what to do???? I assumed that when closing everything is done and approved.