Dropped Ball

[gts_55113]

What is the name of your state? Minnesota.

I posted a message earlier but I am starting over because new info has come to light.

Nov I started talking to a lender in early November. I found out I qualified for a mortgage on Nov 16 and we found a house. I went in on November 22 to sign the paperwork for the mortgage and got the Good faith Estimate, a break down of costs and how they came to it. We set up a closing date of Dec 27.

Time passed and I was assured over and over everything was on track. But then on Dec 22 I recieve a call stating I needed to get flood insurance. I thought that was odd because Im not near any kind of water but I went out and got it. I thought it was last minute but what did I know.

Late december 23 I get a call from the lender saying the mortgage had completely fell apart. I quickly started making phone calls but because of the holidays and the timing (late friday afternoon) most businesses had shortened hours.

With everyone closed through Monday I could not get any info. It was not till 9 am Tuesday December 27 I was able to make calls ( I was suppose to close 10 am Dec 27)

I was told by my lender that MILA (Mortgaga Investment Lending Associates) had just up and pulled funding on all of the accounts of the program I was going to use.

I was pissed. So through hours of searching I was able to find the presidents of MILA direct number. I called and left a message at (2am)
8:00 that morning he personally gets back to me. What he said was greatly different then what my lender (Gr Lending) had said.

Mila said the funding was pulled to the package I qualified for BUT my account was closed prior to it.

Mila said on NOV 16 my account was opened. When it is opened (reguardless of the closing date) a timeline is established. Over the next 30 days certain checks and balances need to be done to keep the mortgage going. If those things are done within that time frame another 30 days kicks in. My lender fell behind and was so incomplete that Mila considered my account closed on Dec 16. So when they did close the program they did it ONLY to closed accounts. HAD my lender been upto date on my paperwork I would have been locked in. One example was the flood insurance. Mila sent me copies of faxes they sent to my lender EARLY -MID december saying I HAVE to get flood insurance. They sent a few letters saying HE NEEDS flood insurance. yet I did not find out till the 23 of december.

The program Was a 100% financing 80-20 mortgage. I work as a airline employee and was lucky to qualify what I qualified for. I called other lenders and this program was a program that fit me and the chances of qualifying for something else was slim.

I spent Hours on the phone. I was contacting VP's and board of directors or both Gr lending and MILA to get things done. MILA was great at communicating but my lender was less interested. It finally sounds like I got both sides to come up with a plan.

I wanted to get the ball rolling on this forum so I dont know what the final deal that they come up with is but early word is I will have to come up with is buying down a point which will cost me around $1200

I KNOW that this will help me long run, but I had budgeted planning on closing dec 27. I had $700 I had to bring to closing, now it sounds like I need to bring $1900

My christmas was ruined, the emotional stress over the weekend was aweful. I spent my days off running around canceling electric, gas, cable. I have spent hours on the phone making this happen and dont think its fair I have to eat the cost.

[seniorjudge]

Originally Posted by gts_55113

What is the name of your state? Minnesota.

I posted a message earlier but I am starting over because new info has come to light.

Nov I started talking to a lender in early November. I found out I qualified for a mortgage on Nov 16 and we found a house. I went in on November 22 to sign the paperwork for the mortgage and got the Good faith Estimate, a break down of costs and how they came to it. We set up a closing date of Dec 27.

Time passed and I was assured over and over everything was on track. But then on Dec 22 I recieve a call stating I needed to get flood insurance. I thought that was odd because Im not near any kind of water but I went out and got it. I thought it was last minute but what did I know.

Late december 23 I get a call from the lender saying the mortgage had completely fell apart. I quickly started making phone calls but because of the holidays and the timing (late friday afternoon) most businesses had shortened hours.

With everyone closed through Monday I could not get any info. It was not till 9 am Tuesday December 27 I was able to make calls ( I was suppose to close 10 am Dec 27)

I was told by my lender that MILA (Mortgaga Investment Lending Associates) had just up and pulled funding on all of the accounts of the program I was going to use.

I was pissed. So through hours of searching I was able to find the presidents of MILA direct number. I called and left a message at (2am)
8:00 that morning he personally gets back to me. What he said was greatly different then what my lender (Gr Lending) had said.

Mila said the funding was pulled to the package I qualified for BUT my account was closed prior to it.

Mila said on NOV 16 my account was opened. When it is opened (reguardless of the closing date) a timeline is established. Over the next 30 days certain checks and balances need to be done to keep the mortgage going. If those things are done within that time frame another 30 days kicks in. My lender fell behind and was so incomplete that Mila considered my account closed on Dec 16. So when they did close the program they did it ONLY to closed accounts. HAD my lender been upto date on my paperwork I would have been locked in. One example was the flood insurance. Mila sent me copies of faxes they sent to my lender EARLY -MID december saying I HAVE to get flood insurance. They sent a few letters saying HE NEEDS flood insurance. yet I did not find out till the 23 of december.

The program Was a 100% financing 80-20 mortgage. I work as a airline employee and was lucky to qualify what I qualified for. I called other lenders and this program was a program that fit me and the chances of qualifying for something else was slim.

I spent Hours on the phone. I was contacting VP's and board of directors or both Gr lending and MILA to get things done. MILA was great at communicating but my lender was less interested. It finally sounds like I got both sides to come up with a plan.

I wanted to get the ball rolling on this forum so I dont know what the final deal that they come up with is but early word is I will have to come up with is buying down a point which will cost me around $1200

I KNOW that this will help me long run, but I had budgeted planning on closing dec 27. I had $700 I had to bring to closing, now it sounds like I need to bring $1900

My christmas was ruined, the emotional stress over the weekend was aweful. I spent my days off running around canceling electric, gas, cable. I have spent hours on the phone making this happen and dont think its fair I have to eat the cost.

Post any legal questions you may have (I could see none) in your original thread:

[url]http://forum.freeadvice.com/showthread.php?t=298038[/url]