Mortgage failed last min

[gts_55113]

What is the name of your state? Minnesota. On November 22 2005 I met with my Mortgage person and filled out a Loan application. Since we had talked prior and had a property all picked out I was given a good faith Estimate that day. I was to Close on Dec 27 2005.

On Dec 21 I get a call from her saying I need to get and pay for a year of flood insurance. ASAP. I thought that was odd esp since it seemed last min. So I went to the insurance company and told tem what I needed. After laughing at me they told me they had never done one in the area before. It was like somone in Iowa getting hurricane insurance. So I call her up and explain that their telling me I dont need it in my area. She tells me I still am required to get it. So I get it. after I pay a print out comes up. the printout is a document From FEMA its "STANDARD FLOOD HAZADA DETERMINATION" in it it states Is building in special flood hazard area, NO (is checked) then in notes it says Structure is not affected and in not in a floodplain.

so Im wondering why cant my mortgage person figure this out and expain it to the underwriter. Im moving to a flat town with no lakes and the nearest river is over 10 miles away and it might as well be a creek.

But here is the kicker.

Friday afternoon Dec 23 (4 days before closing) I get a call from my agent saying she just spoke to the mortgage lady who said financing fell through and i needed to come up with $8000 or I was out of luck. ( I had 100% financing set up) now they wanted a percentage. I am suppose to close on Tues. Because of Christmas most offices are closed Monday and by the time she called me most offices were closed for the weekend. my closing time is 10:00 am so basically it was ZERO hourwhen my morgage fell through. Does this happen or did she drag her feet or something.

[seniorjudge]

Originally Posted by gts_55113

What is the name of your state? Minnesota. On November 22 2005 I met with my Mortgage person and filled out a Loan application. Since we had talked prior and had a property all picked out I was given a good faith Estimate that day. I was to Close on Dec 27 2005.

On Dec 21 I get a call from her saying I need to get and pay for a year of flood insurance. ASAP. I thought that was odd esp since it seemed last min. So I went to the insurance company and told tem what I needed. After laughing at me they told me they had never done one in the area before. It was like somone in Iowa getting hurricane insurance. So I call her up and explain that their telling me I dont need it in my area. She tells me I still am required to get it. So I get it. after I pay a print out comes up. the printout is a document From FEMA its "STANDARD FLOOD HAZADA DETERMINATION" in it it states Is building in special flood hazard area, NO (is checked) then in notes it says Structure is not affected and in not in a floodplain.

so Im wondering why cant my mortgage person figure this out and expain it to the underwriter. Im moving to a flat town with no lakes and the nearest river is over 10 miles away and it might as well be a creek.

But here is the kicker.

Friday afternoon Dec 23 (4 days before closing) I get a call from my agent saying she just spoke to the mortgage lady who said financing fell through and i needed to come up with $8000 or I was out of luck. ( I had 100% financing set up) now they wanted a percentage. I am suppose to close on Tues. Because of Christmas most offices are closed Monday and by the time she called me most offices were closed for the weekend. my closing time is 10:00 am so basically it was ZERO hourwhen my morgage fell through. Does this happen or did she drag her feet or something.

You were dealing with a con artist.

I hope you didn't lose any money.

[pojo2]

Originally Posted by gts_55113

Friday afternoon Dec 23 (4 days before closing) I get a call from my agent saying she just spoke to the mortgage lady who said financing fell through and i needed to come up with $8000 or I was out of luck.

What was the reason given to your Agent for the change?

[gts_55113]

From what I understand the program she was using was pulled because not enough people were using it. at least that is what I was told. I assumed we were locked in a while ago..... guess not. Because of the holidays I cant call anyone to 9-10 am tues and I was suppose to close 10 am tues. I just cant understand how literally 1 business hour before closing they can pull my funding

[seniorjudge]

Originally Posted by gts_55113

From what I understand the program she was using was pulled because not enough people were using it. at least that is what I was told. I assumed we were locked in a while ago..... guess not. Because of the holidays I cant call anyone to 9-10 am tues and I was suppose to close 10 am tues. I just cant understand how literally 1 business hour before closing they can pull my funding

To repeat myself; this is a con. There was no funding.

[HomeGuru]

this is typical on a 100% financing deal where the borrower is not A rated.