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Reegor
664 Posts |
 Posted - 11/06/2009 : 3:06:14 PM
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Hey everyone you may enjoy this!
I closed an FHA loan last Friday.
REO owned by Bank of New York Mellon, Serviced by Litton, Asset Manager Old Republic.
Get this: it took them 7 days to approve a closed HUD.
Buyers wire was sent back to financing lender, insurance had to be cancelled, and they approved the HUD on Friday (today) after 5pm EST.
So a warning for anyone out there doing anything with this combo.
You may want to get an attorney involved for the buyer upfront.
In this example, since we closed last month we are at the 6th (interest credit cut-off) and unable to use the closing package signed and have to reclose. Not a big deal right? Well it changes everything now. New insurance rate went into effect, escrows are different, lock needs extended, and cash to close is now over what was uw so it needs to go back to uw.
Anyone else come across something like this??
Now 1st time homebuyer may not get house. He already moved in after they cashed his check.
What a mess because the seller couldn't approve the HUD faster than a weeks time.
Makes me want to get out of the way before a bulldozer comes through and flattens everyone involved.
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Captain Mortgage
2714 Posts |
Posted - 11/06/2009 : 3:11:48 PM
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I just had a Bank of New York, Serviced by Bank of America short sale close.
Loan funded, and then it took them 8 days to approve the final hud. Really, really lucky the lender didn't pull back the wire. |
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Reegor
664 Posts |
Posted - 11/06/2009 : 3:51:56 PM
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| Glad I am not the only one. |
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lucky1s
4009 Posts |
Posted - 11/07/2009 : 12:03:13 PM
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I am glad that we dont close until we record here in Ca.
When it's done, it's done. |
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velecico
5867 Posts |
Posted - 11/07/2009 : 3:30:51 PM
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quote:
Originally posted by Captain Mortgage
I just had a Bank of New York, Serviced by Bank of America short sale close.
Loan funded, and then it took them 8 days to approve the final hud. Really, really lucky the lender didn't pull back the wire.
i just had my personal bank of ny servciced by B of A modified to 3% |
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