Dilemma with My New Home Mortgage Loan!!

Updated on March 07, 2008
J.S. asks from Cortland, IL
19 answers

My husband and I are purchasing a new home. We are suppose to be closing this Friday. However, due to the market changes, our loan approval has now been revoked. We had a home custom built for us, and we would hate to lose it, along with all of our earnest money. Does anyone have any suggestions and/or recommendations for us? We have been juggling the idea of finding a real estate investor to buy the house and rent it to us for a couple months, maybe up to 12 months, until we can purchase it on our own. Any ideas would be great.
Thanks in advance!!
J.

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A.T.

answers from Indianapolis on

My suggestion would be to contact a mortgage broker, they represent many diffrent lenders that specialize in diffrent types of financing. Try this website www.sagamoremtg.com. This is my company's website, Or you can send me a note and I'll get in touch with you..I can probably help

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B.S.

answers from Chicago on

call Dan Rogers.. he's wonderful! hard to get ahold of for good reason, but worth it! good luck!http://www.bancgroup.org/contact_us.htm

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D.L.

answers from Chicago on

J., I'm new to this community and just read your request...I'm SOOOO sorry to hear of this! Have you gotten this resolved already, or are things still "on the table"? Have you spoken with an attorney to find out all of your options? If you haven't, that would be the first step...even you don't know how or if they can help. They would at least be able to review your original paperwork and make sure that everything is legit, and possibly even get your earnest money back for you. I have an "in" with one of the top law firms in Illinois, so if you'd like, I can get more info to you. Let me know.

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S.J.

answers from Chicago on

J., we had this happen to us. We ended up pushing our closing date back and going through Wells Fargo and ended up with a pretty high rate which so far has been a nightmare! We looked into the investors and what they wanted was insane, almost double what we would of been paying and in the end they wanted a buy out. I would suggest looking into more brokers and keep trying. We had this happen a just under a year ago and we are stuck with this bad rate and with the new loan guidelines we can not refinance. So just be really careful,I wish we would of walked away from our home and just rented. Weight the both sides. I would recomend you talk to Al Velsquez at ELB Mortgage at ###-###-####. He is very upfront and worked his tail off for us using every option he could. Mention Matt and S. J.

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S.M.

answers from Bloomington on

There is a GREAT mortgage company that may be able to help you. It is a small, privately owned and run business called The Mortgage Company. YOu can call Todd at ###-###-####.

I really think this company can help!

Tell them S. referred you -- I get no kickback, just so they know where you heard about the company.

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H.B.

answers from Chicago on

I suggest that you try to find another bank to finance your mortgage. Forget the mortgage brokers and the very large banking institutions. Go to your local, small or mid-sized bank and talk to one of the personal bankers. Typically smaller community banks are far more accommodating to members of their community than the behemoths...and, loan processing is much faster. It is unconscionable that your current bank would just revoke your mortgage application without trying to help you find alternative financing - especially since you are buying a custom-made home and you likely have money already down.

I DO NOT recommend asking a real estate investor to buy your property and rent it to you until you can buy. The terms of an arrangement like this will never be in your favor (even if the investor is a family member).

If (and this is the hard pill to swallow) the truth is that this house is beyond your means, then, just walk away and consider yourself lucky. The whole "subprime mortgage crisis" is truly about people overbuying and getting into mortgage agreements with overzealous and greedy bankers. Be very careful....there is always time to buy a home....better to wait for the right home at the right price.

Good luck.

Mayno

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D.K.

answers from Indianapolis on

J., I JUST read your notice. What happened to this? I work part time in real estate investing and know people who do lots of this kind of thing to help people out. Let me know. Maybe I can help if it's not too late.

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L.M.

answers from Chicago on

I just got a new loan, on my income only (husband has no income right now) through IndyMac bank. My Mortgage broker is Pat Tardi at ###-###-####. He's really good at what he does. I got his name from a friend who has had him do a couple mortgages for her and she was even working for a bank at the time!

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R.B.

answers from Chicago on

Hi J., my name is R. Brooks and I am with Wells Fargo, can you please give a little more information as to why your loan commitment has been revoked, I see that you are a loan officer, as well, and I am sure you have gone over different scenarios, but I do have some resources for different programs if Wells is unable to do certain things in this crazy market.

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J.S.

answers from Chicago on

so sorry to hear about your troubles! we got a loan thru lendingtree.com last summer and they were SO AWESOME. can you try reapplying?

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C.G.

answers from Chicago on

If you're interested, my husband works in the field. I can send you his info and you can see if he has anything to offer. Send me a message if you're interested.

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J.

answers from Chicago on

Try this guy he is by far the best I have used him for the last 10 years and recommended him often to friends and family and even those who were turned down from banks and other brokers he was able to not only get them a loan but do it fast.

Tell him you know Jules and he will hook you up :)
Good luck but I know you won't need it with him

Bob Smiley
Best Mortgage Services
###-###-####
888 N La Fox St
Elgin IL 60177

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J.J.

answers from Chicago on

Why was the mortgage revoked? About what is the loan amount? My sister is a mortgage broker and she said she may be able to help depending on a few things!

you can call or email me - ###-###-#### or [email protected]____.com

Sincerely,
Jessica

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

C.C.

answers from Chicago on

My husband is a mortgage broker. He might be able to help you. If interested, send me a note and I'll get you guys in touch.
Good luck.

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D.P.

answers from Indianapolis on

i would try to find another loan company. u don't have to use theirs. good luck

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V.G.

answers from Chicago on

Send me a note, I amy be able to help!!

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D.B.

answers from South Bend on

Dear J.,

I'm so sorry to hear about your new home! Have you looked into other lenders? I'm a local realtor and my two favorite mortgage lenders are Maribeth Roncz with First Federal ###-###-####) and Pam Ender with Landmark Mortgage ###-###-#### x113). You probably couldn't close by Friday, but don't give up without trying that route. (Tell them D. from RE/MAX 100 sent you!)

Also, regarding your earnest money... you shouldn't lose that if your deal falls through due to loan rejection. If your contract was well written, you should only be out money you spent on inspections and the like.

Best wishes!

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J.C.

answers from Fort Wayne on

Wow, that's crazy! My husband owns a mortgage company and is saying that FHA loans are easier to get now because they just loosened up a little after pulling the reins right after the mortgage crisis! He's getting people great loans in the 5% range.

I would find out if your mortgage guy is FHA licensed. If not, then he's only able to go through banks for loans, and the banks are still hurting. I'm not trying to take business away from anyone, but I just know that my husband is getting people financed left and right right now, and putting them in great 30 year fixed loans. You could always give him a call and see if he could help you. He was able to push a loan for us in under 3 weeks, so if he knew your situation he could really work at it and get it done. His name is Doug, he owns Guardian Financial, and his number is ###-###-####. He can do loans all over Indiana, and some other states too. It's a great time to buy a home and to refinance, so congratulations! I know that we just saved over $100 a month by refinancing just because of the rate cuts that just happened.

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S.C.

answers from Terre Haute on

You shouldn't lose your earnest money if your loan was not approved. That's the one circumstance under which you can get it back. I know you don't want to lose the house, but in case you can't find another way to finance, that should be some solace.

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