I'm going to rip my hair out

malamutemommy · July 2013

Oh my god I'm going to flip my sh!t. I'm so livid right now. We just put in an offer on a house and it was accepted. It was contingent upon financing being approved. We were almost finished with the process, and the underwriters (a$$holes that are out to completely ruin your life and home buying experience) decided at the last minute they don't like the fact that my SO works for his father's company, and that he will be taking it over soon. What in the actual FUCCK. JFC. I'm so sorry for my language but I am so pissed off right now. They knew he worked for his dad for the ENTIRE process and are just now deciding they don't like it?! COME THE EFF ON. And then they said he didn't get a raise until we started the loan process. WRONG. My SO has been getting steady raises since he has started working at the company and has financial statements and payment stubs to prove this. I have no idea why they're making such a big freaking deal over this, and why they were fine with it in the beginning and now they suddenly have a problem with it. Even our mortgage lender and advisor are pissed off about it and have no idea what their problem is. So now they want a freaking co-signer on our loan, and none of our parents can help us, and it's not their fault. So now we have to see what the heck we're supposed to do, and whether or not we have to go through a different lender or what, or if we're even able to at this point. I'm so stressed out and have been this entire process, and I've been sick and this is just all building up and I've just about had it. I'm going to have a mental breakdown, I can feel it coming.

So bottom line is, we're probably going to lose the house now because the underwriters decided to be a d!ck at the last minute.

doublefiesta · July 2013

I'm so sorry. I've bought two houses in my life and each time was full of trauma and drama. Hugs.

My friends recently closed on a house. They were renting while house-hunting. Their underwriters required they have a rental for July EVEN THOUGH the closing was on the last business day of June. You would have thought not having a rental for July would be a good thing, leaving them more $ with with to pay their mortgage...but no.

Hope it works out.

GeauxM&V · July 2013

Oh my gosh, that is terrible. Ugh, I wish I had some advice to give you, but I never bought a home before and am not familiar with the process. I am so, so sorry this is happening. I would be furious right now, too. Fingers crossed you still get the house!

dbucks · July 2013

That sucks! Underwriters really do make everything difficult. We had to delay our closing twice because of them.

I hope it gets cleared up soon! Are you talking directly with somebody there, or communicating via a third party? I felt like once we got an actual contact in their office, things progressed much more smoothly.

malamutemommy · July 2013

dbucks:
That sucks! Underwriters really do make everything difficult. We had to delay our closing twice because of them. I hope it gets cleared up soon! Are you talking directly with somebody there, or communicating via a third party? I felt like once we got an actual contact in their office, things progressed much more smoothly.

My SO is taking care of most of it since he is the one getting the loan, however I do believe it's through our mortgage lender in which he is getting this information. So I think that would qualify it as being through a third party, but the mortgage lender goes to the underwriters directly.

lilypienmessimy · July 2013

Oh no! I'm so sorry!!! Vent all you want, I would be livid!

zelenu · July 2013

This is a really rotten situation. I have a few suggestions for you. Many times, the seller is understanding and will allow you to go through another lender-the process should be quick since you have already gathered all of your documents-I would call a new lender and see about speaking directly to the underwriter to find out if they require anything special based on your situation.

Many times, the originator and Processor (the folks you are talking to throughout the process) do not know everything required by the underwriter, so your loan file gets to underwriting and then new things come up-many times, this is also not the underwriter being a pain in the butt, but requirements from eth secondary market (if you lender is selling the loan to fannie mae or it is being guaranteed by the VA etc) you might consider going to a smaller lender-like your local bank or credit union, and seeing if they will agree to do it as a portfolio loan (not sell to another investor), you may pay a higher rate, but you will not have quite so many hoops to jump through.

I'm guessing you are not in MA, but if you are, I'd be happy to underwrite it for you.

dbucks · July 2013

malamutemommy:
dbucks:
That sucks! Underwriters really do make everything difficult. We had to delay our closing twice because of them. I hope it gets cleared up soon! Are you talking directly with somebody there, or communicating via a third party? I felt like once we got an actual contact in their office, things progressed much more smoothly.
My SO is taking care of most of it since he is the one getting the loan, however I do believe it's through our mortgage lender in which he is getting this information. So I think that would qualify it as being through a third party, but the mortgage lender goes to the underwriters directly.

Yea, we were originally communicating through our lender, too. She was a bit of a flake, though. Once we started calling and talking to the underwriters directly, it was much faster.

malamutemommy · July 2013

dbucks:
malamutemommy:
dbucks:
That sucks! Underwriters really do make everything difficult. We had to delay our closing twice because of them. I hope it gets cleared up soon! Are you talking directly with somebody there, or communicating via a third party? I felt like once we got an actual contact in their office, things progressed much more smoothly.
My SO is taking care of most of it since he is the one getting the loan, however I do believe it's through our mortgage lender in which he is getting this information. So I think that would qualify it as being through a third party, but the mortgage lender goes to the underwriters directly.
Yea, we were originally communicating through our lender, too. She was a bit of a flake, though. Once we started calling and talking to the underwriters directly, it was much faster.

Yeah the lender and the one we might go through, we have been trying to get ahold of for the past 2 hours with no response or return e-mail or phone call, which really sucks because we need to get this taken care of. I'm just sitting here eating hot cheetos now because they match my mood. Firey.

malamutemommy · July 2013

zelenu:
This is a really rotten situation. I have a few suggestions for you. Many times, the seller is understanding and will allow you to go through another lender-the process should be quick since you have already gathered all of your documents-I would call a new lender and see about speaking directly to the underwriter to find out if they require anything special based on your situation.
Many times, the originator and Processor (the folks you are talking to throughout the process) do not know everything required by the underwriter, so your loan file gets to underwriting and then new things come up-many times, this is also not the underwriter being a pain in the butt, but requirements from eth secondary market (if you lender is selling the loan to fannie mae or it is being guaranteed by the VA etc) you might consider going to a smaller lender-like your local bank or credit union, and seeing if they will agree to do it as a portfolio loan (not sell to another investor), you may pay a higher rate, but you will not have quite so many hoops to jump through.

I'm guessing you are not in MA, but if you are, I'd be happy to underwrite it for you.

Thanks, I will mention all of this to my SO.

mightymousy · July 2013

Omg! Brutal :[

dbucks · July 2013

malamutemommy:

Yeah the lender and the one we might go through, we have been trying to get ahold of for the past 2 hours with no response or return e-mail or phone call, which really sucks because we need to get this taken care of. I'm just sitting here eating hot cheetos now because they match my mood. Firey.

At least you got delicious snack food out of it. That's always a plus.

golfingdarwinfish · July 2013

OMG that's terrible! I would be so, so, SOOO annoyed.

DH met with a mortgage broker today. Needless to say I'm not looking forward to the process if we decide to initiate.

malamutemommy · July 2013

dbucks:
malamutemommy:

Yeah the lender and the one we might go through, we have been trying to get ahold of for the past 2 hours with no response or return e-mail or phone call, which really sucks because we need to get this taken care of. I'm just sitting here eating hot cheetos now because they match my mood. Firey.
At least you got delicious snack food out of it. That's always a plus.

I'm hoping to eat enough to where my breath spits actual flames, and then I'll go over to their office and burn them all with my dragon cheeto fire breath.

leahraewku · July 2013

Closing is a nightmare. I'm sorry you're going through this. Did you offer the seller earnest money with your initial contract? If you're confident another lender will approve you, you can try offering them the money as a show of good faith if they're willing to not go under contract with anyone else while you go through the approval process.

malamutemommy · July 2013

leahraewku:
Closing is a nightmare. I'm sorry you're going through this. Did you offer the seller earnest money with your initial contract? If you're confident another lender will approve you, you can try offering them the money as a show of good faith if they're willing to not go under contract with anyone else while you go through the approval process.

Yes we offered it and they have already received the check.

KFED103 · July 2013

Ugh that sucks!!! I'm sorry! Real estate is crazy sometimes...well most times. And just having patience and jumping through a bunch of pointless and repetitive hoops is the key...even though it blows.

malamutemommy · July 2013

VCGolfNYC:
OMG that's terrible! I would be so, so, SOOO annoyed.
DH met with a mortgage broker today. Needless to say I'm not looking forward to the process if we decide to initiate.

Good luck! Just brace yourselves for the journey through Hell!

MelAnnDi · July 2013

Yikes! This sucks, I hope it works out.

MEP923 · July 2013

I know how you feel. We bought a short sale and it was 6 months of this kind of nonsense . It is so stressful. I know it seems like it will never end but it will and you will be in your home before you know it.

lp0 · July 2013

Ugh! I'm so sorry! The underwriters/banks seem to do whatever they could to not approve people. It took us 8 months to do a simple refinance. I think they count on people to get tired of jumping through hoops and just give up.

Laumb11 · July 2013

Yea buying a house is fun. We are now on our 3rd offer. Good luck and breathe.. We had our apr raised bc it went up in the 2 weeks where we cancelled a house and put in a new offer. We were not happy but nothing we could do.

megs2419 · July 2013

So sorry that you are dealing with this, I hope it all works out. We had a similar situation, it seemed like they were doing everything possible NOT to approve us (or at least not quickly). It was so frustrating and disheartening--it honestly ruined the whole experience for us. In the end it all worked out for us though, and I hope it does for you too!

Skylight21 · July 2013

This sucks some major nuts. I would be pissed to! I bought a house a ouple years ago and it was hell. I'm sorry you might lose the house

lollipoppoop · July 2013

Laumb11:
Yea buying a house is fun. We are now on our 3rd offer. Good luck and breathe.. We had our apr raised bc it went up in the 2 weeks where we cancelled a house and put in a new offer. We were not happy but nothing we could do.

I think I put in about 3 offers as well. Sorry that happened to you!!!!

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