The lender gave me an approval 2 weeks ago.The only condition was-title and appraisal.Now I am 6 days before closing and the lender keeps coming out with all kind of questions and requesting all kind information for the last few days... I thought they were supposed to do it before they gave me an approval not now when I am running out of time and spend all these money for inspection and appraisal and deposit which I will not get back if the escrow fails.Can anyone explain me why they are doing that??? Moreover,I will get charged 100 for any extra day if I do not close it in time.It looks like they changed they mind and they do not want to finance the property and now they are trying to find a way to denial me.????!!!!
I am in escrow and I the escrow has to close on 29 this month. The loan docs are not in title yet.?
It sounds to me as if you are approved but, your loan officer is working on PTD (prior to doc conditions). The majority of lenders will send the approval with additional outstanding conditions and your loan officer must collect from you. These conditions are needed by the lender prior to issuance of your closing docs. If you are being asked more than once for these conditions it sounds as if your representative maybe a bit unorganized. As a loan processor I order all PTD%26#039;s from my Loan Officer at one time as not to trouble my borrower anymore than we have too. I would hold your Loan officer accountable and remind him/her of his deadline and request that ALL items needed from you are given at one time. I am quite sure you are packed and this is only adding more stress. If you need any other data please write I am here for you and your family.
I am in escrow and I the escrow has to close on 29 this month. The loan docs are not in title yet.?
There has been a re-evalation of lending practises for residential borrowing.
Because of the credit crisis, it is impossible to sell mortgage backed securities, so lending money has dried up.
If you have good credit rating and a good downpayment, you might be ok
BUT, you should have a FRANK discussion NOW, with your proposed lender about your concerns,.
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