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I was supposed to close today according to the sales contract!!!! Not cleared yet

My mortgage processor tells today that the file is being reviewed by the underwriter at 2 pm EST.  I have provided all the documents they have request and spend money on Home Inspections, Appraisal etc.  I was supposed to get an answered by Monday to be cleared to close today.  As of right now I have not heard anything.  This is an FHA loan.  My LO tells my agent "That no answer from underwriter yet, plant to close end of the week" which will be in two days.  I went to the final walk through yesterday met the Seller he even gave me the keys to the house already and I understand that he already went to the Title company to sign his documents.  This waiting is driving me insane IS THIS NORMAL?  Can the loan fall through now?  I am desperate and don;t know what to expect anymore.  My Loan officer tells me this morning that he would be surprise if we did not get an answer today...NO ANSWER YET. 
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September 18 2013 - Fairfax
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 dates that have been imposed on us via the contract.
===========================
Things happen. Personally, if an agent chooses to be unrealistic with the dates then tries to make it my problem I always invite them to read through the contract and let me know if they can find my signature anywhere on it agreeing to the unrealistic dates.
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September 20 2013
Your answer is on your purchase contract, usually and customary it says: "closing date on or about ....
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September 20 2013
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These days loan files are double, triple and quadruple checked then they got to QA for another once over. 

FHA loans typically have much more to look over due to its nature.

Unfortunately you were caught up in the lender's paranoia but at least they finally cleared you.

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September 20 2013
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I was finally contacted by my LO and I am closing on Monday at 4 pm EST.  Its been a long hard road and a long wait but it has been worth it. 
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September 20 2013
I agree with this forum, it can be common for a loan to be delayed a few days.  If the seller agrees to allow a small extension you should not have cause for concern, unless the lender is telling you there is a funding issue.  If the lender assures you of closing by Friday then you should be on track.  Get confirmation from the lender or manager and work proactively with them to finish processing.  Hope you get settled in soon and enjoy your new home.
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September 19 2013
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There were no major issues with anything I provided, employment letters, pay stubs, bank statements, gift letters everything they have requested I have provided, except the fact that the bank new that I had not claim a W2 in 2011 so apparently they sent my file with the manager in underwriting...This is what the loan processor indicated after I provided a letter of explanation as to why that particular W2 was not included when I filed my taxes... I asked them before all this if I needed to amend the 2011 income taxes and they never responded I followed up this morning and now I hear that my file is with the manager at underwriting to see what is going to happen.  Can this be a deal breaker?  My Loan officer did not think so...otherwise the loan would have been denied by now.  So I do not know what to think anymore.  All I can do is wait. 
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September 19 2013
This is a common occurance these days.  The lender has to re-check emplayment, at the last minute, and sometimes this is difficult to do.  Or the underwriter may require one last document.  It is frustrating, but we usually end up closing within days of the target date.  In a case like this, it is necessary to request an extension of contract.  It is generally in everyone's best interest to do so, and wait until the closing is possible.  It is important to understand that this is not at all unusual, these days, and I hope that you will take a deep breath and know that a month from now, this will most likely all be behind you, and you will be happy in your new home.  Best wishes!!
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September 18 2013
Profile picture for wetdawgs
A lender starts the process with what you provide.   If your documents are complete and accurate (and you don't suddenly take a loan or make a big purchase after you've started the process), the process can go pretty smoothly.   When (not if) the lender confirms the numbers you provided by getting info from the IRS, your employer, recent bank statements etc, things go smoothly if there are no surprises.  

Apparently from the way you describe it now, there was a surprise to the lender when they went through the confirmation.   It wasn't the lenders fault there was a surprise, it appears you missed something.   Now, take the actions to get it resolved as quickly as possible.  May you get beyond this quickly and soon be enjoying your new home. 
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September 18 2013
Now, the details flush out... So you didn't know that there were any IRS issues beforehand? But, the lender found this out, of course. Your lender and the IRS are not joined at the hip. Lenders just verify that the documents you gave them are accurate via tax transcripts. If you have issues with the IRS that affect your debt-to-income ratios and/or other guidelines, it's up to you to resolve. Your lender can give you guidance in terms of what needs to be done. Seems like they have done this. Your post stating that you were somehow being delayed on closing through no part of your own is very misleading. Work with your lender.
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September 18 2013
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Now they tell me that I did not file a w2 from my part time because I never received the w2 and I had to file the amendment when I asked them they did not say anything I know that the IRS sent me a bill and I paid it back in 2012 can this affect the loan and can cause it to fall through after all the money I have invested and putting down the earnest money? If I do owe any money to the IRS which I do not if paying it will be a bad idea since the loan officer said that the IRS can put a lien which needless to say no one explain until now?
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September 18 2013
In Southern California, I always tell my clients that the escrow closing date is like a pregnancy "due date". It doesn't always close on the date that is written.

The reason is that stuff happens. The underwriter has a mile high stack of loans to underwrite this week, the processor is out sick, a condition came in requiring a new verification of employment...the list goes on and on.

In your case, the underwriter is reviewing the file. We don't know how busy that particular underwriter is at the moment. Your lender can give you the best indication. In my area, the common timeline (nothing is always exactly the same) is that the buyer signs loan documents. They go back for review taking 1-3 days. If no problem is found, then the loan funds and it is recorded (closed) that afternoon or the next morning.

In Real Estate, an infinite amount of things can happen at any time before a sale closes. Keep positive thoughts and hopefully you'll close on your new home very soon with fingernails still intact.
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September 18 2013
No I'm not kidding, Tim. A contract is a contract up in Illinois. Drivel? What? Lenders have an unfortunate position "up here" to make good on the dates that have been imposed on us via the contract. If there are any delays to the closing or mortgage contingency dates, we will have h**l to pay from all parties - especially the R/E agents.

That's the way it works on my end. Bragging, NO. Advice, YES. I don't know much about your business and I don't care to. How about you don't mess with mine. Do you have a MLO license??
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September 18 2013
Are you kidding us Barb or just bragging or trying to show off? Of course this is common. Don't scare this person with your incorrect drivel. Closings go past the date all the time as they wait for underwriting. Shame on you.
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September 18 2013
No, this is not normal unless you started the mortgage process in the last 2 weeks or so, then your lender would be hard pressed in terms of time to get this done.
Were there problems along the way that needed to get resolved?
Did you get an extension to the contract closing date?
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September 18 2013
Very normal. Yes. The closing dates are goals more than set in stone and things come up and people don't move a quickly as you want sometimes. Don't worry, it is very normal and the i's and t's just need to be taken care of. It'll be fine.

tim
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September 18 2013
 
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