Profile picture for Confusednhomeless

In the process of an fha loan in Mississippi which has been dragging on since april of 14.

In late April we applied for a home loan through a mobile home dealer in Ms. We were approved, met all stipulations, had our appraisal ( which was released to us last week) and were told each week since June 3 that we would close "within the week". Here we are at august 1st and my house has been built, designed, delivered on the lot- and we still have no closing.

We are told that there is a problem with the apprasial which was released to us already. However, after speaking to our appraiser we have discovered he has heard nothing from the lender requesting any change. As of today my loan officer told me they "hoped to have the apprasal issue resolved with the appraiser today". How they intend to do that when they will not return his calls or contact him I am unsure.

We are now homeless,sleeping on couches and in hotels and have been for almost 6 weeks. We have a score of 635, and no late payments since 2010. We have 3 open lines of credit that are perfect with no late pays. Our mistake is in paying cash for everything we have.

At this point we owe the dealership over $4200 to NOT get a house, if we are denied after all this time or just chose to walk away. We own 5 acres of land that has appraised seperate from this last appraisal at $27,000.00. We have approxiamately $31k in the bank, and an income of approxiamately $90k a year. We are in no way overloaded in debt.

What should we do? We feel victimized and trapped, and are unsure what to do. We can not even lease a place to live while we wait! 

I appreciate any and all advice I can get.
  • August 01 2014 - US
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Answers (2)

Profile picture for Confusednhomeless
What recourse will we have through HUD? This loan has been approved and the lender is a mobile/modular (which is what we bought) lender. It is all they deal with, so that isn't the hold up.

I also know the loan was approved via FHA already, as I recieved corespondence from them stating such, and that our estimated close date was 7.15.14

Thank you for your reply, and in advance for any other.

 
  • August 04 2014
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Profile picture for USMortgageRanger
It is said in all circle that the squeaky wheel gets oil. Make a formal complaint to HUD and to the Consumer Financial Protection Bureau and the state of Mississippi Department of Banking and Consumer Finance and i am sure they will resolve your issues. I do believe that your lender does not have a bank that is doing loan on Mobile home as they are far and very few. If you can afford to walk away i would say yes you will loose your earnest money but building up you credit and do a conventional brick home/ wood home where the value will appreciate more. Good Luck and let me know how you make out. 
  • August 02 2014
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