Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for soonergirl2002

What can I do, this broker is drving me crazy?

We are trying to purchase a home and it has been nothing but a nightmare.  We had two weeks to get our loan done and close on our house.  Well our first lender messed our loan and we could not have to get it done in the two weeks. So we had to ask for an extention.  We got another week to get closed and our lender just stopped calling me back and disappeared for a week.  So we had to file for another extension.  Well this time the bank who owns the home is saying unless we can get approved through their mortgage company than we can't purchase the home.  Even though during the time our other lender went MIA I had contacted a new company and we got approved and we submitted that letter to the bank.

So we thought it would be no big deal and we contacted the banks mortgage company.  We got this LO that is so slow!!!! We still don't have an answer on what he can do, and also can't get a contract extension until he will give an answer. 

When I call him he says he is working on our file and will get back with me by the end of the day.  I never get a call.  I have e-mailed him and get the same answer.  We could easily now lose this house and also our earnest money.

What should I do?
  • February 08 2009 - Frisco
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (8)

Profile picture for Tameko
Get rid of him and go with someone else, that will work for you.I have a client that can tell you they were experiencing the same problem until they met me , I keep them posted every step of the way.
  • March 05 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Soon,

Couple things (but should have been conveyed upfront)...A 2 week closing from inception right now..............................  unheard of with 99% of lenders.. Some will take 5-7 days to U/W a complete file.. Impossible for most.  Dealing with the Seller's (BANK) own mortgage company should/could help if you prove your diligence... it will be hard for them to take your earnest money.  Most consumers think mortgage lending is

A) Again, On Sale

B) Similar to 2003-2006 time frame and guidelines

It is not.. Major proctology underwriting of the borrower and the appraisal.  This detailed review takes time as the lenders do not and can;t afford to repeat the same sins.  Sorry for your strife.. Hang in there and keep eyes and ears open.. WHERE IS YOUR RE BROKER in this????????????  You are on the mortgage board (that is fine), but it is about a RE CONTRACT  (earnest money forfeit)  That person should be scrapping with you.  Keep rockin'.

  • February 09 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would strap up and go down to this dudes office and demand he get your money to buy the house.
  • February 09 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It seems like you are getting the run-around.  This may be due to the possibility that you are dealing with someone who does not know how to do your mortgage or is just having a hard time structure it.

I would suggest taking your time in normal circumstances, which means finding the right person to handle your mortgage transaction.  However, since you are pressed for time in this case, try and contact your mortgage consultant. If that does not work, ask for a manager at the company.  They have an obligation to at least answer your calls or get back to you.  You may also want to ask for a rate lock confirmation, to show that the rate they promise is actually able to be delivered.

I wish you the best of luck.
  • February 08 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Mr Caveat
take your time, dont be rushed into anything by anyone. rushing leads to mistakes, big ones that you could be paying on for the next 30 years
  • February 08 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

How long do you have left to close this deal? And if its your bank you are dealing with, I would call a supervisor. They will want your business, and if that particular LO isn't getting it done, then request another.

If all else fails and you still have a bit of time (with the extension), post a quote on here and state you need this done ASAP, and only people who can realistically get it down, quote you.

Best of luck!
  • February 08 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for soonergirl2002
We have not received a GFE yet from the banks mortgage company. When I call to ask him about it and what the status is he just says "He is still working on the file".

I don't care if we have to use the banks mortgage company, but the broker there will have to first let the bank know that they can do the loan and we can't even get him to call the guy at the bank back.

We have had a contract on the house for exactly a month.  The first time we extended the contract was due to our fist lender trying to take us FHA.  When we caught that and told him the sales price is way to high for FHA than he said he can get us done conventional and than went MIA. after we had gotten the first extension for a week on the contract.  So we got another lender got approved and now the bank is saying we have to get approval from their mortgage company.

We are not being picky on our rate or what to put down.  We just want to close on our home.
  • February 08 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

SG,

1. You know about what a fair interest rate is currently, don't you?
2. You received two GFEs, didn't you?
3. The REO is TELLING you GIVE US THE LOAN OR ELSE!
4. What's your concern for not doing that?
5. As long as their in the ball-park you shold be OK, shouldn't you?
6. You've tied up their property for some time now, haven't you?

Even if they are a little higher in their rate and/or fees you have a new home that you appear to really want to own. Surely their not going to rip your head off. They want to get this off their books.

You haven't been making the right choices so far in selecting an ethical borker. What do you really have to lose. Go for it. ...Best wishes!
  • February 08 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.