You had to go and say it. 
I’d like to propose a toast. To alcohol, the cause of, and solution to, all of life’s problems.
I got a similar deal through eTrade a few years back! They sent me a flyer about the deal, I responded, they sent someone to our house to do the paperwork, and DONE! I was amazed.
My understanding is that now they can be so picky and choosy so you basically have to put up with whatever crap they feel you should deal with. sigh
This is how America is going to become a third world country…too many people who will always pick “do nothing” or “half-ass it” over “do anything,” even when there are huge financial incentives for doing things properly. It’s a personality type and there’s not much you can do when you run into one.
More good news/bad news:
GN: They are going to re-lock our rate, so we don’t have to close by the 16th.
BN: Because our mortgage and rent at our apartment overlap by 3 months, we have to pay off the amount we’ll owe on the remainder of our lease now. We have budgeted for both, but using the pay we’ll be getting in the next 4 months.
Y’know, there was a reason we went with the 0% down mortgage plan…
You’re not alone, I’ve heard many stories of mortgage companies having weeks, months, to do everything but instead waiting till the last possible minute and nearly wrecking the closing. And so. much. paperwork.
Today’s snafu (continuing the saga from above):
So, in order to pay for 3 months’ rent, my sainted father-in-law gave us free reign of his new credit card. If needed, he’d write a note stating that the 3 months’ rent was a gift, a housewarming gift.
I went to the rental office and asked how much future rent we could pay. The woman, K, said 3 months. Just what I needed. So I asked her this: if we paid 3 months via credit card, could she take a printout of those payments being credited to them and write a short note explaining TWIMC that the credit shown represented 3 rent payments. She said yes.
I used a computer in her office to generate the 3 payments (they had to be done singly). As I was working on them, she had to run errands at their bank. So when I was finished, she wasn’t around to write the note. Her coworker didn’t have access to the computer ledgers, so I’d have to wait 1 [sup]1[/sup]/[sub]2[/sub] hours until she returned.
However, when I went to talk to her after she’d returned, it appeared as though she’d talked to her supervisor (though she didn’t state it). She said I’d overpaid; that she’d said I could pay for August, September, and October only. (Which she didn’t. I said I was paying 3 months’ rent, but not for any specific months. She had concurred before leaving that this was OK.) I pointed out that I’d paid August’s rent on the second; that these 3 payments were completely separate and only made to give us a credit on their ledger. (With these payments, we had a total of 4 months’ rent credited to us within August. I think this is going against their only taking 3 months rent policy.) She also said she could not write a note explaining what the credits were for, since they were made before we technically owed rent.
The best she could do was to print out our page of the ledger that showed the almost $3,000 credit. However, the print she handed me was from a crappy printer that had excess toner fused all over the column that showed our credit. I asked for a clean copy, which of course she still couldn’t write a note on.
I took this printout and scanned/emailed it to our loan processor, explaining all the columns. I then called, left a voice mail, called her coworker, asked her to locate the processor (twice). Absolutely no response for the 4 hours from the emailing to when she probably went home.
Finally! Our application has been sent to USDA, only 2 days before we originally wanted to close.
Geez…
By the time this gets done you’re going to need a new roof.
I’ve purchased 3 homes and something horrible has always happened the last week. The last home purchase made me literally cry with frustration. Let me see if I can explain it easily.
I had a bank account and a CD at Bank of America. Because I had a had a checking account, I received monthly statements with the checking account and the CD statement. In March that year, I got pissed at Bank of America, so I closed the checking account, but I left the CD. I knew we were house hunting and I would be using that CD as a down payment. Once I closed the checking account, I no longer received a monthly statement from BoA. CDs are on a quarterly statement (had no idea this was remotely significant).
We were financing with San Diego Credit Union so we opened an account with them. In May, we found a house and started the process to buy it. I went into BoA, cashed the CD, took the check directly to SDCCU and deposited it in our account.
We were scheduled to close on June 20. Everything was going really well. SDCCU wanted all of our bank paperwork, including the CD statement. The last CD statement I had was from March. At the top of the statement, it said “monthly statement.” SDCCU asks “we need the most recent statement.” I tell them the story about closing the bank account and that the March statement was the last CD statement, the next CD statement would be the end of June.
Holy shitstorm.
SDCCU freaked out and kept demanding a monthly statement. I went to BoA, I begged them to print me anything on BoA letterhead showing the CD was now 0. They refused. I asked the nice lady to write me a LETTER on BoA letterhead showing the CD was closed and now 0 dollars. She refused. I asked SDCCU to be reasonable, I had a papertrail. The March monthly statement for some random amount. A receipt from BoA for the same random amount showing I had taken the money out and a deposit slip from SDCCU with the same random amount, the same day. Showing I had clearly taken the money out of the CD, driven down the road and deposited the money in their bank.
This went on for a week, completely caught between big bank A and asshole bank B. SDCCU kept threatening that we couldn’t close without the monthly CD statement. The quarterly statement was due 2 weeks after our scheduled closing date. I finally told them to fuck off.
We closed without incident.
I’ve almost cried, almost pulled out my hair, and almost swore at the loan processor. I’ve been able to hold my tongue because it’s a small office were dealing with, and I didn’t want to piss off the lead loan processor.
In our last round (before the application finally got sent), we had to have my father-in-law sign a gift letter, saying that him paying off our lease was a gift to us. Also, he had to show a credit card transaction report showing that the payments were charged to a card in his name.
He’s a bit of a computer neophyte: he got what we needed printed and signed, but he wasn’t sure how to scan and email them back to me. Fortunately, my brother-in-law was nearby to get that taken care of.
Probably the nail in the coffin: I got hired for a full-time job, instead of the 3 part-time jobs I was doing. Our income will be over the limit for USDA loans. When she calls for employment verification (which she should’ve done at the beginning of the process) and she finds out I’m no longer employed at my part-time jobs, the whole thing will collapse.
None of the above would’ve happened had she been competent and got our application in on time to close on August 9. Crap!
When we got our place, our realtor ended up going to the mortgage office with us, have a long drawn out yelling match and threaten to report him to the state. Good times.
Since we had a house built, a realtor wasn’t in the equation.
I’d love to go to someone else for the new loan application, except we’d have to start all over. Unless current loan processor does something stupid like throw away our file when we tell her about my new job.