Lender has been dragging since November. Seller is pulling out.

[Nic Bernal]

Hi, 

I began my house purchasing process with SEFCU, a local bank in Albany, NY. I was going through the SONYMA program, and my LO was supposedly experienced and versed in the program. This is a program that is low downpayment, and targeted for people just starting out such as myself. 

Our mortgage Contingency has been pushed back 7 times over 8 weeks. It's been a part time job on my end supplying all the documentation the bank asks for last minute. If it wasn't for the flexibility in my 9-5, Id be SOL. 

I had my credit pulled twice in the last 3 weeks, in addition to the first times in November.

It appears the the LO doesn't read the documents I send over, and something always comes up. The latest, they are requiring bank statements going back to November 2018, because they are taking so long now, that the mortgage insurance company has my statements from November, and since it's seen by them, they want everything. So, Last week I sent over the last 30 days (Jan). Then the day before the latest contingency expires, the underwriter says they now need back to November. 

There is a laundry list of other issues, many similar to this (I send something over, radio silence for week, then they read it the day before contingency expires, and ask for more), but I'm not here to vent anymore - rather prepare for the next steps. 

Every step of the way, the bank has been taking it's sweet time, regardless of the number of emails I send (daily). It's reached the point that now the Seller has decided to give me 48 hours as of this writing to get a mortgage contingency. 

Am I stuck losing my $6000 (HUD inspector, multiple appraisals from an earlier bank mistake, bank apps, lawyer, etc.) if the seller walks away? Are there any other options here I don't see?

I really really want to know if there's any legal recourse I can take on the bank. Their incompetence and laziness will have cost me a few thousand. I figure I'd break even with lawyer fees, but at this point I'd rather make someone else's life miserable. Tired of getting taken advantage of without any justice. 

Note: I was sold on this mortgage because they said it typically takes 30 days. I offered first late October, for reference.  

P.S. 4 weeks ago I sent an email (with receipts) addressing the issues I had with them, and requesting that they include their supervisor in communication from here on out. They repeatedly ignore me. I then sent an email to their customer service 3 weeks ago, and they replied to me with an email addressing 'Sarah' and a different issue completely. Can you believe that? I can't even complain!

Thanks, 

Nic

[Russell Brazil]

Who you work with matters.  You should try changing to a lender that can get the deal closed.  Everyone gets enticed looking for the lowest fees, the lowest rates, the best deal....then this kind of crap happens.