Lending Horror Stories? Slow Closes? Share Them Here!
I've been dealing with a couple of property sales for the past few months and have horror stories to share! I won't get into all of the details, but in essence, in both sales, I've got HIGHLY qualified buyers with great credit, cash in the bank, good net-worth, high incomes, and low and behold, we can't seem to get these deals to close. In both cases, the buyers are dealing with mortgage brokers . . . in both cases we've gone MANY WEEKS past initial close . . . in both cases, after 3-4 additional weeks of lies and misrepresentations from both banks and these mortgage brokers, the loans did not come through. We're still trying to get loans on these properties with new banks, but I must admit that I'm at my wits end here!
I've contacted the offices of several people in Congress and they want to know who is is having these problems! I'm certain that I'm not alone here, because I've heard from others in the biz that that is not the case.
THE MORTGAGE BUSINESS IS IN COMPLETE DISARRAY
When qualified buyers cannot close on property, there is something very wrong!
Congress is currently holding hearings on the housing crisis and the mortgage industry, and we need for them to know what is going on!
If you, like me, has experienced a situation where perfectly qualified individuals can't get a loan, please post your story here!
We have people in Congress who want to know what you're going through and I am trying to get information together so we can present this to them.
Is your lender blowing you off? Are you more than qualified, but constantly getting rejected for loans? Is your mortgage broker lying to buy time? Are you a mortgage broker that is getting the run around by the banks?
If so, please share your story here!
[b]We must come together as buyers and sellers and let the government know that this is not okay!
Not only is this helping the housing crisis to worsen, but it is also bringing our communities and neighborhoods down![/b]
When people want to buy property to rehab and clean up, but are unable to do so, we all suffer!
PLEASE SHARE YOUR STORY HERE!
BTW - If you are a mortgage broker and have been having problems with banks closing, please also feel free to share your story here as well.