PTS Posted July 28, 2006 Author Posted July 28, 2006 An update on my situation. My mortgage application passed two of the three approval processes. It's been at the final stage since last Thursday (I'm told) at SONYMA. Citi told me that they expediated the file and it will take 72 hours to get the approval. It's a week and day later and I've called everyday to check up. Normal SONYMA reviews last seven days at most. I received an e-mail from my loan specialist with mega attitude on Wednesday saying she STILL HASN'T heard anything among other snide comments. I haven't received an update from her since then. Today, after not getting any new news, I decided to call the manager who is now convienently on vacation until Tuesday. With my lawyers help, I have everything else finished for closing. I'm just waiting for my bank to call me back when it's convienent for them to. My lawyer said there is nothing I can do other than watch the bank "F" this process up even more. The lawyer has been calling the banks lawyer to find out from that angle. Meanwhile, I visited the sellers on Wednesday and brought over a bottle of wine to apologize for the delay. They were very nice and understanding. Luckly the guy's new company is paying for temporary housing until we're finally able to close.
Crap Throwing Monkey Posted July 28, 2006 Posted July 28, 2006 An update on my situation. My mortgage application passed two of the three approval processes. It's been at the final stage since last Thursday (I'm told) at SONYMA. Citi told me that they expediated the file and it will take 72 hours to get the approval. It's a week and day later and I've called everyday to check up. Normal SONYMA reviews last seven days at most. I received an e-mail from my loan specialist with mega attitude on Wednesday saying she STILL HASN'T heard anything among other snide comments. I haven't received an update from her since then. Today, after not getting any new news, I decided to call the manager who is now convienently on vacation until Tuesday. With my lawyers help, I have everything else finished for closing. I'm just waiting for my bank to call me back when it's convienent for them to. My lawyer said there is nothing I can do other than watch the bank "F" this process up even more. The lawyer has been calling the banks lawyer to find out from that angle. Meanwhile, I visited the sellers on Wednesday and brought over a bottle of wine to apologize for the delay. They were very nice and understanding. Luckly the guy's new company is paying for temporary housing until we're finally able to close. 730779[/snapback] Seriously...start calling other lenders and seeing what they can do for you. Tell them your problems with Citi, tell them the schedule you want, see if they'll put something together that beats Citi rate- and time-wise. They may even waive the application fees, just for the chance to !@#$ over Citi (lenders have been known to do that). I know it's a royal pain in the ass to do something like that...but if my wife were dealing with a buyer going through what you are, that's what she'd say, complete with "Here's the numbers of some reputable loan officers who'll come through for you." I'd call my wife right now and see if she could recommend anyone...but she's got an even dozen closings today (four is a busy day for a normal closer. Twelve should be impossible. She's Super Closer), and she'll kill me if I interrupt her.
PTS Posted July 28, 2006 Author Posted July 28, 2006 Seriously...start calling other lenders and seeing what they can do for you. Tell them your problems with Citi, tell them the schedule you want, see if they'll put something together that beats Citi rate- and time-wise. They may even waive the application fees, just for the chance to !@#$ over Citi (lenders have been known to do that). I know it's a royal pain in the ass to do something like that...but if my wife were dealing with a buyer going through what you are, that's what she'd say, complete with "Here's the numbers of some reputable loan officers who'll come through for you." I'd call my wife right now and see if she could recommend anyone...but she's got an even dozen closings today (four is a busy day for a normal closer. Twelve should be impossible. She's Super Closer), and she'll kill me if I interrupt her. 730796[/snapback] Thanks for the offer. I actually found out this weekend that my cousin knows the president of HSBC Mortgage pretty well. She seen him do favors for other people with similiar credit and funds and close them out within days. I didn't want to make that call because I was told my approval was imminent, however THAT call has just been made.
trolls_r_us Posted July 28, 2006 Posted July 28, 2006 I had a friend go through something very similar he and his fiance were young, niave, and thought that if the lender said everything would be done by a certain date, that you could "tkae it to the bank" (pun intended) long story short: they ended up staying in a hotel because they had planned to move out of their apartment and right into the house... the deal dragged on and on, and suddenly, they had to move out of their apartment because the new tenants were moving in, but they had nowhere to go when I buy my house (soon) I will be planning to keep the apartment for a month or two after the SUPPOSED closing date just to have a buffer zone
PTS Posted August 2, 2006 Author Posted August 2, 2006 Another Update: I'm physically and emotionally spent. This mortgage has sucked all the possible life out of my body. I called the family friend at HSBC Mortgage and the quickest they can turn around my process is 10 to 14 days. He said at this point, given the factors in my situation, to stick with Citi and have HSBC as a back-up plan. It turned out that my mom's best friend's neighbor is handles CitiMortgage here in WNY and my mom filled him in on the situation. He called me right away yesterday and got some answers for me. He, himself, said he had an incredibly hard time getting a hold of my loan specialist. He made some calls to the right people and he found out that they were very backed up and were reviewing my application yesterday and that the approval would be sent to Citi from NY State today. In the mean time, the sellers people are calling me and at this point I'm screwed six ways to Sunday. No matter what I do, I'm going to incur extra costs and that's the best case scenerio. The seller's new employer is only playing for temp housing and storage until Friday and apparently in Ohio, you can't move in early before closing. Needless to say, my loan specialist has no updates for me today. NY State simply never got back to them yet. This thing has turned my life into a freaking circus. If I didn't love this property so damn much I'd be saying f-it, it's not meant to be.
The Dean Posted August 2, 2006 Posted August 2, 2006 Another Update: I'm physically and emotionally spent. This mortgage has sucked all the possible life out of my body. I called the family friend at HSBC Mortgage and the quickest they can turn around my process is 10 to 14 days. He said at this point, given the factors in my situation, to stick with Citi and have HSBC as a back-up plan. It turned out that my mom's best friend's neighbor is handles CitiMortgage here in WNY and my mom filled him in on the situation. He called me right away yesterday and got some answers for me. He, himself, said he had an incredibly hard time getting a hold of my loan specialist. He made some calls to the right people and he found out that they were very backed up and were reviewing my application yesterday and that the approval would be sent to Citi from NY State today. In the mean time, the sellers people are calling me and at this point I'm screwed six ways to Sunday. No matter what I do, I'm going to incur extra costs and that's the best case scenerio. The seller's new employer is only playing for temp housing and storage until Friday and apparently in Ohio, you can't move in early before closing. Needless to say, my loan specialist has no updates for me today. NY State simply never got back to them yet. This thing has turned my life into a freaking circus. If I didn't love this property so damn much I'd be saying f-it, it's not meant to be. 733886[/snapback] People suck! What they don't fc#k up, they s#t on. Sorry to hear about the continuing crises. BTW, is it this situation that forced the moniker change? Are you no longer "Clutch"?
JimBob2232 Posted August 2, 2006 Posted August 2, 2006 I am sorry it took me so long to see this post. This is a rather interesting situation. I am not an attorney, real estate agent or anything of the like, but I have been around the block several times with mortgage companies. I am suprised to hear you are having so much trouble with citibank mortgage. Though I have to say the most important part of buying a home is the people you surround yourself with. Build your own network, not be a pawn in a network already in place. What I mean by this is ask around. Find an agent you can trust, and then DONT use the mortgage company reccomended by the agent. Find your OWN home inspector. Find your OWN settelment agent (lawyer). Build the network around YOU. I dont know if thats what you did or not, but its really irrelavant at this point. Just something to think about going forward. You already indicated you have an attorney. What is he/she doing to help this problem out? What are they saying? If they are sitting by passivly waiting for the paperwork to fall out of the air so you can sign it and dutifully pay their fees, kiss their a$$ goodbye. A settlement agency can do that. You are not paying for a settlement agent, you are paying for an attorney. At this point your attorney should be advising you of your options. A good attorney should be giving you advice on how to handle the situation, the legalities of the buyer backing out based on the wording of the contract, and be protecting your interests (i.e. ensuring you GET the house). Most standard contracts I have seen state that you must close within X days of the settlement date on the contract. Usually this is 30 days. After 30 days, from he agreed settlement date, the seller has the right to back out of the deal. Read your contract carefully though. The ones I have seen in virginia state that the seller must give the buyer "reasonable time" for loan processing. If your states something similar, you may be in business. Here's how... IF the seller tries to back out of your contract, presumably they are fed up with the time dillemma and need to get the house sold. If your contract states "reasonable time for loan processing", simply have your lawyer write a letter stating your intent to dispute. Until the dispute is resoved, any other potential buyer will be unable to obtain financing due to pending litigation on the property. No lender will accept that risk. Make this clear in the letter your attorney writes. Unless the seller really wants to play hardball and see if you are for real in your litigation, they really have no choice but to wait out your loan processing. Its amazing what lawyer letterhead can do. In case you feel bad about the buyers situation, dont. Its not your fault. And remember this. The SELLER selected the mortgage company just as much as you did. I dont think many reasonable people would reject citibank mortgage as a lender, but if I was selling a house, I would need to be desparate to accept an offer from eloan, lending tree or other brokers I know do not perform adequate service to their customers. The problem is not you. The problem is citibank. And, while I am thinking about it, what is your agent doing? Your agent should be all over this situation. Besides you, they are the ones with the biggest stake here. They should be helping you drive to the hoop. Passively "remind" them your "brother" might be buying a house in the next year, or simply ask for a few business cards. Remind them they have a stake not only in your house, but the possibility they have of building a network. Boldly refute any claim that this would not have happened if you chose THEIR lender. Again, I cant stress enough. READ your contract. (of course, your lawyer should do the same). Are you required to notify the seller of your loan progress? If so, make sure you do. Good luck to you.
Crap Throwing Monkey Posted August 2, 2006 Posted August 2, 2006 Another Update: I'm physically and emotionally spent. This mortgage has sucked all the possible life out of my body. I called the family friend at HSBC Mortgage and the quickest they can turn around my process is 10 to 14 days. He said at this point, given the factors in my situation, to stick with Citi and have HSBC as a back-up plan. It turned out that my mom's best friend's neighbor is handles CitiMortgage here in WNY and my mom filled him in on the situation. He called me right away yesterday and got some answers for me. He, himself, said he had an incredibly hard time getting a hold of my loan specialist. He made some calls to the right people and he found out that they were very backed up and were reviewing my application yesterday and that the approval would be sent to Citi from NY State today. In the mean time, the sellers people are calling me and at this point I'm screwed six ways to Sunday. No matter what I do, I'm going to incur extra costs and that's the best case scenerio. The seller's new employer is only playing for temp housing and storage until Friday and apparently in Ohio, you can't move in early before closing. Needless to say, my loan specialist has no updates for me today. NY State simply never got back to them yet. This thing has turned my life into a freaking circus. If I didn't love this property so damn much I'd be saying f-it, it's not meant to be. 733886[/snapback] At this point...I have no more advice. None. Aside from "drink early and often." And maybe sue Citi for the extra incurred costs. Your bid was accepted May 10th...and Citi might have your mortgage application done three months later? That's all kinds of !@#$ed.
IDBillzFan Posted August 2, 2006 Posted August 2, 2006 At this point...I have no more advice. None. Aside from "drink early and often."733980[/snapback] And to be honest, that's just good sound advice that applies to everyone in any situation.
The Dean Posted August 2, 2006 Posted August 2, 2006 And to be honest, that's just good sound advice that applies to everyone in any situation. 734040[/snapback] Booze is the answer! (What was the question?)
PTS Posted August 3, 2006 Author Posted August 3, 2006 Thanks to everyone for their support and to LabattBlue ... not the poster, but the beer. I needed this thread to spew out my anger. JimBob, thanks for the long post. I did actually build a network of people around me and not just those who were agent-recommeded. However, when all is said and done, I won't be dealing with any of these people again because I feel like they could done more to speed this matter up. It wasn't until my lawyer called me three weeks after they should have received a commitment letter that I released something was f-ed up with the bank. Now, my lawyer and agent just tell me to sit and hope for the best. I heard that three weeks ago from them as well. I spoke with my loan specialist today. The State of NY finally got back to her however -- this just keeps getting better by the day -- their computer system is down because of internal issues they are having in their building. They promise to send the final approval over as soon as they can get their system online. However, I'll know I'll be re-reading this post in two days and something else will still go wrong with SONYMA. This is what I get for committing to stay in the State of New York! You'd think they'd be itching to collect my hard earned money already.
Crap Throwing Monkey Posted August 3, 2006 Posted August 3, 2006 I spoke with my loan specialist today. The State of NY finally got back to her however -- this just keeps getting better by the day -- their computer system is down because of internal issues they are having in their building. They promise to send the final approval over as soon as they can get their system online. 734608[/snapback] That's just so sad. NYS is so !@#$ed up...it reminds me of the time, after I moved to DC, when they suspended my NY license I no longer had for not having insurance in a state I no longer lived on a car I no longer owned...for which I still owe them a $600 fine. Ludicrous...
taterhill Posted August 3, 2006 Posted August 3, 2006 That's just so sad. NYS is so !@#$ed up...it reminds me of the time, after I moved to DC, when they suspended my NY license I no longer had for not having insurance in a state I no longer lived on a car I no longer owned...for which I still owe them a $600 fine. Ludicrous... 734620[/snapback] probably due to your lack of cowbell
Crap Throwing Monkey Posted August 3, 2006 Posted August 3, 2006 probably due to your lack of cowbell 734623[/snapback] It's only funny when I do that to you. Not the other way around.
taterhill Posted August 3, 2006 Posted August 3, 2006 It's only funny when I do that to you. Not the other way around. 734643[/snapback] still funny
stuckincincy Posted August 3, 2006 Posted August 3, 2006 CitiBank hates me. An old AT&T card I had ended up with them. I get 4 or 5 mailings per month from them, with offers to increase my credit line. I contacted AT&T to have them not do so, but it was like talking to a piece of lumber, and Citi keeps on trying and always includes their easy-to-use checks. I use the card for doctor co-pays exclusively, and I am sure they have sold my name because I get solicitious mailings from my local funeral halls...
Just Jack Posted August 4, 2006 Posted August 4, 2006 I use the card for doctor co-pays exclusively, and I am sure they have sold my name because I get solicitious mailings from my local funeral halls... 734739[/snapback] Maybe the doctors office is telling the funeral homes something you might want to know also.
PTS Posted August 5, 2006 Author Posted August 5, 2006 Ladies and gentlemen, I'm happy to report some good news finally. I received a phone call at 7:30pm tonight and here's what I was told by CitiMortgage... Apparently my mortgage was approved earlier this week but at the wrong interest rate. CitiMortgage sent it back to the SONYMA (New York State) for correction. My loan specialist said that the people over at SONYMA were very vague about the situation but it appears as if they tried to force a higher rate on me which the bank didn't accept because I was locked in. Long story short, SONYMA promised Citi that they would be sending final approval and notice to proceed with closing first thing Monday morning. I guess I shouldn't get too excited yet but the fact that my loan specialist actually called me this evening has me feeling a lot better. Now I must get the lawyers to close on or before Wednesday and I might actually not incur any extra costs as the sellers were able to work some things out on their end.
Taro T Posted August 5, 2006 Posted August 5, 2006 Ladies and gentlemen, I'm happy to report some good news finally. I received a phone call at 7:30pm tonight and here's what I was told by CitiMortgage... Apparently my mortgage was approved earlier this week but at the wrong interest rate. CitiMortgage sent it back to the SONYMA (New York State) for correction. My loan specialist said that the people over at SONYMA were very vague about the situation but it appears as if they tried to force a higher rate on me which the bank didn't accept because I was locked in. Long story short, SONYMA promised Citi that they would be sending final approval and notice to proceed with closing first thing Monday morning. I guess I shouldn't get too excited yet but the fact that my loan specialist actually called me this evening has me feeling a lot better. Now I must get the lawyers to close on or before Wednesday and I might actually not incur any extra costs as the sellers were able to work some things out on their end. 735973[/snapback] I hope it works out for you and Monday really is the end of your ordeal. Looks like you picked the right announcement to have "3rd time's the charm" work out. As already stated, I hope it does. Good luck.
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