In Nov 2015 my daughter and I went to our bank and talked to a loan office to pre- qualify for a home loan. I explained that in August 2015 I retired my job of 12 years. 6 wks. later I felt I was not yet ready for this choice. My ex employer invited me to come back and work for them through a temp agency. So I did. The loan officer told he worked at a staffing agency so he's familiar how this all works. We pre-qualified for the loan.
We find a house and file for a FHA loan
. The loan is denied because of my temp status. There guidelines require you to be at the temp agency for 18 months, I've only been there 5 months (I started back work on Sept. 15,2015). I am really upset, sad etc. you name it.
The loan officer says I remember you telling me that I screwed up. Here's what I can do so you won't lose the house. I talked to my boss and he says for us to file for a conventional loan. I'm still a temp! If the 1st loan didn't go through why would the 2nd one go through? He says their going to file for an exemption on the temp status.
I signed this contact with the seller on 1/16/16. Closing commitment 3/1/16.
He's trying to file the new loan first week in Feb. I'm telling him there's not enough time. He reassures me he can get it done and it will go through. I have 84 emails of everything that has happened since day 1.
Now all hell breaks loose because both real estate
agents and the seller wants to know what's going on with Loan Commitment and when the appraisal
. The appraisal was done on 2/10/16. It is 2/19/16 and the loan officer just sent me an email to let me know the underwriter just excepted the exemption for the temp status. Nothing was mentioned about loan commitment.
The real estate agent for the seller gave me a contact # ***** a mortgage
broken he's been doing business with for 20 years. I talked to him explained what's been going on with the bank, he took my info, talked to his underwriter and they are willing to finance the home.
The loan officer has not offered any explanation to the real estate agents as to what's been going on so I did. He doesn't answer their emails , doesn't return their phone calls.
Every time he does do an update his answer is I'll know tomorrow. Tomorrow comes
and he tells us again I should definitely know something tomorrow. This has been going on all week.
The sellers agent has been understanding enough to still want to sell the house but he wants us to go with his mortgage broker. I don't have a problem with this.
I don't understand what the banks mission is at this point in time.
BIG QUESTION? If I go with the sellers Broker, can the bank turn around and sue me for breach of contact etc. ? All's I do is cry because this whole thing has turned into the worst nightmare ever and it's the banks fault. I have no idea what to do.