I am not a cursing woman but I am seriously thinking about it. We are set to close on Thursday-or so we thought. The mortgage company that NVR set us up with decided they needed MORE paper to verify our income.
Problem 1: we just found out 2 weeks ago that we were suppose to close on the 12th.
Problem 2: Discovered that they had sent a pre approval letter to RH based on us selling our current home when we signed a NON CONTINGENT agreement. They did not send us this letter, just to RH to let them know to start building the house.
Problem 3: they attempted to pull this letter out as proof that we failed at our task of selling our home as agreed upon. We didn't agree upon it because there was no way we could sell our home with how hectic our life is on any given day. We needed to be moved out completely to allow for any minor repairs, a coat of paint and a good cleaning to sell this home.
Problem 4: They calculated my income wrong and disallowed some of my husband's income thereby increasing our DTI.
Problem 5: they now want a copy of our taxes to prove our income to show that our actual DTI is much lower than they calculated.
I am so done right now. We need one more 1099 to complete the taxes which I have no idea when we are going to get that- I am hoping by Tuesday but in any case NONE of this has been submitted to the underwriter.
I know this will work out but I am so aggravated at this point with this mortgage company that I could scream. Now it looks like WE are holding up the process when that paper work was done incorrectly (by them not us) and we were not notified of closing date until late in the game. If we were told 4 weeks ago- maybe this would have all been resolved.
I hope it all works out, I'm sure it will. It could always be worst.
ReplyDeleteOh geez! I hope that it all is fixed in time. We went non contingent as well and when we got our approval letter it stated that it was contingent on us selling our home. We quickly caught this and said that this is not what we agreed on. Our loan officer said it was there mistake and someone checked the wrong box and it would be fixed immediately....we are still waiting on the corrected letter. While we are selling our home, we did not want this to hold up our process. Supposedly it is an easy fix on their end for us and there shouldn't be any issues....Crossing my fingers that this all works out for you!!
ReplyDeleteAfter going through this- I would personally demand they send out a new letter. One thing we did do correctly is to keep electronic copies of nearly everything. So if they did ask for something again, we can tell them the original date we sent it and resend another copy along with another time stamp.
DeleteWhat it really boils down to- if we did sell our current home, they wouldn't be attempting to go over our income with a fine tooth comb. BUT- some of the calculations that they come up with delivers some outrageous numbers. They wrote off nearly $7K of my income because they said I was paid bi monthly when its bi weekly. The difference is with bi weekly you actually receive 2 more checks during the year. Now this was pretty stupid as you could tell by my checks it was bi weekly but they wanted a letter saying this was how I got paid.
My husband made a substantial amount for consultation work at one particular company- but this company mistakenly listed him as a part time employee instead of contract- you can only count a source of income if you have been doing it for at least 2 years unless it is self employed income where you work contracts. In that case as long as you were self employed you can count all contract work. This eliminated about $15-20K from his income. These two calculations would have cost us our home if we did not have other income we could prove and list. BUT now they want the taxes to prove it. Sigh.
Blows that you have to pay for their error! Yes, I contacted our person and we are waiting on our updated notice. I'll keep my fingers crossed for you that everything works out according to plan and that you'll be closing soon....
DeleteI hope we don't get screwed like this (we are also using NVR mortgage). We've been confused since one RH community told us we would have to sell our condo before we could even put down a lot hold / Ernest deposit because RH doesn't except contingent contracts and then the RH community we are at now told us they do take contingent contacts. We knew we would need to sell our condo beforehand because of our DTI ratios and it is on the market now. It is a huge pain trying to keep it clean with a 20 month old. In fact a just had a realtor show up unannounced :( We will also most likely have to do a rent back for a few weeks or even month :(
ReplyDeleteWe are still waiting for NVR mortgage to submit our initial application to underwriting. Until we've gotten that approval we are pretty nervous but our NVR rep tells us we should be fine.
The SR's are under pressure to do whatever it takes to sell a home. So misleading statements are the name of the game. I don't know why they think we wouldn't research what they say.
DeleteWe have two boys who get into everything. You should see the number of things that they have destroyed since we signed the contract to build. It would have made it very hard to sell this home if out it on the market while we are still living in it. So we made it non contingent to give us a chance to actually sell it and make a fair profit on the home. But of course this is not what they told RH- even though RH knows we signed a non contingent agreement. It will work out because we have the income, it just may push back our closing date.
Well we did make sure and signed something that if we can't sell it we would get 100% of our deposit back.
DeleteGood! Cross your fingers that this spring will be a strong seller's market. :)
DeleteUnfortunately this is how most things goes for NVR for most folks, so some comfort in knowing its NOT you. Things got a little easier for us when I demanded to only deal with the the manager's manager, then things got a little easier and she was great. Sometimes you have to climb that ladder. Good luck and dont stop fighting :)
ReplyDelete