Quick homebuying update

[beowabbit]

This is going to be exceedingly boring for most of you; sorry.

The inspection of what will hopefully be my new house in Quincy went well. There’s a bit of work to do in the bathroom that I hadn’t realized, but it’s relatively minor and not hugely urgent. The electrical boxes should be replaced with a more modern one. (Fuses! Whee!) There are a couple things to keep an eye on in the plumbing. The chimney needs repointing. There's some settling, and the temporary posts should be replaced with real lolly (sp?) posts. But basically it’s in very good shape. I signed the P&S.

I got my loan approvals for that purchase, contingent on the usual array of further documentation. Only...

The most important piece of that documentation is a “verification of mortgage and 12-month payment history” with my name on it, for our current house. I’d called on Thursday and asked for that to be faxed to my mortgage broker. When it mysteriously didn’t arrive on Friday, he asked me to contact the lender again.

Here’s the thing. Originally there were five of us on the mortgage. In 2000, three of us bought the other two out, and filled out “assumption of mortgage” paperwork. It looks like they removed the wrong people from the mortgage — they removed me, and left one of the people we bought out on the note.

This explains why my (new) mortgage broker hasn’t seen that mortgage on my credit report. It explains why I’ve never been able to use the (old) lender’s web site or phone system, which require my Social Security number. And it explains why getting that verification of mortgage with my name on it has been so hard, and why it looks to be a mad scramble to get everything fixed and updated in time for me to close on my new place. (The bridge loan needs to close before the actual mortgage, so I can use it as my down payment.)

The worrisome thing is that the lender’s customer support people are being very chary with details. I can’t get out of them whether they’ve actually found documentation that I should be on the note or not. I did hear that they sent email their name-change department today, but I don’t know whether that email says “Hey, we screwed up; please fix this” or it says “Geez, this crackpot thinks he should be on this note”. I suppose the ability to say “our records are incorrect and we promise to fix them” is probably well above the pay grade of the people who answer the phones, but it still leaves me in limbo. And the last person I talked to said if this were going to be fixed, it would probably take until Wednesday to fix, and only after that could I request a copy of the document my mortgage broker needs. And all of this is already very very tight, since the person I’m buying from needs to close on the 31st, so she can close on her new house.

All that said, I’m not as stressed as this sounds. I’ve done all I can on that front until Monday. I’ve kicked into motion a process that will hopefully end with this fixed. And since all I can do about that particular thing until Monday is wait, I’m going to do other things.

Comments

[surrealestate.livejournal.com]

Damn, that's crazy. And amazing it was never noticed until now! But congratulations on everything moving forward! When is the other closing date? Same day, or are you giving yourself some slack in terms of moving out?

(And I think it's "lally".)

[beowabbit]

And amazing it was never noticed until now!

Yeah. Ironic, too, since I’m actually the person who’s been cutting the checks for most of this time.

When is the other closing date? Same day, or are you giving yourself some slack in terms of moving out?

Not yet set, and I don’t remember when the deadline for signing the P&S is in the offer. The inspection was today.

[beowabbit]

Oh, and I’m closing on the new place before we close on the old place because the seller has already bought a place, and needs to close on the 31st. I’m getting a bridge loan (which basically works like a home-equity line of credit on the old house, but serves as the down payment on the new house; it gets paid off when the old house sells.)

[surrealestate.livejournal.com]

*nod* I know what a bridge loan is and why you're getting it, but I noticed your current place went under agreement so I was curious about the moving and closing dates in part because it'd be useful to know the deadline for moving the server.

And also so I'll know when to come help you move, of course. :)

[beowabbit]

... I was curious about the moving and closing dates in part because it'd be useful to know the deadline for moving the server.

Assuming this sale goes through, the earliest we might close would be Nov. 4, and the latest would be Nov. 17, with Tom and I advocating for the later date. (If this deal falls through, then those numbers are irrelevant, but anybody who needs a mortgage is going to have a hard time closing earlier than Nov. 4. So I think you can safely assume it will be no sooner than then.)

Thanks for the offer of help! I’m sure we’ll be assembling a posse.

[chienne-folle.livejournal.com]

Geeze. What a pain. And how unfair that other people's ineptitude results in trouble in YOUR life. Hope it all gets straightened out in time to close on the place.

Best wishes,

Cory

[beowabbit]

Thanks!

[magid.livejournal.com]

Wow, that sounds like a nuisance indeed. (And how that could've slipped through the cracks amazes me.)

I hope it gets settled in time to meet everyone's needs.

[beowabbit]

Thanks, me too.

[treasonx.livejournal.com]

Buying a house always seems to draw out problems you didn't even know existed. What a headache Good luck.

[demosceles.livejournal.com]

Its funny how so many companies make house buying sound sooo simple. I think I'll stick to renting, but I certainly hope that they get all of your stuff straightened out and working in the positive fashion for you.

[drwex]

*hugs* I'm glad it's not stressing you out overmuch. I'd be insane at that point, in your place. Best of luck with it.

[underwatercolor.livejournal.com]

a) Wow... that's a pretty big screwup they made.
b) More data for: It just never goes as smoothly as They say it will. ;)
c) Glad you're taking it calmly. :) Sounds like it should all work out. :)
d) *bouncebounce* House!! :)

[keyne.livejournal.com]

I can empathize somewhat -- a screwup in paperwork (Tim's parents' attorney not filing our deed transfer in time) kept us from getting a home-equity loan when we first applied this summer. It wasn't nearly as crazy-making as your situation sounds, though, and I admire your ability to stay reasonably sane so far!