Housing Saga Continues!

Well we just got word back from the lender and it as I thought, no new increase. They took almost two weeks to get back to us on that one. I know the buyers must be going crazy too. What a joke this lender is. After this is all over I am going to do a post about the lender and name names so maybe someone else will see it and not use them. We have read reviews  on this lender and sadly there are many stories where this lender has done the same thing to others. Here is the latest email from the lender.

Attached, please find extension letter. Per our conversation, the loan officer that was assigned to this loan is no longer with Prospect Mortgage. (Name Deleted) has been assigned to this loan and I have cc’d her on this email. Also, the appraisal is currently in UW to be approved for a 2nd appraisal to be ordered because the Seller will not accept the revised value when it was challenged. Jamie stated that we are looking to close before Christmas. I will keep everyone posted during this transaction and will do everything I can to help us get a clear to close before the end of December.

As you all can see from the above email that the loan officer is no longer with the mortgage company and now they want to push back the closing until Christmas. Then we received this email.

Hello, Unfortunately, underwriting/management declined the ok to order another appraisal. We have to use the current one provided.  Please send an addendum to the contract with new terms so we can update the loan.

In all of the houses and properties I have bought in my 60 years I have never been through such a nightmare as this. From the reviews we have read about Prospect Mortgage even if the buyers and us agree on new terms, there is going to be problems at closing.

I will let you know what happens next.




About Gordon Milligan

I am a retired conductor for a commuter railroad in Chicago IL, I now live in and have bought a 40 acre farm in South Central Iowa that I have built from the ground up. My wife and I are trying to raise and grow most of my own food using sustainible and organic methods. I have a blog that journals my journey to becoming a farmer.
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2 Responses to Housing Saga Continues!

  1. Zephyr Hill says:

    I’m so sorry, Gordon. This is turning out to be a real fiasco for you guys. You’ll want to have your real Thanksgiving celebration after it’s all over!

  2. Thanks Susan, we will be so glad when this is all over.

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