Settlement Fell Through

Avatar for atober
iVillage Member
Registered: 05-20-2004
Settlement Fell Through
5
Fri, 07-29-2005 - 1:47pm

We were supposed to settle on our new home today at 1:00pm. Our loan officer has been involved in this process for 7 weeks and has told us everything is fine up until yesterday. Turns out the underwiter had some concerns. I didn't understand this at first since these concerns should have surfaced long ago if the process was started 7 weeks ago. Come to find out my mortgage broker switched lenders (probably to get a bigger commission for her) and this is why the paperwork was not ready for settlement today. Anyway, at the very least we are looking at penalties for delaying settlement (which the loan broker says she will pay). I don't think I believe her anymore since she had assured us that the loan would go through on time many times over. Worst case scenario is that we could lose our $10,000 earnest money that we have put down on the house. My DH says don't worry about it (as if). I told him if he wasn't worried about it then I think he is the one with the problem not me. I know my worry and anxiety is more than his as that is part of the disorder I deal with but to not be worried at all is not normal. He finally admitted to me that he is worried but didn't want me to think so because he thought it would make me worse. It actually made me feel better to know that I am not alone in my worry.

Needless to say, I have taken my xanax twice today and it has calmed me some but not completely. I feel too upset to eat lunch and am just at my wits end. I am hoping that getting this off my chest will make me feel better if nothing else.

Thanks for reading my sad story.

Alison

iVillage Member
Registered: 05-12-2003
Fri, 07-29-2005 - 2:52pm

Alison, i dont understand all this home buying and loan stuff, but im really sorry this happened :((( please try to take it easy and not to get too worked up, things will work out eventually.

Mia

iVillage Member
Registered: 03-11-2004
Fri, 07-29-2005 - 6:40pm
I don't understand these things either, Alison. But I can sure feel for you in this very disappointing & scary situation. I know how much you looked forward to this. It must be difficult to place your trust in someone who has betrayed it. I'm keeping you in my T&P's. Try to break your time into small blocks. Encourage yourself to just get through one small block without worrying. Then the next block & so on. It's hard to stay focused on happier things, but you need to think of the positive relationship you have with dh. The support your family offered. The good things you have for certain in life. Please stay strong & keep safe. We care. (((hugs))) jan



 

 


 



iVillage Member
Registered: 04-07-2003
Fri, 07-29-2005 - 11:54pm
Alison I am sorry for your problems now.
We had a similiar situation 2 years ago the stress
was awful--- my hubby did not want to tell me either!!
They hide their worry for us! Think positive if you can
and stay in the moment. You are healthy and have a good
life remember these things! Try to relax and I hope that
soon things will work out. Judy
iVillage Member
Registered: 04-18-2003
Sun, 07-31-2005 - 10:43pm

Alison, any more word on the house? I went through something similar; it worked out for us, but it was soooo stressful & un-necessary stress caused by someone else!

Sheri Ann

Sheri Ann

Avatar for atober
iVillage Member
Registered: 05-20-2004
Tue, 08-02-2005 - 10:37am

Well I am still waiting to see if the loan went through. The other bad part that I don't know if I mentioned is that the house we currently own has been on the market for over a month and we have not received any contracts. In our area the market is such that most homes go within 21 days at the most. Anyway, so if the loan goes through I am stuck with two houses and if it doesn't I am possibly out $10,000. I am definitely out of xanax and have been having it filled through my primary care doc and she wants me to see a specialist of which I have been calling and getting no response from the drs who accept our plan. I have had to take the xanax everyday since my last prescription and think if I call my dr again she is going to say she doesn't want to refill it:(

Alison