The old switcheroo

By Anonymous - 09/12/2020 11:09

Today, I was supposed to close on a house. Unfortunately, our lender decided that they couldn't finance us and denied us a loan, after 3 months of us digging up paperwork, saving money, and packing. Now we have to scramble to find a new place, while our insane landlady screams at us. FML
I agree, your life sucks 699
You deserved it 54

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This is EXACTLY why I stopped being a mortgage broker. After I had to tell a woman that her and her children were basically homeless on Xmas eve because shed given notice to her landlord and packed everything, was supposed to close on her home in 2 weeks and the lender pulled out for no reason at the last minute. I told her I was quitting too. Not that it made her situation any better, but I at least wanted her to know that that kind of callousness and heartlessness mattered to someone. And yes, I quit the next day.

Good for you man. I dont understand that crap, ridiculous...

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Are you in the US? Usually you're pre-approved for a certain up-to amount (about 3x your salary or more depending on liquid assets/savings). If there's other ways for loans then I'm sorry OP. :(

OP, I’m sorry and I know that’s bad. Right now you are scrambling to find a place to live. Don’t give up on your dream of home ownership. This is a strange and tough time for everyone now with a pandemic going on. But times will improve. For the longer run, find out what caused the rejection of your loan and work on improving that so that next time it won’t be an issue. Also it’s wise to request pre-approval from a lender before starting the home search so you know exactly what your budget is and that you are highly likely to be approved.

This is EXACTLY why I stopped being a mortgage broker. After I had to tell a woman that her and her children were basically homeless on Xmas eve because shed given notice to her landlord and packed everything, was supposed to close on her home in 2 weeks and the lender pulled out for no reason at the last minute. I told her I was quitting too. Not that it made her situation any better, but I at least wanted her to know that that kind of callousness and heartlessness mattered to someone. And yes, I quit the next day.

Good for you man. I dont understand that crap, ridiculous...