A little background: I sold a $600k home back in February. Closed February 26th. Drove 6,000 miles (in a month) to find the perfect place to call home and found the perfect house in the most ideal location. I’m FINALLY closing tomorrow. Big yay here.
I found this house back in March/April. And I’m serious. It’s perfect. Good neighborhood. Fantastic small town. Lovely atmosphere. Great indoor and outdoor space. I love it so much that the only thing I want to change is to add flowers to the yard. (If you knew me, you’d know that this was remarkable indeed.)
The day after I saw it I made an offer (asking price) and it was accepted. And everything was going like clockwork. I was conditionally approved for the loan. I sent in all the required paperwork. Everything was looking fine for a quick closing… until a week after the appraisal.
My lender comes back wanting more information. So it took me a few days (I’m living the hotel lifestyle at this point) but I get it in… only to have it all rejected as not being complete or having enough information. I submit it again… and again. This goes on for about a week until they finally accept it.
Then they tell me I need to pay off every single bit of my debt… roughly $80k. This happens about a week before closing. And they need every debt paid off to be accompanied by a paid in full letter. These usually take 7-10 business days to mail out.
Okay… so I pull $20k out of a mutual fund and what I can’t cover with my bank account, I pay for from there. No big deal. I hate debt. Moving has been expensive. Unfortunately this adds on another 2 weeks to get deposited.
Then they need to know where the cash (not the mutual fund money) came from that I used to pay off my debt. I kindly explain it was from the sale of a house that they held the mortgage to. This money has been in my bank account for a few months mind you. They’ve already seen 2 months of bank statements and didn’t ask about it back when I handed it in originally.
Well… apparently I had to get the title company to fax that documentation over to them because they didn’t have it. There was 2 payments made to the account. So I ended up submitting the paperwork for this about 8 times before they understood that they had to add the 2 amounts together to get the total number.
Now… if you are wondering when they were going to ask about the mutual fund money, the FIRST time they asked would be about now. I send them everything I had including the deposit slips… 16 times. They were very unhappy that some papers didn’t have a name, date, and/or social security number even though these clearly all came from the same transaction.
This continued on for a little over a month. The last request was regarding a ditribution of $2k from another investment fund. They wanted to know why I was “borrowing money” (their words) from Fidelity. It took 3 days and finally a call to a manager to get through to them that Fidelity was an investment firm and didn’t engage in traditional personal loans. (And yes, I disclosed all investments at the time of application. Had exact amounts and balances too.)
Every document I’ve had to send multiple times. I’m starting to wonder if they counted my investments as debts instead of independent income.
So I’m wondering… is it just me? Is anyone else having issues?
I thought about blowing the whole thing off for a few hot minutes and renting a shack on a beach. (Not joking.)