Tuesday, August 16, 2011

Well that was fast & Frustration

Our first mortgage payment is due Sept. 1st, and it's already been sold!  Our first payment is no longer to the mortgage company who wrote our loan, but now it is due to Bank of America.  *face palm*  Of all the banks out there, why them?  Around here (where they are head quartered) they are NOTORIOUS for trying to start foreclosure proceedings on brand new mortgages and homes not anywhere near foreclosure.  UGH!  I can't believe they sold it that fast and to THEM!  Oh well.  We'll just make our payments and cross our fingers.  It is what it is.

Speaking of mortgage frustrations.....

My family is trying to get final approval so construction can start on their house.  NVR promised they'd have an answer in 2 weeks.  We are now in week 3 and NVR's response was "It's ONLY been 3 weeks" (I capitalized the only, they didn't).  Why you would say 2 weeks and then turn around and try to cover your butt and say it's only been 3 weeks and "these things take time".  GRRRR

We have family from another country flying in in December to stay through the holidays.  They stay with THEM.  I have no room for them.  Well, my family made it clear they had close end of November.  The reason for this was so they could hurry and get moved in before our other family arrives.  The longer this takes, the less likely that looks.  If they can't close the end of November, they are prepared to walk away from the contract.   A part of my family feels like they are getting the run around.  At this point, I can't say I blame them.  They've been told that the end of November wouldn't be a problem.  They were told final approval in 2 weeks.  And so far, both are looking to be BIG problem.

I'm just as frustrated as they are at this point.  NVR was awesome to us.  But so far, the experience has been far from that for my family.  You shouldn't give deadlines and make promises if you aren't 100% sure of them.  That's bad business.  Period.

And worse yet, no one is even bothering to look into why it's taking so long.  All my family gets are excuses.   And if I were them at this point, I'd be telling them if construction didn't start by Sept. 1, I'd be walking away from the contract.  This is just ridiculous.  But it's not up to me.  And they love the house and the neighborhood.  But don't think the thought hasn't crossed their minds....

I'm sorry.  But I am NOT happy at how this process has gone for my family one bit.  I guess it's a good thing they are more patient than I am.  But I can tell you, their patience is starting to run thin.  But can you blame them?  The home loan processes is taxing on all who go through it.  And to be told one thing and then have it be another is not an easy pill to swallow.  And no one being willing to find out what the hold up is not helping.  Getting excuses is not helping.

NVR may have been good to me, but I am appalled by them at this point in the process with my family.  If you are going to buy a Ryan Home, I suggest getting your OWN financier and NOT going through NVR.

I pray they get their approval by week's end......for all our sakes.

I'm sorry.  I'm just super frustrated.


  1. I seriously doubt that anyone ever makes a single mortgage payment to the company that actually loaned them the money. Let's see...I have purchased 2 homes and refinanced 4 times and never once have I ever made a single payment to the company that loaned me the money.

  2. Really? We've owned 3 homes now. Our first two mortgages were sold within the first 6 months. So we have always paid the original mortgage company first. This is first for us. Not even in a month and it's already sold! lol

  3. Sorry Noey. Hope all gets resolved soon. Sounds like it's not been a good week for any of us!

  4. It depends where you get the loan from. If you deal directly with Citi, BofA, Wells, etc, they are going to hold your mortgage (even though the gov't is probably backing it.)

    If you deal with a broker or smaller bank, it is likely getting sold the second you sign. Many times the loan officer can even tell you who the investor is although they may say they don't know if they think it might upset you. ie- With the bad name BofA has now, many loan officers wouldn't tell you its getting sold to them.

  5. The scenario of brokers approving mortgages for people who had absolutely no business getting the mortgage, and then bundling them together and selling them to typical mortgage holders is what created this massive housing crisis. Those brokers got away scott free and made millions and are probably all living comfortably in Florida somewhere.

  6. I hope things get better for your sister Noey! That is crazy they gave dates and promises and are not sticking with it.

    On the other hand, when we bought our current house, we recieved our first mortgage bill from the company they transferred it too which is citi. I don't even remeember who was used originally. We have from day 1 recieved bills from them and I am happy its that way, because we only have one company to deal with and to get info from if we need it.

    I really do hope that NVR gets it together. I know our loan officer told us that they are changing so many things with the loan process that he has to sometimes get back to us and let us know if the rules/regulations have changed.

    GL to sissy! Come on NVR...we have family coming in december. :)