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Tuesday, September 16, 2008

Stupid Banks


They say that now is the time to buy, that there are millions of foreclosures and the banks need our help. We're suppose to buy now with the houses at low prices, and earn our equity almost immediately when the economy heals.

Well here is my question... How do you finally give in, and search for a house, deal with the drama of losing books to the mail *gasp!*, decide to go for it and then there is silence... *crickets chirping*

DH and I had a long discussion and decided that he likes his job and we'll stick around for a while, because I can pretty much be anywhere as long as I have a mailbox and internet. We looked and we found and we decided to buy. This will be our first house, how cool is that? True, we're in a house now, but it's a rental, not the same thing.

We start the buying process, and it's a foreclosure, so it's suppose to be over quickly. They limit our due diligence days and we struggle and get through all of the inspections. We discover the house is as-is, but decide that with the price drop that we really are still saving money even after the few repairs here and there.

Everything is going great right? Wrong. We were suppose to close on the 12th, last Friday. But we got a call on Wednesday that it was not going to happen and then they say "Possibly Tuesday". I do not know about you, but I do not like the sound of "possibly". Well, guess what today is! Today is Tuesday! And guess what, we're not closing today either...

Yesterday, one of our peoples calls and tells us that the bank that owns the house, the bank that is selling to us, never took the title back to their name and that it is still in the name of the evictee. It is my understanding that she has not been there since November of last year... It's been how long?! And you have what?!? So now the bank has to fix that error to their name, then send all pertinent info to our bank. We were suppose to close last Friday. WHAT HAVE YOU BEEN DOING!?!? They say they are behind in foreclosures. Well, let's think about this... STOP foreclosing on houses, until you can handle what you're already foreclosing on. What does that mean for their taxes I ask you? Did they get out of something are they being fraudent?

Of course everything that I'm hearing is she said he said, so it's mostly worthless. But it's enough to annoy me. I want in my stinking house. I was excited and now I just want it overwith.

Will the excitement come back??? Tell me about your moves, and about the first house you bought? What was it like? Did you survive? Will I?????

*sigh*

MJ

2 comments and creative thoughts:

Amy said...

I don't know how much you followed chad's twitters, but we had small problems with our house too. the mortgage guy at the bank made entry errors into the paperwork, and then reprinted, then found another error, then reprinted. overall wasted 15 pages or so. kept spelling our last name wrong, and it was not consistently wrong either, -el, -le, with 1 t. *sigh*. the inspection appraisal was never emailed to us because of some attachment problems. so we never saw it till day of signing. got to the signing. there was a misstype on a date on one of the important papers... said 2006 instead of 2008. so we signed and initialed the error, thought all was ok. got a certified letter 3 weeks after move in and blah blah blah please RE SIGN these papers because of the "2006" error and mail back. then we went to the bank that bought our mortgage from Our bank (thankfully one was in town) to set up a direct deposit acct for part of our work checks to go into and automatically pay out to mortgage at end of month.... and the one guy said it would take 7 days to set up. and since our 1st payment was due before that I had to make a payment at the teller counter. I decided to keep notes on that day: time and date, amt, account # paid to. good thing I did. chad was keeping tabs on when our direct mortgage payment would be set up. he called. "you don't owe until next month" ??? and "uh we don't have that account # or a mortgage for you." so after days of digging, and phone calls the story goes: our bank sent it to mortgage bank, and somehow with the mix up it got sent back and when I made the payment the payment got sent back to our bank and then logged it as "being late" since it didn't reach our mortgage till 2 weeks after the date i paid it, and then because that was after the grace period thought it was and early payment for the next month. and just as the next payment was getting strightened out.. "can you please come in and sign new Signature cards. we lost them" how can you lose that?!?!?!?! so few days later i signed them. and later that day chad got a call saying they found them. how irresponsible!
it's all straightened out now. but, yeah, what a headache!

CherryBlossomMJ said...

I just got an email this morning telling us the homeowners' insurance was active. Great... we don't have a house, but have the insurance for one.

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