Archive for September, 2015

Mortgage nightmare

Thursday, September 10th, 2015

This is a rant that is not about computers, but is about a trying experience my wife and I are going through.

Buying a new house? Don’t use William Lyon Mortgage.

About 4 months ago we signed a contract to buy a new house. The builder offered us a discount if we used their preferred lender, so of course we accepted. Big mistake.

Throughout this process this lender has assured us that everything was on track for us to close on time. This in spite of the fact that they don’t seem to be able to keep anything straight. They have repeatedly asked for the same documents, and they have been unable to keep various facts straight, asking for non-existent information. They have also asked for documents that are none of their business, like my mother’s bank statement because she gave us a one-time gift – she isn’t helping us buy the house.

This last week has been the worst. Just over a week ago we got a list of “final sign off conditions”, including as usual items that don’t exist or don’t apply. We provided either the items requested or explanations of why they didn’t apply. This “final” list has been followed by more and more requests and duplicates. One request was for a new copy of a document that had been in their possession for about a month and a half and that they had just discovered was unusable; because we had not expected to be asked for a copy of it, our copy is in storage and thus inaccessible, yet we were asked multiple times – after explaining that we cannot access it – for various parts of it.

Today was the culmination of the mis-management of our attempt to get a home loan. Again we were assured that, with one more piece of documentation, we would be able to close today. Again, this request was followed by more, always with the assurance that we were on track. Until this afternoon. The requests kept coming, and we were told that we should not count on closing today. Nevertheless, we went to the bank to get a check for the closing, hoping that they would get it together and we could squeak the closing in by the end of the day. We were finally told that no, there was no chance of closing today, and they are now demanding a piece of documentation that will probably take at least a couple of weeks to get.

So we are left high and dry. We have no house, since we sold our old house in preparation for buying the new one. We had several deliveries scheduled for tomorrow, which we could not cancel in time; so I will be wasting time waiting for the deliveries to arrive so that I can tell the delivery crews that we cannot accept our stuff yet (who knows how much extra expense we will incur because of that). We don’t know when, or if, this company will live up to their promises and provide us with the funding they have assured us would be no problem.

I know that this is a long rant, but it is all true, and right my level of frustration and anger is about as high as it has ever been. I was planning on today being a very happy day, and instead it has turned into a nightmare. I doubt that this will do any good, but I just needed to get it off of my chest.