Hurricane Cronesmoon ([info]cronesmoon) wrote,
@ 2009-07-09 15:52:00
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The Saga Continues
The loan company applied huge fees as a consequence of their own negligence, and we reached the end of our patience and said no. We assumed this would end the process and we'd get our earnest money back (because we weren't walking, but only refusing an unexpected and unwarranted fee); but then the seller called. She really can't afford to put it back on the market and the deadline was only a bluff by her agent.

The loan company promptly required Yet Another bit of paperwork that they should have asked for weeks ago if they really need it, which we can only assume they don't. My honey is dutifully providing it. I don't know whether he is agreeing to the outrageous fees. Nor what else the loan company will ask for when they find he's able to fulfill their latest request.

Who knows what weevils lurk in the hearts of men?


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[info]kateelliott
2009-07-10 12:40 am UTC (link)
I've been reading all this with puzzlement. What on earth loan company is this? I'm boggled. It just doesn't sound right.

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[info]cronesmoon
2009-07-10 01:00 am UTC (link)
We've been experiencing it with puzzlement. It's bewildering. How can they do this, and stay in business? It's gross incompetence or dishonesty or both, I don't know.

The loan company is called ERA Home Loans. Tonight after several polite repetitions of his refusal to pay these new fees, Richard finally hung up on a call from our agent about how we really ought to just pay the fees and get the house; we're so close; and besides, the people who have the power to waive the fees aren't in the office and can't be reached. (Somehow the people we need to do anything on this loan are always out of the office and can't be reached.) No, it doesn't sound right at all.

And we still don't know whether we'll be closing tomorrow...or some other day...or never....

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[info]kateelliott
2009-07-10 01:50 am UTC (link)
Your *agent* is not even protecting you???? Wow. Is your agent in some way associated with the loan company? That's almost what it sounds like.

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[info]cronesmoon
2009-07-10 02:03 am UTC (link)
ERA Real Estate. ERA Home Loans. Yup. He's been extremely good in all other ways, so much so that we thought we would keep him on even if we go on to other houses and loan companies; but this pressure to give in at the end is epic fail. He agrees we're in the right, the fee is wrong...and he wants us to pay anyway? I don't think so.

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[info]pyffe
2009-07-10 10:57 am UTC (link)
This is amazingly f-ed up. No reputable loan company does this crap. Sorry for your problems here.

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[info]cronesmoon
2009-07-10 08:10 pm UTC (link)
It's astonishing, isn't it? I've seen ERA commercials on TV and thought maybe they were, you know, reputable. My mistake.

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[info]pyffe
2009-07-10 08:13 pm UTC (link)
I've never had to shop for them. If I may ask, do you have a decent credit score? (I can't remember right now and don't have time to look it up right now!) The last loan company did our loan for free and even sent the notary to our house to sign all the paperwork.

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[info]cronesmoon
2009-07-11 03:23 am UTC (link)
Yes, before all this our credit score was acceptable. I don't know what it'll look like after; depends on what the loan company did and does. (Even a credit check lowers your rating, so there's no telling what an attempted home loan will do, even though we weren't denied.)

I don't really know quite how one shops for a loan company, but clearly it's not a good idea to accept the suggestion of one's real estate agent no matter how honest, friendly, and conscientious he may seem. Our bank, which is new to us but seems excellent so far, doesn't do VA loans, so if we start over we can't go with them.

Well, at this point my honey is re-thinking the whole idea of house-buying anyway, so if this one falls through as seems likely, perhaps we'll just rent for now unless the perfect house jumps out and bites us on the ankle on our way to the store or something.

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