bank mistake

[tyson]

Just recently we have tried, well are still trying to purchase a manufactured house. We called many banks, but they told us that they were unable to finance 100% on these homes. We called Wells Fargo as a last resort and told them up front what we were buying. They said they could do 100% on the home and began processing a loan for us on july 13. As the days passed we had been keeping in touch with Wells Fargo staff other then our mortgage counselour b/c she wouldn't return phone calls and they had been telling us that our closing date was on August. 13th. We had the appraisal done, title ran everything ready to go. While we were at the beach, we called on August 4th to make sure everything was set to close and they told us it was. We returned from the beach on saturday Aug. 7th to get an email stating the loan was denied from the same Wells Fargo employee that wouldn't return calls. Reason was that they couldn't do 100% on a manufactured house. They later said on the phone that they made a mistake and should have never started the loan because of this. My problem now is that as of the 20th, which is 4 days from now we need to be out of our apartment and have no where to go because this loan was suppose to closed. They are trying to get another loan started and finished by the 20th,which might not close in time. Looks like our stuff will end up in storage and as I said before we have no where to go, but a hotel until it does close. Are they badly at fault somewhere along this mess? Any suggestions?, and would a lawyer be a good person to talk to? I'd like to mention again. They knew this was a manufactured home from the begining when we called, they also talked to the homesale sales rep for info on this house.!!

[cmtfromga]

Welcome to the club of bank mistakes. We waited two months while the bank here kept telling us the closing was a week away. We are the sellers, not the buyers.

At the end of June the loan officer told us we would close in one to two weeks SO I gave notice at my job and reserved a truck. The 13th of July came and my notice was up, they had hired and trained someone to replace me so there was nothing I could do about it.

It is now Aug.22 and we still have not closed. The bank did call the buyer on Aug. 11th and told him the loan was turned down because of an addition that was built on.

The bank knew this from the first day! What the bank did not know was the actual Fannie Mae guidelines.

The bank was caught in several lies, the biggest was that Fannie Mae and Freddie Mac had a guideline that says they will not finance a mobile home with an addition built on if the original structure was cut into. That was a lie and I did not just get it from one place, there were dozens.

This guideline is something that the lendors have installed and it is unwritten. I was also told that Fannie Mae and Freddie Mac would not buy loans on homes like this. Another Lie.

I wish you luck. I have not yet talked with a lawyer but I intend to. Not only did I loose my job but now the truck will cost 350.00 more, I have had to pay two mortgage payments we did not plan to pay. Our life was turned upside down, I hope yours gets settled.

[David Oxhandler]

You are not alone. The volume of new financing and refinancing loans across the country has reached an all time high. Due to this there are a lot of over worked and under trained people out there processing loans for financial institutions.


The best way to avoid these problems is to work with a licensed mortgagee broker, who gets no compensation unless you get the loan you agree to. Brokers across the country are associated with the referral program at www.manufacturedhomelender.com.


Starting out with the right loan can add up to substantial savings over the years.
Fill out the form and let a finance professional guide you thru this critical process.

[Fred]

I'm so sorry to hear about your horrible experiences. I run a mortgage brokering company and would like to share some info with everyone about manufactured housing loans. Both Fannie Mae and Freddie Mac WILL approve loans on manufactured homes but these companies are both strictly secondary market meaning they only deal with other banks. However the majority of banks will not do manufactured home loans. The banks that will provide financing may have loan officers that are new or they just don't realize that manufactured housing loans have very different guidelines from a frame built house. Fannie or Freddie DO NOT do 100% financing on mobile homes. The most they will finance is 95% and in certain situations will impose restrictions if you borrow that much (for example: limit your maximum term to 20 yrs). The lender you choose can impose whatever rules they like however, so long as it is compliant with state and federal law. Please understand that these loans have strict guidelines for title work, appraisal format, etc.. Also there are problems that can come up during the loan process that will delay or change the structure of the loan. (Example: A title lien, the id tags are removed, the property is found to be in a flood zone, etc..) Sometimes things go smoothly with absolutely no problems and sometimes they don't for whatever reason. My advise is to never count on your loan until it funds, and don't make plans and arrangements that would put you in an uncomfortable situation just to be on the safe side. I understand most of you are just having faith in what the bank tells you and you should. Most brokers and loan officers will deliver but you can end up in a really bad possition if they can't. I would be more than happy to answer anyone's questions to the best of my ability if interested. My email is [email protected]