modificatication date well past

[Debbie]

W liv in Fla.and have purchased a manufactured home. Our first closing was at the end June 2004 and our modification date was to be Oct. 31, 2004. The home was finally delivered at the end of Nov. and we are still not able to move in. We are not able to get answers from anyone as to when the second closing will be. In the meantime we are staying with my in-laws and my son is having to live with other friends . It is putting a emotional strain on us all. The company will not even return calls now. On top of everything somehow they were paid for the home. We have a fha loan for 120.000 dollars. There is alot more but to much to list Any suggestions?

[David Oxhandler]

What is a modification date? I never heard of that or more than one closing per home sale. A Closing is only at the end of the deal when you take over the home.CLOSING as defined by The Comprehensive Mortgage Term Glossary is: The meeting between the buyer, seller and lender or their agents where the property and funds legally change hands. Also called settlement. Closing costs usually include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. What kind of financing do you have ?.

[rmurray]

the conversion will not be done until the home is complete and had a final inspection by th FHA inspector or engineer...Many one time close loans like this have s penslty clause for the builder..read all you documents carefully...Usually there is a 6 month timel limit for the conversion..Talk to the loan originator on you loan..His/her name and number will be on your original RESPA forms you signed prior to your construction close...Good LUck...

[Debbie]

first closing was on our property. we have a fha loan. modification date is the term fha has used to us for the home to be ready to move into. that was 4 months stated in contract. fha will be able to charge them a percentage amount for not completeing the contract on time.

[Debbie]

thank you Murray for the info. we are so confused. thanx again

[rmurray]

Most of the loans we do like this have penalties as much as $75/day..the money is used to pay your construction interest.Which ws built into the price of the house ast the first close...It might be about time thst you consult an attorney...YOur home should hve been done long ago...