Of course I have been hearing lots about the problems in the mortgage industry. But up until now, it's effect was really restricted to slowing down the market.
Well, that ended abruptly, when I got a full does of it.
It was 4pm, buyer and seller sitting in closing rooms, we are waiting for the final papers from the Bank.
Now this is what was a well respected bank, who had continually promised the papers would be right over. The title company, usually does not wait until the last moment and had regular communicatin with the bank. and at no time was anything suggested that there was a problem.
Then at 4pm, Friday, we get the news. The investor has bailed. No time to call anyone, the bank is virtually closed.
Anyway, after a lot of explaining, and the use of our inhouse lender, we are promised a close ext week. We arranged early occupancy for rent and both couples are happy...... So long as we close next week.
Bottom line, we saved the deal, with a bit of working together and an in house, available lender.
ASSOCIATED BANK let us down big time. IT was not that it was a difficult loan. This was a retired single lady with $60k down on a $150 purchase. Excellent credit, and another home to sell with zero mortgage.
I will never send anyone to Ass--ociated Bank Wisconsin, I hope if you get the chance, you will avoid too.
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