I just had a mortgage I originated over a year ago close.
No, it was not in underwriting with a large bank that where it fell through the cracks. No, it was not because of an HVCC picked appraiser that took too long because she was serving time for animal cruelty convictions. No, it was not delayed because the condo association secretary could not get it together to get the condo form filled out. And last but not least it was not because of real estate agents that think they are still in high school were too busy picking their noses to get the right paperwork together.
It was the fault of the following, Homeland Security, the Philadelphia's Sheriff office, Fannie Mae and a cast of hundreds.
First, kudos to Mitch Cohen of Premier Real Estate who from the start kept the deal alive and kicking. Mitch sold a nice condo unit to a lovely couple, he British and she Chinese, in a building that was 90 percent investors.
That alone would make the property unkosher for financing. But, alas, since the property was a foreclosure owned by Fannie Mae, they were happy to help dispose the unit with no appraisal, no PMI and no condo approval (remember the 51percent owner stuff).
Ok, we got passed that. Now on to Homeland Security where the green card that was promised had yet to arrive. Finally, after a few long months, there it was. OK, that issue resolved. Good news. Now the nitty gritty title work.
What the title company found was that the sellers had not only screwed up the deed royally, the Sheriff's department lost the deed and could not find the money.
They also told us whe they did find everything that it would take over a month to get it filed. A needless to say a month became 3, three became 6 and finally, a year later, we were able to close.
Don't you just love this business!
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