Special offer

Please! Yes or No?

By
Mortgage and Lending with Hamilton Group Funding, NMLS#831824 NMLS# 831824

So Friday we were closing an FHA Section 184 Indian Benefits loan and the conditions had all been met and sent in by the Title company and it is time for checks and keys to change hands and....funds wouldn't release.  We called everybody up the chain of command and couldn't get any answers.  What IS the PROBLEM?  We were told we would have to wait.

Stop

Meanwhile, buyers and sellers are fidgeting.  "It should be any minute",  I say to them, because that seems to have worked in some past.  "Don't panic", I say to myself, because that reminds me too breath.

The final word comes in: we will have to wait till Monday and find out what is going on.

Today, two busines days later, the seller, the realtors, the title escrow officers, my clients and I are still trying to hold on. And now i am told the Section 184 loans are probably over, for good, and definitely not funding soon.  

PROBABLY?

NOBODY CAN SAY YES OR NO?

Now is the time for good morgage lenders to shine.  Today I am saying no to my clients 184 Loan and putting them into another program, scrambling to keep sellers from losing too much and while being blamed for everything I have stayed in the office until 10:30 last night restructiong my deal and returning at 7:00 am to the pleas and complaints of everyone who is most important in my life today, my clients and associate partners.

So why can't my president, my congress and my leadership just say yes or no?

Sequestration Day has come.  You may not have felt it, but your neighbors have.

 

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If you have any questions on how these information could impact your personal mortgage situation, call me today at 918-949-7248 or email me at John@Tulsa-Mortgages.com.

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John Regur
Tulsa-Mortgages.com
Phone 918-949-7248
NMLS #831824
 
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Sabrina Solesbee
Solesbee Group - Laguna Beach, CA
Sabrina Solesbee

Oh my goodness! I am sooo sorry this is happening to you. I had a few deals in 2007 & 2008 where the loan product was suddenly "no longer available" just before closing. No fault of the buyer, but boy EVERYONE was upset! Hope it all works out for you. I'll say a prayer for you!!

Mar 05, 2013 03:29 AM
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi John, my only response is that our present government just burns me to a crisp..New proposal for our Congress...Two year maximum term  ..no pay and no benefits....

Mar 05, 2013 03:31 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Thank you Sabrina!  Hopefully, we don't return to 2007/2008 lending enviroment!

Mar 05, 2013 03:33 AM
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hi John,

Your clients are fortunate to have you working for them and to come up with Plan B.  Hopefully the leaders get it together. Best of good success to you this year!

Mar 05, 2013 03:37 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Ronald - I agree.  Their pay needs sequestered.

Mar 05, 2013 03:37 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Jordan - thanks.  I use to say, "without a plan b you don't have a plan". The confidence in the mortgage market was just becoming stable.  I hope we aren't going to need a plan b more often than not in the coming months.

Mar 05, 2013 03:41 AM
Lori Cain
Own Tulsa - Tulsa, OK
Midtown Tulsa Real Estate Top Producer

John, I'm sick about the 184 situation. They should make good on all 184 loans under contract. And our elected officials should absolutely have to sit through a non-closing!

And congrats on becoming a Rainmaker!!!!

Mar 10, 2013 03:16 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Thank you Lori for introducing me to active rain!

Mar 10, 2013 07:45 AM
Julie Bentley
Watson Realty Corp, Jacksonville, FL - St Johns, FL
Saint Johns, FL REALTOR

How frustrating for everyone involved, John. And good for you for acting - not waiting for the Yes/No answer but instead getting your customers into another program. We've already seen so much fallout from the sequestration and I fear the worst is yet to come. Hang in there!

 

Mar 19, 2013 08:26 AM
John Regur
Hamilton Group Funding, NMLS#831824 - Tulsa, OK
Branch Manager, Hamilton Group Funding NMLS#831824

Thanks Julie - latest gossip is we will be back in 184 money March 27th; and now they are considering opening up funds for 184 refinances, which has been unavailable for awhile... I'll believe it when I see it.

Mar 19, 2013 10:39 AM