Lois Dryer was all smiles when they met with loan officers from Residential Home Funding, a mortgage lender in East Brunswick, NJ
The Dryers were supposed to close on their dream home in Hazlet, New Jersey on Wednesday but could not, because their lender, Lend America folded, making their mortgage, worthless.
"I finally have some hope," said Lois Dryer. "There's a light at the end of the tunnel."
After seeing the Dryer's story on News 4 New York, Ed Mackin of Residential Home Funding contacted us, offering to help.
"I was sitting there watching the late night news," said Mackin. "When I felt terrible that it's around the holiday season and this family won't be able to move into their American dream."
"I've spoken to the president of lending and he says we can get the loan done in two weeks," said Jeff Rosen.
Which is a far cry from the three months the Dryers thought they would have to wait for a loan to be approved. They are living in a hotel now and can't even imagine having to stay in a hotel for three months.
Lend America shut down after the Federal Housing Administration revoked its right to approve loans. The FHA says Lend America was too quick to hand out loans to people who couldn't afford to pay them back.
Lend America, one of the largest FHA lenders in America was shut down by HUD basically halting mortgage transactions that were ready to close. Our East Brunswick branch (after seeing the news) called the clients and has saved the mortgage transaction. If you are currently working with any clients who were getting their mortgage done with Lend America (or anyone else who is not servicing your clients efficiently), please have them call me
4 Wood Hollow Road
Parsippany, NJ 07054
Office 973-447-4406 Extension 202