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.
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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