This week a local lender was suspended by HUD from issuing any FHA program loans due to fraudulently submitting false accounting statements to the government authority. The company, Seckel Capital submitted accounts over a period of years which were supposedly audited by independent certified public accountants. But, they weren't. As such HUD has suspended the lender from issuing loans backed by FHA.
"In addition, HUD's Departmental Enforcement Center suspended owner John Seckel from doing business with the Federal government"
Suddenly, borrowers in the process of obtaining mortgages with this company are finding they can no longer obtain them.
So what do you do in a situation like this?
First - don't panic. Turn to your real estate agent and let them know what has happened, if they are not already calling you.
Your real estate agent should have contacts in the mortgage industry who can step in and help you get to closing. But you need to talk to a new lender as soon as possible as there may be delays.
Many larger real estate brokerages have their own in house mortgage companies and these will often step in and take over these loans. Prosperity Home Mortgages our in house broker has notified us they are ready to step in and take these loans over and have programs in place to close quickly.
Second make sure your agent briefs the sellers agent and let's them know the situation and that you are taking action to replace your lender and go to settlement, but you may need a delay of settlement date.
Make sure you provide your new lender with all the documents they want as quickly as possible. A good lesson to learn here is to keep all documents you submit to any lender in a file so if you need to submit them again you have them ready and accesible. Don't pack financial documents up too early where you cannot access them as you may suddenly need them late in the moving process.
If you are buying or selling in the Tredyffrin Easttown area we can help you make sure you get to closing. A good agent not only sells a house they make sure it goes to closing as well, keeping track throughout the process of everything that is required. Contact us today, Nick Vandekar, Tredyffrin Easttown Realtor, with Long & Foster Real Estate, Inc. Nick@VandekarTeam.com, office 610-225-7400, cell and text 610-203-4543, website www.SellingTheMainLine.com.