The title of this post was taken from the song Holiday In Spain by Counting Crows.
Mike and I bought this house 12 years ago, I was 19 years old. I remember us house hunting, and when we found this one we thought it was perfect. We had no children at the time, and this house seemed like a mansion. I remember walking into the bank filling out the loan application, providing some basic information, like bank statements, and then later getting a phone call when we were ready to close. It truly was a smooth process. I'm now 32, okay okay almost 33, and I'm in the process of buying a new house. From the moment I applied for this loan it has been a nightmare. The amount of information the bank, mortgage insurance company, and homeowners insurance company want from me is absolutely ridiculous. I completely understand needing to supply bank statements and paycheck stubs, but they have asked for a list of things that I do not understand. I have had to provide a copy of my drivers license, a copy of the kids social security cards, and then a copy of their birth certificates to prove their ages, a copy of my homeowners insurance policy for my current home, and many more things.
I got a phone call from the bank the other day and the lady processing our loan said they needed a monthly statement for my 401K. I thought okay whatever. Then she said that my credit report showed that my previous mortgage had been paid late two months in the past, and the banker wanted to know if I knew what two months it had been late. WHAT?! Really it was late twice in 12 years and you are grilling me on it. I told her I had no idea when or why they were late. She then stated she would need to contact our previous mortgage company to find out when they were late, and then she needed an explanation from me as to why. After I got off the phone with her I received the following email.
OK Ms. Dawson,
I just need your completed retirement statement for the Mortgage Insurance company and the late mortgage payments were 5/2009 and 6/2009 so I just need an explanation as to why they were late then I can re-submit to the mortgage insurance company for approval from them. Once I approval from them I can re-submit into the underwriter for final approval.
Here is my reply to her email.
It was my late husband's 401K and when he passed away it became mine. The company does not send out monthly statements. The only statement I have ever been mailed was the end-of-the-year statement from 2011 that I have already sent you a copy of. I did log into my account and take a screen shot of the account summary and I am attaching it. If you need further verification concerning this I will be happy to give you their information and you can contact them. I don't know what else to send you.
As far as the late mortgage payments in 2009 I honestly cannot tell you why they were not timely. My late husband took care of paying the bills and I can't rightfully ask him why they were not paid on time. I took over all accounts upon his passing, and every payment was made on time until I paid it off in July.
I know I sound a little frustrated, and to be honest I am. I know you are only doing your job, but I feel like I keep supplying the same information just in different formats. I appreciate your help in making this loan work. I am simply looking forward to having all this completed.
Here was her response.
I’ve forwarded your e-mail to the MI company and she just responded and said she was fine with the information you provided. She said she is finishing up the Mortgage Insurance Certificate for me and will be sending it over to me shortly. Once I have this I will re-submit into the underwriter for a clear to close. Sorry for the inconvenience I know that it can be frustrating but thanks for your patience!
I mean we have been working on this loan for two months now. Does it really take that long? I know the economy is bad, but really come on people. Do we have to make it worse by putting potential buyers through all of this.