We have not heard from HUD yet as to whether I lost the bid b/c of no loan commitment. Apparently this is new protocol. They used to use the banks pre-approval my realtor sent over but now they are requring the bank to put it on their letter head or something. Why my lady at the bank can't just do that and if I can't find a buyer/other funding I'll lose my EMD? It's my risk... She is very, very, very conservative. I liked my residential loan lady at this bank better. I'm currently under the commercial side of things. I want to ask for a new person but I'm SURE I would be rocking the boat so I'll just bide my time here.
Anyway, I was given the number of a lady who works with hard money lenders in the area and called her this morning. I gave her the information and will hopefully be hearing back from her today with some good news. My contractor went out over the weekend and said the water in the basement is due to grading/no gutters. This is what I thought. Is it possible I'm actually learning something? Soooo, I truly think this is a great deal I just need someone to agree with me and give me some moola for the transaction (or at least a loan commitment).
Wish for some good news...
2 comments:
Hi Eileen,
Could you use a letter from a transactional funding source?
I don't know if this would solve the problem, but it might..
http://cashformyclosing.com/proof-of-funds/
They don't need to know it's transactional funding.
It's worth a shot, anyway.
Steph
Thanks Steph,
They actually want the pre-approval worded in a very specific way on the banks letter head (with the HUD case #, etc.). It's pretty specific. So I would need to have them write it out. I actually thought about emailing Brian Meidam since we've talked a few times in the past but I ended up getting a letter from another mortgage co. I'm going to post about it in a bit.
Thanks!!!!
Eileen
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