Condo Update-Loan in Special Risk Assessment ( sigh)
I made a polite inquiry of my loan officer this morning about where things were. She told me it was supposed to be final last night, but were running late. 5 minutes later she e-mails me and my Realtor that the underwriters are now putting my file into Special Risk Assessment & wont have a final answer until Feb 5th
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I understand things logically, but emotionally its bit tough. I had the perception that what was going on was verification of information from the application that got me pre-approval. My credit has improved greatly, but is still healing. None of that was was hidden from them, so no surprises will be lurking to the best of my knowledge.At this point, it is simply a matter of waiting.
There was a concern raised by my Realtor in regards to getting my earnest money back if declined on the loan, but the extended date is still within the window for recovery. If the process gets extended further, then things will get interesting. No sense in fretting on this, unless it happens, though.
I do concur with what you said about Mortgage companies being too open in the past. A lot of people are foreclosing that really didn't have the long term means to cover, but got granted it anyways ( sometimes with trickery that they COULD afford it). It really is important that people enter financial commitments fully informed of all aspects, and confirmed in their ability to meet those commitments. I almost wish they would do that with animal adoptions more, too.
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