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HUD dragging feet?

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MathGrrl Guest	Posted: Wed Mar 30, 2011 12:36 am    Post subject: HUD dragging feet? Like 0 Dislike 0 I'm in the process of buying a HUD home. When my bid was accepted, I was given 45 days to close or face fines. My closing deadline was two weeks ago, and I've been ready to close on my end for almost a month. My loan officer told me last week that all documents are at title and we are just waiting for HUD to sign the HOA disclosure. I don't really know what that means. If I'm not mistaken, all documents at title means my part is basically done, right? My loan has been approved and underwritten as far as I know. So, really, there isn't much that can go wrong at this stage, except HUD pulling out because they can't reach an agreement with the HOA, but how likely is that to even happen? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
MathGrrl Guest	Posted: Wed Mar 30, 2011 12:41 am    Post subject: Like 0 Dislike 0 One more thing...I am getting an FHA loan and when I signed everything at the mortgage office it locked my rate in for 30 dys (5.25%). With this delay, it has been over 30 days since then. Could I get stuck with a higher rate?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Mar 31, 2011 12:52 am    Post subject: Like 0 Dislike 0 Hi MathGrrl! Welcome to forums! I don't think you should get struck with a higher rate. You have done everything on time from your end. So, you shouldn't be charged a higher interest rate. Feel free to ask if you've further queries. Sussane
MathGrrl Guest	Posted: Sun Apr 03, 2011 12:51 am    Post subject: Like 0 Dislike 0 I'm starting to get really concerned. HUD asked for an extension a few weeks ago, and we gave them one. Our new deadline is tomorrow and we are still waiting for this one document, the HOA disclosure. I don't understand what happens if we can't close by the deadline. Everything on my end is done. The HOA disclosure is the only thing we are waiting on. Can HUD cancel the sale if we don't close tomorrow?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Mon Apr 04, 2011 2:43 am    Post subject: Like 0 Dislike 0 Hi MathGrrl, If it is HUD's fault, then they shouldn't cancel the deal. You should contact HUD and check out as to when you can get the HOA disclosure. If they require one more extension, then it will be your discretion whether or not you will be okay with it. Thanks, Jerry

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