The processor and officer had the details about the condo I wanted to purchase for 2 months. All the documentation was sent to them which specified that the condominiums were in Phase 1 construction.
I specified to them initially and on several occasions that it was a new condominium complex and the grand opening wouldn't be for a few weeks. We continued with the loan process and I provided every piece of documentation I was asked for. We were set to close the middle of May.
I should've known that after dealing with 4 different people on the loan (apparently this company has a high turn over rate) that I should have expected that it would only lead to trouble.
The morning of the closing I was contacted by Nationpoint and told, "After putting the loan through final review, it turns out the property is ineligible for financing from us because 70% of the property isn't occupied"
I said, "Wait a second, you guys knew from the very beginning that this unit was new construction, you knew from the beginning that only phase 1 was complete. You knew from the beginning that I would probably be
one of the first owners to move in"
All I was told was "I'm sorry, it was originally signed off and overlooked, but in the final review the mistake on our end was caught and we can't finance that property for you."
Again, this company had the information on the unit for 2 months... I was supposed to move out of my apartment the very next day and I had no where to go. I've had to rent a storage unit to store my belongings and I'm
having to stay at a hotel since I have no family here and my husband is a Marine over 2600 miles away from me at the time.
The incompetence of the personnel at Nationpoint really left me in a bind and now I'm the one having to pay for someone else's careless mistake.
I understand that there are procedures and requirements, however, if I would have known 2 months ago that the unit was ineligible for financing through Nationpoint, I could have easily gone with a different mortgage company who would finance the unit.instead I put my trust in
Nationpoint and now I'm left with a couple of I'm sorries from people who don't really care about the predicament they have left me in.
This is my first time purchasing a new home, not only has it turned into a nightmare, but it has literally left me homeless with no where to go.
In my line of work only the best of me is expected. There are no mistakes allowed. Mistakes can literally mean people's lives. I'm held to a high standard and I expect the same high standard from people I entrust my personal business to.
Now the money that I had saved up for closing has to go to paying for a hotel until I can figure out what to do next, who knows how long that will be.
I guess this is what happens when you look for a lender on the internet.
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