Prospect Mortgage - I have a similar situation
I purchased an investment property at auction under HomePath program (a FannieMae program). This was the lender that I was directed to at auction. At first I thought things were going to go smoothly because Matt, my loan rep, requested the docs/info needed prior to the seller's acceptance of the bid (4/1/09). I faxed everything over the same day. On 4/8/09, I was notified that by Matt that he was just notified of the acceptance. I had been notified of acceptance on 4/3/09 by REDC. He then tells me that I need to sign some documents. Received the docs by email and sent them immediately. On 4/15/09, I receive a call requesting that I resent copies of bank statements that were sent on 4/1/09. They were sent immediately via email and I confirmed the financing terms via email the same night of 4/15/09. Matt, had assured me by phone that everything was moving along and I confirmed my closing date of 5/13/09. Matt told me we have plenty of time. They were sent the same evening.
REDC called around the first of the month and I called Matt reconfirming my 5/13/09 close date. He stated that we were fine and should close on 5/13/09. On 5/8/09, I receive a call from him stating that they have just processed loan docs and will send on Monday to escrow. I advised I would contact escrow on Tuesday. I decided to contact escrow on Monday. They informed me that we would not be able to close on 5/13/09 and they had not received the docs yet. On 5/12/09 still no docs and I called Matt to see if he had been able to speak with the escrow concerning an extension as the contract that I signed indicated that the seller had to approve the extension and there was a $100 per diem. He stated he would call me back once he had an answer. Later that evening around 8:45 - 9:15 pm Matt called stating he had not been able to reach my escrow person. The next morning I sent an email to them both. Matt never responded and my email to their main email address was rejected. My escrow lady notified me that she had been able to reach someone at the lender for the docs. Today, I received a call from escrow and we will sign docs tomorrow. Still no word on whether Prospect Mortgage, Rancho Cucamonga office will step forward to pay the per diem fees if the seller does not waive them.
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