I placed a bid on a Fannie Mae owned, due to foreclosure, home. I was told by the seller's agent that I was required to use a Fannie Mae backed bank. Flagstar Bank was suggested. The entire loan process has been a nightmare. Flagstar comes up with a reason to extend my closing the day or so before each closing date. They make sure they let you know very close to or the day before the closing date to correct a "new issue." This way they are assure they will get an extension. I have had my closing postponed 5 times! I startede this process in mid June. It is now September 10th and I have still not closed on the home. Per their usual Flagstar has noted a new problem on this Friday afternoon. When I finally got my loan office to pick up the phone, I asked if the closing would take place on W? Ednesday as scheduled. Response, "Oh, I don't know." Can you believe one of my extensions was due to the Underwriter not being able to read my Agreement of Sale. Almost 2 months after the document was submitted to them! Another problem with Flagstar Bank; refusing to answer their phones. Stay away from Flagstar Bank.
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