I've been hoping this situation would resolve itself and this post would be unnecessary. However, it has not. So, I wanted to follow up on the situation wtih the new house.
Short answer: We're still waiting
Long answer:
October 1-We made the offer. The owners immediately accepted. Since it is a short sale, it had to be approved by the owner's mortgage company.
October 28-We were told we could start moving forward with financing. We were SO excited! Due to timing issues, we filed an extension on our contract for November 30.
November 2-We found out the owners had a home equity loan that was unresolved, so we spend the next month waiting for them to reach a settlement, but deadline for the entire deal was November 30. If they didn't make a decision by then, their mortgage company was going to begin foreclosure proceedings on the house and we were out of luck.
November 30-So... sure enough on the afternoon of the 30th we got a call they had reached a settlement on the home equity loan, but their original mortgage was actually and FHA loan and they had to approve our offer too! No one had ever said a word to us or our realtor about FHA, so needless to say we were not pleased. Extension expired. Filed new extension until January 15. Locked in mortgage expired. Can't lock in new mortgage until we are 30 days within closing date.
December 1-As of December 1, FHA has 20 days to sign off on our offer. We'll close immediately once that happens.
January 15-2nd Extension expired. Praying we can close before then.
In the mean time... our wonderful locked-in interest rate of 4.65% has expired and the last Thursday they were at about 5.125% on at 30-year note. So not horrible, but still very annoying. We won't notice much on our monthly payments, but it will be a significant amount during the lifetime of the loan. I've struggled with others opinions on this... many have said it's not that big of a deal... but it is to us. Interest rates are predicted to increase, not decrease. This number is only going to continue to grow. Yuck.
People think we're crazy, but we love this house and we've known from the beginning this was going to be complicated because it was a short sale. We have prayed continually that God would lead us to a house we could use to do ministry in our home in greater capacity. This is that house. We've prayed that God would open doors, and I have been questioning if I'm not listening to him or if this isn't the house. It finally hit me while washing dishes over the weekend: God is not the one delaying this process. It is totally Satan. We have prayed for a house we could use as a tool for ministry and to glorify God. Obviously, Satan would attack to try to keep that from happening. Shouldn't I have thought of that earlier? I mean, after all. I'm married to a Reverend.
Please continue to pray with us that God will continue to open doors and Satan will just give it up and find someone else to pick on.
Loves.
Hillary
No comments:
Post a Comment