Sorry for the long rant, but I have to get this off my chest. First a little background...
1. My husband lost his job last November (the day before Thanksgiving so that he wouldn't be paid for the holiday - real nice way to fire someone after 11.5 years of dedicated service, right? but I digress). He doesn't even have a high school diploma or GED, so his job options are slim and we can expect minimum wage or slightly better at best.
2. We have a 6 year old son in first grade and an almost 5 year old daughter (not in school just yet).
3. Unemployment ran out in June.
4. Our savings has dwindled down to almost nothing.
We started working with a mortgage broker in late March who said we should wait until mid-June for a certain program that was being rolled out which would help us. So, June 14th I complete the online application declaring the values of the existing mortgages (yeah we have 2 - dumb mistake 11 years ago that we are still paying dearly for) as well as all of our credit cards and bank accounts; basically our whole financial life. I submitted all of the required documentation listed on the application. Every. Single. Thing. It took weeks before I heard anything, even though I was emailing my contact every few days. When he finally responded (after I threatened to go somewhere else) he explained that if we close before the 10th of a month, we would have a 2 month grace period. Cool, no mortgage payment for 2 months; that would help a lot. So he sends me forms that need an actual ink signature and I return them the next day thinking that the loan would close in August so we would skip the August and September payments. Wrong.
I emailed him again in late July to check the status of the loan and he said that underwriting is so backed up that it would be September before my loan would close. Seriously?! I start to worry, but there's not a lot I can do yet.
I emailed him again in late August to make sure we were still on track. "Nope, it'll probably October but I'll let you know."
I emailed him AGAIN in mid-September to see if we were on track - this time he told me it looks like we are but he had to talk to underwriting. Great.
Late September I email my mortgage guy again. He tells me that underwriting needs a form to be completed and signed by the condo association president or treasurer and needed copies of my personal property insurance and my condo association's insurance. No big deal, I thought. I download my insurance certificate from State Farm - easy peasy - and try to contact my Homeowner's Association (HOA) for the condo insurance. The HOA tells me I have to request it from this other company, so I call them and they tell me I can only request it online. So I did and received the certificate 2 days later via email. Forward the two documents to the mortgage guy and those are good but we still need that form. I called my HOA again, faxed them the form, they emailed back that I have to go to another website for this type of request. Ugh, fine. Off I go to that website hoping it is as easy as the insurance. No such luck. I create a free account, log in, select the condo association - so far so good. Now I see the list of documents I can purchase. The closest thing on the list is what they call an "Association Questionnaire Letter" for $190!! Are you kidding me?! There is no sample, no list of what is included, and I don't think my mortgage company will accept it anyway - they need their form completed and signed by the condo president or treasurer, remember. The website does not have a place to upload documents and the help section is a joke, so I emailed the customer service and haven't received a response yet. :(
And here's where my panicking kicks in to high gear... Today, October 4th, at 4:00 pm (nearly 4 months after starting this process!!!) my mortgage guy emailed me saying that the title shows that we have a second mortgage...is it still open? Is there a balance? Again I say to myself "Are you kidding me!!" I email him back saying yes we have a second mortgage and yes it has a balance and I include a copy of the last two statements for his reference. I also mentioned that this was all plainly stated in the stupid application almost 4 freakin' months ago.
Now I am absolutely panicking. I have a sinking feeling that this will cause us to not get the loan and I don't know what we're going to do then. We already can't pay all of our bills; I was really counting on lowering our mortgage payment by $300 a month. My husband doesn't even have a high school diploma or GED so any job he gets will be at minimum wage and then we'd have to pay for daycare which means he'd really be working to pay for childcare and we'd be no better off. I feel so anxious, so sick to my stomach over this.
I don't know what I'm going to do.