[dexter]

Panic today because the broker called, they (obviously) need the payoff amount to finalize the loan and close. They want to close Monday or Tuesday. The law firm for the bank won't give them the payoff amount, they say it will take 7 to 10 days. The broker wants to know if there is anything I can do, or my lawyer, to expidite this.

Now the thing is... before my loan was approved, while it was still in process, the broker asked me for the payoff amount so that they could finalize the numbers. So I relayed that request to the bank's lawyers. I did so following the format and department address on one of the foreclosure letters, referring to my case number and file number etc. To cover my bases, I faxed the request to the law firm, to expedite the request (so the information would be ready by the time the loan might have been approved) AND I mailed them a letter, CERTIFIED, on the same day! And this was on September 10th! Fourteen days ago!!!! And now today they are saying they need 7 to 10 days to get that figure??? Bovidae excrement!!!!!

So I'm in a panic and can't get hold of my lawyer and I'm about to call their lawfirm myself. But fate intervenied, I got an email at just that moment from the lawfirm with my payoff amounts. I forwarded it to my broker and they now think I am a genius for solving the problem so quickly.

So that was the bad news and then the good news. And the final bad news (not very bad, just disappointing) is that the payoff amount is considerably more than I had figured. I will still be getting some money back but not very much. I was counting on that to bring my bills up to date and to have a buffer to live on while I find a job, not to mention to be able to make the first or second payment on this new loan out of this reserve if necessary. That won't be the case now I don't think. But I should wait and see what the final amounts are before I panic too much.

So this is still good news, very good news in fact. Its just that I was really hoping, with all the stress I've been under, that this step would give me some breathing room where I could accept some relief while I am working on the other stuff. As it stands it seems I am still going to be standing in the boiling water, only now it is up to my shoulders instead of above my chin and mouth.

This is only a step toward everything working out but I was hoping it would be a step with a landing and no qualifications. Instead I'm a ball of stress again and harboring disappointment.

[SeptemberMorn]

Everything still sounds like very good news but I know how you feel about not having the money left over that you expected. You're right again in that you shouldn't panic until you have the actual numbers. It's so frustrating not to get what you expect! I've been there more times than I care to remember. Just concentrate on the fact that you're not going to lose your home, Hun. That's got to count for so much!

Sending all kinds of possitive vibes your way!

[(JD)]

Did you want to make a POLL of this? lol

Okay, sorry, take a deep breath. Stop. Breathe.

This is a classic, I repeat CLASSIC squeeze. The amount is more than you addressed and they know this, so they put the squeeze play onto you, forcing you to hurry up, BEFORE YOU THINK and become indebted for the money...

DON'T DO IT! Closing date is ALWAYS up to you. ALWAYS. Do not let them force you. You need time to think about this, and your lawyer should help you to take your time (and not rush you either.)

TAKE your time. They have invested alot of time and energy (= money) and will make more when you close... so they won't just drop you if you delay. OK?

Breathe... and say, no... it can all wait... and meanwhile, recheck those figures, they may very well have added things, having you pay for items that THEY are really responsible for. Putting the rush onto you means you might not catch those items...

Trust me, some of this might be happening to you: I have gone through many, many closings and ALWAYS they try something to squeeze me... sometimes they win.

[dexter]

Thanks sky

I will try to regroup and call them on Monday. I did go over the figures and at first I did think they were charging me double on one thing, but when I rechecked it I realized it was wrong. There is one other figure that I might question. I will have to see if I can do something about this.

Thanks again.