The Great House Hunt: Mortgage Lender Negligence

Union Savings Bank... DO NOT USE THEM FOR YOUR MORTGAGE NEEDS. You'll regret it.

If you've kept up with The Great House Hunt of 2022, particularly the home in Smithfield, you'll see a summary of the hell we have endured. We have been waiting for the "USDA underwriters" to finish the process for closing. Only today, they decided to deny the loan.

The bank was not diligent in processing our paperwork.

There are “Five C's of Credit": Character, Conditions, Capital, Capacity, and Collateral. These are the criteria your prospective lender uses to determine whether to make you a loan (and on what terms).

Union Savings Bank had all this information MONTHS ago. I've asked for updates every day since we made the offer. "Have faith" and "Don't give up" were the replies. I learned today, from my realtor, that the bank sat on it all this time and finally sent it to the USDA two weeks ago. Their negligence is beyond the pale.

Bits of my email response to them:

I don't understand why it took so long to hear back from the underwriters. I'm now in a bind.

The house hunt began In February. In April, we found a single story house with washer and dryer on the main floor, and a bathroom that could be made handicap accessible (there's a handicap bar and shower head already there). The halls and doorways can accommodate a wheelchair.

As I said, the underwriters didn't receive it until two weeks ago. But there's an additional kick to the groin...

Jeff was scheduled to have knee arthroplasty in July. He needed to occupy the property by June 15th. It is essential that he has access to a bed and toilet. His current place doesn't have a downstairs bathroom, nor can they fit a hospital bed anywhere downstairs. They can't fit a wheelchair upstairs.

He made his decision to proceed with the surgery because the bank assured us that we would close at least by August 1st.

Jeff was discharged Monday. He is unable to walk up and down 14 steps with a newly placed prosthetic knee. Jeff needs physical and occupational therapy three times a week. Every appointment puts him at risk of damage and loss of that prosthetic due to those stairs. He'll need to go to a rehab facility now so he can function as he regains strength in that knee.

I don't know what the fuck to do. He already fell once - I was scraping him off the bathroom floor while writing this email reply. It's too much stress for me. It really is too much.

Meanwhile, I jumped through every hoop. Jeff paid off his truck early. I was told "Have hope" and "Don't give up".

Faith in humanity, lost.

I'm currently at a loss of what to do. If USB had told me weeks ago that things might not go through, I could have walked away and found new arrangements rather than scrambling in only 2 weeks to find a place and move in alone, with everything in storage. I could have gone back to Chase to look at options other than USDA. Even an FHA, though I don't know if the sellers would pick up any closing costs or what our down payment would be.
I went out to the garage and screamed into the void. Okay, I screamed into a lawn chair pillow so nobody could hear me.

The lending agent texted me right after I sent this email. Would I be open to a FHA? It would require just $2700 down. Of course I'd be open to it. "Let me contact our underwriter". 

Yeah. We see how promptly they don't make things happen. The seller is going to back out of the contract rather than change the offer to reflect FHA instead of USDA.

I give up. The stress has been overwhelming. I can't handle any of this anymore.
This is not an exaggeration. I have gone to the emergency department twice. My body can't handle the stress. It is overwhelmed by it. It's switched into an autoimmune battle mode. I have been puking and unable to balance since June 21st. I don't digest. It all passes through or comes up again in masticated pulp form. And, as a final "fuck off" from my body, the immune system is attacking my appendix. Better it than my heart, right?
I haven't the strength or desire to keep up the good fight, regardless. It's possible that the house in Smithfield wasn't meant to be. I'm fine with that. It is the months-long "approval" bullshit that quenched my spirit.

Will I continue the Great House Hunt? Maybe. Eventually. Or not. Will I use USB for my lender? Urgh.