Is your loan with a bank or a broker? Is the company reputable, solvent and here to stay (at least until your loan closes)?Where is your loan officer?

     Make sure that you reach out and touch your lender every day or so during the process.If your credit is iffy or your loan to value is high, you just might lose that loan.

     We see million dollar loans falling apart and people being short money to close each day.Today, a few more large lenders have fallen by the way side.Doors are being closed and loans are not being honored. How can they do that? Because they can.

     You need a back up plan.How many loan applications do you have out there?How many lenders did your mortgage broker send your loan to?Call, find out, and demand documentation.Make sure that you are covered and in control.

     We are reaching out to our borrowers to assure them we are taking every step to get them the best loan out there. We have restructured and sent loans out to new lenders that already had commitment lenders and were ready to close.

If I am worried and doing this, don’t you think you should be?

Do not be caught by the seat of your pants.

– Dale Siegel