Hi, my wife and I have been in the process of buying a house for months now. We we’re preapproved and everything that goes along with it, but now we’re stuck. The mortgage is approved and is in “underwriting/ctc review” (whatever that means), but it’s been in that stage for months!!! Our mortgage guy blames FHA… They keep giving us closing dates but every time the day before they notify us it’s been pushed back to an indefinate date/time. Then they set a new day for about a week down the road and then it happens all over again! This has happened 6 times now. My wife ran into a lady who just retired as a mortgage broker and she said there is regulation/law that gives time restraints on this subject and that if they take too awfully long then we would have a successful lawsuit… Can anybody advise where I can find this law/regulation?
Notes: Our credit is good & our finances are good. We just need help! Even the seller, the seller’s realtor, and our realtor is getting pissed of (not at us, but at the situation). Both realtor’s say they’ve never seen anything like this before! Also, every 30 days our mortgage guy “has to” run a new credit check on us, and for some reason the credit company’s reduce my credit score every time my credit is ran, this has significantly hurt my credit.