Closing headache

[Dottie Sadler]

So I have an issue that I would appreciate some help with. I have already posted in REO, but have not received any responses lately. We are in Indiana trying to purchase what we thought was a foreclosure REO. We got an accepted offer with contract around June 14th. We actually thought around the end of July we were going to close, the lender (ours) received the title and paperwork. We had been told for 2 weeks prior that there were some issues with it that had been fixed. The lender then said that the title was fixed, but that it needed to be mended at the local courthouse so the paperwork was sent back to the selling bank for suposedly "one" signature that we still have not received (it has now been 5 weeks since it went to be signed). We have done some investigating with not much information into what is going on. We now know that the house was actually a deed in lieu and not a foreclosure. The only recent info that we have received was from the title company employer and she said the bank was still waiting to hear from Fannie Mae? I know that this is long and I appreciate anyone that takes the time to read and respond. We would just really like to know about how long this will take, we would not be upset if it will be a while just want to know how long. It has been almost 90 days since the accepted offer and 7 weeks that we know they have been working on the "title issue" We plan to live in the purchased home and rent the house that we are currently living in. Thank you. :lol:

[Jon Holdman]

Unfortunately I don't have any good answers for you. Keep calling and questioning people, and keep pushing. I don't know if its incompetence or busyness or what, but the banks seem to really struggle with getting things done. I have one I closed in April, after multiple delays (about two months from offer to closing) that I STILL have title issues with.

[Dottie Sadler]

I would like to update this because it is now a legal matter more than before. The bank came back today and said that they could not find the paperwork for the house and that they were pulling the sale and taking the house off of the market. The mortgage broker sent over a mutual release from purchase agreement that we have not yet signed and were told that we were required to sign to get our earnest money back. We are now going to seek legal council to see if there is anything that we can do. Are we wasting out time?