GreenPoint Driving Me Crazy
I just closed on two properties with them a week ago. Everything went fine. I also have two more properties that were financed through GP without any real problems. And now, they're working on financing the purchase of a house that will be my own residence. We're three days from closing. The commitment letter has already been issued, and all the conditions have been satisfied. But no clear to close. So this morning my broker calls GP to find out what's up.
"How can we be sure he will live there? We would need to come by and check within 6 months." That's fine.
"In his rental properties, he has all his tenants on MTM leases. We can't accept those." You did accept them a week ago, but if he moves all his 20+ tenants to long-term leases, would that be okay?
"And he hasn't had these rental properties for very long. We need at least two years."
Finally, she just asked the GP person flat out, "Are you just not going to finance this no matter what conditions he fills?" The GP employee answers, "Yes, that's right."
I have a very good salary, solid credit score, and I just don't understand why any company would do this to someone who is clearly trying to build a long term working relationship with them.
Move on and find another lender. Greenpoint is a very large company. They do not care about building a working relationship with you. It is easier for them to find new customers than to service existing ones.
You're probably right Mark. My broker overnighted all my papers to another company, and have put in a call begging them to rush things. But I'm furious. I've got a contract with a closing date that I'm commited to. I know I can push it back a week or maybe two, but if things don't work out by then, I could potenatially loose the house. Just in case, I'm going to talk with my attorney to see if I might have some recourse in this situation. If I loose the house because of this, there's not way I'm letting GP off the hook without fight.
I do agree to find a new lender, however I'd be angry based on the principal of the whole thing. I'd probably complain to the BBB, banking division that issues banker and broker licenses, and the AG.
If they didn't want to give you the loan, thats fine but they shouldn't have given you a commitment letter. I'm not an attorney but you are probably entitled to damages if you sue.
Pardon my bitterness but there are certain things that get me going...