Stressed out, mortgages suck

[Lindsey]

Oh my gosh, I think this mortgage thing would have gone easier if I just did the whole thing myself! Well, if I were smart enough

The bank was lending me the down payment since I didn't have the money for the down payment. They gave me a mortgage for the purchase price minus the down payment. Great with me! The down payment should have gone straight to the lawyer.

My realtor told me the lawyer would probably cost me 1500-2000, which is do-able. Not favorable of course, but do-able!

Part of my agreement was that I would repay the sellers their remaining taxes because they pre-paid their property taxes for the year. Well now my mortgage REQUIRES me to make property tax payments with each mortgage payment, and that can't be changed. I didn't know where to turn, so I asked my realtor and she told me to talk to the bank, but I decided to ask the lawyer instead and they said they will just do a tax adjustment (I don't really understand but I guess they do...)

Now I just got an email from the lawyer including their statement of adjustments which says they expect a bank draft for over $10,000 payable to so and so. As soon as I saw that amount I felt sick to my stomach. I do not have that kind of money. Oh my gosh my eyes teared up and I thought the worst, I'd have to back out of the deal and be even more in debt, screw up my credit... and how could the bank tell me I can afford this when I can't????

On closer inspection, I see they are charging me the lawyer fees, and full selling price minus the mortgage... so what happened to that down payment amount?? I emailed back to ask about that and they DIDN'T EVEN KNOW ABOUT IT. They have seen no money from the bank, no mention of it at all, so now they need to contact my banker.

It feels like everyone is just running around each other and I'm stuck in the middle trying to orchestrate the whole thing when I've never dealt with anything like this before. I am just so frustrated and I wish I had someone else to help me out. When Scott tries to help me out it frustrates me more because I think I understand it better than he does.

I need a drink

[Janet]

I wish I could help you Lindsey, but this kind of thing is something I just do not understand. I hope you can get it all worked out.

[Lindsey]

Originally Posted by Janet

I wish I could help you Lindsey, but this kind of thing is something I just do not understand. I hope you can get it all worked out.

That makes two of us! Three if you count Scott lol. Five if you count my parents. Heck, my whole family can't help me with this! The only person I know who has been through this recently is Kyle who bought a house last year, but apparently I ripped his heart out and he holds that against me
At least I can feel good about myself when (if!) I get through this all!

[DianaB]

Go into your bank and ask them to explain it all to you. Make sure that each time you go in you talk to the same person so they understand what you're dealing with and you don't have to explain it over and over. They should help you understand all of this. Lawyers just talk lawyer talk that you can't understand. Make sure that you understand exactly what they're telling you and ask questions. They know that it's your first time for all of this.

[Marilyn]

Lindsey, all I can do is wish you well. I don't have a clue about this kind of stuff. Maybe Gina will check in and see this thread. I'm sure she would have some idea what is going on.

[judy]

I took my SIL with me when all of this was decided. My loan was for the closing fees, taxes for the year, insurance for the year, and of course, the mortgage.

I paid the down payment because I had the money. My daughter and SIL included their down payment in their loan.

Diana is right. Go sit down with the same person until you understand it. Makre sure they figure out how much you wll be paying monthly to the bank, including whatever you want, like insurance and real estate taxes. Then decide if you can afford it, or if you want to pay it up front. Don't forget to include the condo maintenance fees and utilities when you figure out you monthly costs. You can play around with what you take in your loan and what you pay up front to make it more affordable/month.