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Your loan just got denied, now what?!
It's one week before closing. Without warning or any heads up from your lender, you receive the news that the 'underwriter has denied your loan.' Crap, what do you do now? How can you fix this and keep things together, so you don't lose out on your dream home?
The answer is first and foremost, stay calm. It is highly likely that this denial can be overturned quickly by merely having it looked at by another lender.
To close a mortgage loan quickly and efficiently, you have to have the ability as a mortgage professional to review the loan file from all angles. You have to throw the loan file up in the air, so to speak, spin it around and examine it from all sides. Why? Because all loan files are for people, and people are individuals with individual situations. It's been my experience that 95% of loan denials are caused by a mortgage professional not paying attention to what they're doing, or, not giving it careful consideration and review from all angles.
Now that you're calm and know that this denial is likely not your fault, the next thing you need to do is gather together ALL of the paperwork you sent your current lender. Have it all in a neat package and then contact a small local lender immediately. Do NOT, and I repeat, do NOT call a Bank or a large online lender; you don't have that kind of time. To save this transaction, you need a small, local company because they are the ones that'll give you the one-on-one personalized fast service you need right now.
After speaking with your local lender in person or via phone, send them all of the information you've put together and send it to them right away along with any other documentation they asked you to provide. You must do this right away, not tomorrow, not this weekend, but now. If you have any chance to save your loan transaction you need a new set of eyes on your loan file immediately. If for no other reason, do it for your peace of mind! If you provide a full package to your new local lender, there's no reason why they can't have an answer for you within a few hours as to whether or not they can close the loan for you. Word of your previous loan denial will spread fast, so it's imperative that this step gets completed as quickly as possible.
If your new local lender can close your loan for you, they'll get on the phone with the Realtors attached to the transaction and will help keep all parties engaged and under contract. It's been my experience that provided a resolution has been found, everyone always works together to keep the transaction together for all parties.
Before you give up on your closing, you must give us a call first. We rescue loans from other lenders every single month, and we've closed every single one of them on time and as scheduled!
Don't throw in the towel, call me and let's see if we can overturn that denial today!
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