My lender has now pushed back our closing 19 days now, with still no closing date set in sight!  He started out by suggesting we go with a USDA, the sellers (it’s an REO) requested a conventional loan, my real estate agent got them to agree to an FHA loan, so I spoke with my lender and communicated this on November 13th, our original closing date was set for December 12th.  All throughout the process I kept asking if we were still on track for closing the 12th, and I kept getting that there was nothing to be concerned about that he was confident we would close the 12th.  The 11th rolled around and all of a sudden we find out that the title company hadn’t resolved the tax lien so they extended the closing date to Christmas eve, the 24th.  That rolled around and come to find out my lender messed up when switching over from the USDA loan to the FHA and used the same loan number, which I guess is a big no-no.  So he says that we have to wait for approval for an exemption from the Vice President of the company in order to move forward, this was told to me a couple of days before the 24th.  Now it’s the 31st and we’re still waiting on this guys approval.  When I asked why we couldn’t just redo some paper work and start a new loan, he said it’s because the standard FHA loans are gone now in favor of new no closing cost FHA loans, and that they wouldn’t let us switch because of the increase in interest rate (our current rate is locked in at 4.25% and I guess the new one would be 5.5%).  We’re so far past our closing date and our sellers have a $100 per day fee that we are supposed to pay for every day past the extended date of the 24th……what should we do?!?!?!  If they hold up to this $100 per day fee we really can’t afford to hold on much longer.  Any help will be greatly appreciated!

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