To obtain financing for the construction of my new home, I reached out to Peoples Home Equity in Virginia Beach on October 24th.
The next few days were filled with information that was expected to help acquire the loan. The closing date of December 17th was set.
It was a lot of correspondence that took place through November. It became more apparent that we were using trial-and-error to get the job done.
We needed to file an extension. We reached an agreement on January 22nd, but frustration built on the landowner’s part.
However, we continued.
Again, trial error. We sent documents back and forth. They were not accurate, so we tried again. Furthermore, they weren’t correct. So it went. It became apparent that January 22nd was not possible, so we extended our deadline to February 26th.
The trial and error continue. The landowner is furious and threatens to end the deal. March 11th.
The week following Mar. The week after March 11th. While we were still in our grace period, it became apparent that we wouldn’t be closing, and I had to intervene.
I called their complaint department to obtain the list of items required to close the case. There were eight items.
I set out to do these things myself and complete them within 24 hours. All that was needed was a few phone calls.
Once this was complete, we could move on to the review phase. But it didn’t.
I was again required to intervene as the loan package wasn’t sent to the attorney to be reviewed.
After including all parties involved in the loan process and escalating it, we finally got the documents to an attorney and closed the deal on March 18th.
These delays caused delays to my construction because scheduled subcontractors had taken on additional work, putting off my job until later.
I asked PHE what they would do to fix this problem and got no reply.