On Oct. 24th, I contacted Peoples Home Equity in Virginia Beach, Virginia to begin the process of obtaining financing on the construction of a new home.
Over the next few days, information was gathered as expected to facilitate aquiring the loan and a closing date of Dec. 17th was agreed upon.
There was much correspondence througout November and it started to become clearer that we were using trial and error to get this done.
Needles to say, we had to file an extension. We agreed on Jan. 22nd with frustration building on the landowner’s part, however we proceeded.
Again, trial error. Documents were sent back and forth, they were not correct so we tried again, again they were not correct and so on it went and it became clear that Jan. 22nd would not be met either, so we again extended to Feb 26th.
Trial and error continues, landowner is furious and threatening to pull out of the deal. New closing set up for Mar. 11th.
The week after Mar. 11th,while were were in our “grace period”, it became clear that we were still not going to be able to close and I had to intervene to save the deal.
I spoke with their complaint department and aquired the list of items needed to get us to a closing, there were eight items.
I set out to get these things done myself and got them done within 24 hours and all that was required were phone calls.
With this now complete, we were able to get to the review phase and then we were complete, except we were not.
The loan package was not sent to the attorney for review, so again I had to intervene.
After including everyone involved in this loan process and having to escalate this ordeal we finally got the documents to the attorney and closed the deal on March 18th.
These delays caused delays in my construction as subcontrators that were scheduled had to take on other work and put off my job until later.
After asking what PHE would do to make this right I have gotten no response.