I am working with a CitiMortgage 1st (Fannie is the investor) and a Wells Fargo 2nd. I got an approval letter from Citi dated 9/28 that stated net proceeds no less than $144,258 and $3500 to Wells. Commissions, closing costs, all acceptable. No contribution from seller.
TODAY, I get a call from Citi, saying the approval dated 9/28 is void. Someone at FNMA screwed up and now they want $148,151 net and $4400 to Wells Fargo. (Should have been $4400 all along, 6% of the credit line) That's about $5000 that has to come out of someone's pocket! Buyer doesn't have it. Seller has vacated the house 3 months ago and doesn't really give a hoot. After going through this transaction for 4 months, I don't care to kick in all of my commission.
I have 20+ years experience in lending and you just cannot say "oops" on a written approval. Any ideas on how I can fix this? Or at least who can I write that would care to hear about this situation?