After 8.5 months with an accepted Offer to Purchase, Seller and Buyer are unable to close by deadline -- AGAIN. This time it's because Processor requests we falsify calculation section on Closing Disclosure (among other things).
1st because Processor insisted listing and offer deadlines were expired when they weren't.
2nd because Processor insisted there was a discrepancy between list price in the MLS ($269, 900) and an Amendment to the list price$250, 000).
It took 2 full days of resending documents and spelling it out in emails via Point of Contact and his manager to remove this new obstacle to closing. Over and over again, after pointing out Processor was confusing Listing Contract with Offer Contract, we'd receive email stating, "Listing Amendment with $250, 000 price needed for approval." After 2 full days of constant back and forth, Processor finally must have realized she was looking at an Amendment to the Offer, not listing, because the discrepancy obstacle disappeared without explanation.
3rd is painfully on-going. For 3 DAYS we've been in back-and-forth communication through Point-of-Contact, Armando, trying to get a Closing Disclosure together that's acceptable to Buyer's lender, title company and RoundPoint Mortgage Short Sale Processor. At the bottom right of the CD is the line that reads "Cash __From __To Seller." Above this line is the total from Section N and above that line is the total from Section M.
Total of Section M - total of Section N = sum due to or from Seller.
It's a computer generated grand finale line on the form and devised so once sections are totaled, a mathematical formula generates the check mark in appropriately. The check mark in the "Cash __From __To Seller" line cannot be placed arbitrarily.
M = "Due to Seller at Closing"
N = "Due from Seller at Closing"
If "M" is greater than "N, " M - N = positive sum.
The check mark is computer generated to always show up as "Cash __From X To Seller" when the amount of M- N = a positive sum. Because more was due TO Seller at Closing (M) than was due FROM Seller at Closing (N).
If "M" is less than "N, " M - N = negative sum.
The check mark is computer generated to always show up as "Cash XFrom __To Seller" when the amount of M - N = a negative sum. This is because more was due FROM Seller at Closing (N) than was due TO Seller at Closing (M).
3 Days prior to closing -- after Seller and Buyer have been waiting 8.5 months and another Amendment to extend closing is needed if it doesn't close -- we are told by Point of Contact the Closing Disclosure is rejected.
Processor insists through 3 full days of communication through Point of Contact that Section M must total $261, 000 and Section N must total $259, 000 and the "CALCULATION" Section must read "Cash XFrom __To Seller $2, 000."
3 FULL DAYS of title company and Buyer's Lender pointing to the mathematical formula regulating the Calculation Section. 3 Full Days of trying to explain to everyone involved why RoundPoint Mortgage Short Sale Processor continues to reject the Closing Disclosure because the $2, 000 that's due from Seller at Closing is listed in Section "N", titled, "N. Due from Seller at Closing" and insists on continual rejections of CD until Processor sees the $2, 000 that's due from Seller at Closing listed in Section "M, " titled "M. Due to Seller at Closing."
Processor demands the following for approval of Closing Disclosure:
M (Due to Seller) $261, 000 - N (Due from Seller) $259, 000 = $2, 000
Positive sum always generates a "Cash due __From X To Seller" check mark. RoundPoint Mortgage Short Sale Processor says keep the figures where they are and move the check mark from "XTo Seller" to "From."
It should read:
$259, 000 (due to Seller, M) - $261, 000 (Due from Seller, N) = -$2, 000
The negative sum generates a "Cash due XFrom __To Seller"
Point of Contact manager was supposedly going to speak with Processor manager to work through the situation. We were going to be updated. Instead, we are still waiting and wondering about RoundPoint Mortgage's ethics policies, communication policies, why a RoundPoint Mortgage Processor would repeatedly request legal documents be falsified (and thus making the rules of math irrelevant), why is it the RoundPoint managers wouldn't step in sooner, and why they left Seller, Buyer, title company, lender and Realtors hanging at the beginning of a holiday weekend when we were told by Point of Contact, Armando, we would hear back from someone today.
Maybe RoundPoint would rather sell after it's foreclosed so Processor doesn't have to deal with M - N = Cash ___From ___To Seller."
WARNING: 8.5 MONTHS MAY BE REQUIRED FOR CLOSING ON OFFER TO PURCHASE ROUNDPOINT MORTGAGE SHORT SALE PROPERTY and FALSIFICATION OF LEGAL GOVERNMENT DISCLOSURES MAY BE ASKED OF YOU AS CONDITION OF FINAL CLOSING DISCLOSURE APPROVAL.
It's shameful and those signing up to do business with RoundPoint Mortgage need to be warned about what they're getting into.