We finally got our subsidy taken off of our USDA loan after a lot of back and forth problems. You can read the details on my " refinancing with USDA" thread.
We had a lot of trouble working out the details, but finally had everything that we needed to send the correct payoff with subsidy deferred and the subordination papers. Unfortunately, my lender called and said that the original payoff with the subsidy still included was already wired to USDA the previous day and they would be receiving it shortly. My lender had thought that he was able to stop the wire so that we had time to work out the details, but it had already gone out.
So now I am thinking that if we just send out the subordination approval documents that USDA would see the overpayment and send the difference back. The supervisors in the payoff department at USDA know that we went through hell and high water to get approved and we very happy that it worked out as well were our lenders.
So I am wondering will it be as simple as that. We already have the approval and I can't imagine that they would refuse it now for a mistake at the last minute. It would mean a difference of about 10,000 dollars for us, which we were counting on when we got the approval. Thanks! Baker10
We had a lot of trouble working out the details, but finally had everything that we needed to send the correct payoff with subsidy deferred and the subordination papers. Unfortunately, my lender called and said that the original payoff with the subsidy still included was already wired to USDA the previous day and they would be receiving it shortly. My lender had thought that he was able to stop the wire so that we had time to work out the details, but it had already gone out.
So now I am thinking that if we just send out the subordination approval documents that USDA would see the overpayment and send the difference back. The supervisors in the payoff department at USDA know that we went through hell and high water to get approved and we very happy that it worked out as well were our lenders.
So I am wondering will it be as simple as that. We already have the approval and I can't imagine that they would refuse it now for a mistake at the last minute. It would mean a difference of about 10,000 dollars for us, which we were counting on when we got the approval. Thanks! Baker10