Need to Vent

[PoohBear517]

OK, here's my situation:
DH and I decided to purchase DVC back in November. Our guide told us we'd have no problem qualifying for financing. We sent in our initial deposit, signed and notarized all documents and mailed them back to Disney. We received signed copies back from them. About a month later, just before our closing date, they called to say we needed to send an additional down payment to bring it up to a total down payment of 30%. The reason being that we had a few blemishes on our credit history. They also asked for verification that our current mortgage is up to date, which it is. So, a new contract was written up and sent to us. Signed and notarized the documents, mailed the additional down payment, and faxed the proof they needed for our mortgage. Today I get a call from Member Accounting - we're suppose to close TOMORROW - saying they're still waiting for verification that our mortgage is up to date. We already sent a document from our mortgage company showing no past due amounts. What else could they possibly want? They've had almost $7000 of our money for the past 3 months and they wait until a day before closing to call and say they still need verification? Our first trip is one month away and we've had our flights booked since the first signing. Is it normal for them to wait until one day before closing when they've had plenty of time over the past several weeks? I would appreciate any advice or suggestions.

[Disneydol]

I'm sorry you are so frustrated, I would be, too!

I don't have any specific advice, but I can tell you this: When we bought into DVC our credit was not pretty. I don't know what the scores were, but we had a past bankruptcy and many "slow pays" on the report. We were really afraid that we wouldn't even qualify, but everything turned out fine in the end. They really went out of their way to make it happen for us.

Hopefully everything will work out for you, too!
Sending you some ~~~pixie dust~~~.

[JMTStone]

I would escalate to your sales guy/girl. This is stressful enough without worrying about it the day before. Sounds like you have had your ducks in a row and DVC doesn't. Hang tough!!!

Happy thoughts!

[PoohBear517]

Disneydol and JMTStone - thanks for the pixie dust and encouraging words.
DH tried contacting them, but no one has returned his call yet.
This is very frustrating, and I feel as though we were mislead into believing there wouldn't be any problems getting financed. I understand they had the right to ask for more money towards the down payment before the first closing, but even when they did that there was no indication that we wouldn't get financed. She said as long as we sent the proof and the additional funds, there would be no problems. Otherwise, I never would have made reservations. I already made reservations for the rest of my family in August and October, too - that was their Christmas gift from us. I feel like crying

[Aurora]

Don't give up. Keep calling, over and over if you have to, and ask to speak with someone else if you don't get a response. Be a squeaky wheel. You will have to make this happen yourself. This is your money and you have a right to bother people about it. Bug enough people and you will get it resolved, and then when it's all done, you will breathe a sigh of relief and reap all the rewards.

[PoohBear517]

Thanks, Aurora!
DH finally got a hold of the CM in Member Accounting and faxed our most recent statement showing we're up to date (no past due amounts). I'm not going to give up - I want my DVC!

[Brainiak5]

You did what I was going to suggest. Faxes and emails should be able to make a lot of this disappear as a problem. As a banker, I always recommend to my clients that they always get 2 originals of any notarized documents that they would be mailing off. That way you have one in your possession at all times and in case they "lose" or misplace something, you can get it out to them. It sounds like you did all the proper stuff and the preparer of the documents isn't as well prepared. Good luck and I hope all goes well.

[JMTStone]

Did your sales guy/gal ever call back? You'd think they would want this to work to get their commission? What a horror!

[Ian]

We kinda had problems with our purchase, too, although not the same as the ones you had. Ours went through fine on the original terms (DW and I have really good credit scores), but they were really slow getting everything together and processed. I think it took us close to two months from the date we agreed to purchase before we finally closed.

All I can say is be persistent ... and keep good records. I work for a mortgage company so I kinda know the challenges banks are facing now getting approvals. My guess is the market changed between when you originally applied (credit underwriting standards are tightening almost daily) and that's the reason for the added upfront money being required.

The mortgage statement snafu is clearly just a typical paperwork snag. Unfortunately, they seem to happen a lot with DVC.

Hang in there .... this too shall pass ...

[Mackflava99]

Escalate to your sales person, they sometimes get left out of the loop when stuff like this happens- they want you to be happy so you would buy more points.

Actually i talk to mine frequently- i send relatives etc to him alot.

[PoohBear517]

Thanks everyone!
I haven't spoken to my sales guide yet, but I will let him know what's going on - I want him to get his commission, too!

[MinnieMommie]

Please don't cry. Make every effort to have your sales rep intervene. You have done all the right things and they seem to have mismanaged the sale. This should be a win win for both you and DVC. They get a sale and you get your vaca as scheduled. When you talk with your rep (and whoever else will move this along) stress the progression of events as you have outlined here and stress that you have a vacation planned and airline tickets purchased. Make them accountable to work this out in a way that will not prevent your plans from moving forward. Ask what they are planning to do to ensure your vacation will happend as planned. It will work out just be polite and firm.

[PetefromRI]

I think that Ian is right on the money.Alots changed over the last couple of months and unless you have extremely good credit they will scrutinize everything.Now that you've faxed the info it should go right through.Good Luck!

[PoohBear517]

Just wanted to let you know that everything went through!
Now I can relax and look forward to our first DVC vacation next month!

[Ed]

Don'tcha just love it when a plan comes together?

and

HOME !!

[JMTStone]

I am so happy for you!!!!

HOME!

[Mackflava99]

Have a great time- i am happy it all worked out for you!!!!!!

[Disneydol]

Congratulations!!

[Mickey'sGirl]

Congrats PoohBear517!

We too just purchased DVC -- a resale though and we are paying cash (not financing). Should I expect delays like these or like Ian's ? We purchased at BWV and I looking forward to booking at 11 months out for next August!