My escrow fell out, I didnt accept the moertage rate, too high, do I get fined or charged anythng 4 not closng

Question

Lender gave me a prequalified loan amount, but just 1 week before close of escrow, the rate he presented was something I could not afford.
Seller is always calling me that I might have to pay for her expenses :example: Her part of the appraisal; a repair she made to the garage door(which she mentioned she had done before we saw the house); the termite inspection; her escrow downpayment fee and so on.
She wanted me to work with her lender, but she was unable to help get a good rate either. So am I to blame that they couldn't help me? Can the seller really threaten to sue me for her expenses? SOMEONE HELP!!

Answer 1

If you are still wanting the home, than go with a BROKER - Why Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


A Broker can do a For Sale Bu Owner - and the seller is more willing to help you with closing cost, since she does not have to pay the realitor fees - if the appraisal is already done, title already done - just go with another lender - Have you thought of Interest only for 2-5 years - where the payment is more to your liking, than in 2-5 years it will adjust up - As your income has gone up, you would be able to afford the home......do not know what your credit score is, but there are may options out there.

Go to these websites:
1. http://www.nehemiahcorp.org/

http://www.fanniemaefoundation.org/...

http://www.fha-home-loans.com/

http://www.freddiemac.com/

Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...

Answer 2

What rate are you looking for in which you feel is comfortable? Make sure you get a locked in rate next time and have the GFE reflect this. this will help at the closing table. Sometime not paying the Taxes and Insurance thru Mortgage Company or escrow may bring your payment down and sometime your interest rate. Yet you have to be very confident you will pay those fees on your own. Hope this helps and ask for an extension from you Real Estate Agent. Dont worry about the words being dealt to you unless the lady has back up offers. market is flooded and more than likely the house is not going anywhere. Email me if you need more help.

Answer 3

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Answer 4

You are not liable for her expenses. That is the reason for the escrow. If she put up money on her side that was not covered by your escrow, then guess what...she was wrong. I see this all the time. The seller goes out of their way to get the deal done and then it falls through. It is not your fault that they did this.

Answer 5

that will depend as to where you live and the laws there if things had to be repaired I would think that when she sells the house that will be done for the new buyer but it clearly shows you will not be getting this house unless the interest rate comes down for you or you lock in at a lower interest that is acceptable to you
thank you

Answer 6

YOU SHOULD HAVE USED A REALTOR! Yes, the seller can take you to court. If you backed out, yet your financing was APPROVED (not to be confused with "accepted by you"), then you'll probably get sued.

changing your mind is no excuse to get out of a contract, unless the seller agrees to this in writing.

talk to a real estate attorney NOW.

Answer 7

sounds like you will not own the house