I applied for a mortgage, got preappoved. Made and had accepted an offer to the seller with an earnest deposit. Less then 24 hours before close the mortgage company calls and says closing is cancelled, underwritng is having some issues. I have provided them all they wanted to this point, I don't want to lose my deposit.
2006-12-21 08:43:01 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A preapproval letter merely states that you fit the guidelines of that bank/program based on information you've given, and that of a credit report. All preapprovals are subject to underwriting. Unfortunately, you do not have any recourse in that sense. Other than dropping that lender.
Your purchase contract should have language stating that if you are unable to obtain financing then you will not lose your deposit. At least if you had a good agent, it should state that.
2006-12-21 08:57:08 · answer #1 · answered by Joe L 3 · 2⤊ 0⤋
The underwriter must specify what needs to be corrected for the loan to go through. They don't just say "we have concerns" and deny the loan. There's something that someone's not telling you - or that you are not telling us. Additionally, the lender must give you the specific reason that the loan was denied. "Underwriting is having some issues" is NOT a reason.
At any rate, if the loan does not go through, you get your earnest money back and the deal is dead. Virtually every home sale has a mortgage contingency clause and that gets your deposit back if the mortgage is not approved.
2006-12-21 09:31:01 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
What exactly are the concerns that the underwriters have? Is there anything you haven't been completely honest with your loan officer about? Is there anything wrong with the property?
If If you you answered no to these questions than I really don't see why they cancelled your closing. This must not have been a completely smooth process. If you want to discuss this further and try to find a solution to your problem than write me at mdesdunes@sicloans.com
2006-12-21 08:50:23 · answer #3 · answered by Michel D 2 · 0⤊ 0⤋
Hi ,
The guy must provide you the details of the cause for his cancellation of th deal .
If you provide me the details of your case along with the state and location etc then i might be able to find you a good lender .Normally , the rates are now in the higher fives and lower sixes .
Provide the case details to kishaloy_bhowmick@yahoo.com
or call at 480.751.4125 ...
regards...
kish
2006-12-21 17:06:02 · answer #4 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
You should have a contingenvcy in your contract that says you get your deposit back if you can't get financed. See your agent and lender. Underwriting ALWAYS has issues.
2006-12-21 09:02:14 · answer #5 · answered by Anonymous · 2⤊ 0⤋
First and foremost, focus on getting your house. If your mortgage co. won't do the loan, do a quick check to see if anyone else can turn it around and get it done quickly for you. If it's in a state we lend in and you meet our guidelines, we can get you to the table in a couple of days if we have to.
2006-12-22 05:14:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋