went through prequal with seller's lender, sent all financial docs and personal information to him at least 2 times and sent him my paystub about 3 times...the deal went on for about 5 months. the very last month of when the sellers had told me is the move in date, is when I get a phone call asking me if I had turned in all my paperwork I said yes but I will talk to lender. Called my lender and did not hear back for about 2 weeks. meanwhile I was also called in to pick out flooring and wall color, etc. Contacted lender and seller via email and another phone call, 2 weeks before the estimated move in date and he tells me that I am not qualified for the home. He had calculated wrong and entered the wrong income when calculating! Shocked! Almost half the year's efforts gone! I had even put down a deposit that sat in the escrow office idle for MONTHS! I want to wring his neck. What should I do?
2006-12-25 17:56:01 · 5 answers · asked by Ladeeda 2 in Politics & Government ➔ Law & Ethics
He did not apologize and admitted to mistakes! Wanted me to find another person to sign on as co-occupant so that I can get financial help from the city. What a joke! Told me it is common adn that everyone is doing it.
Evern wonder why real estate has such a high sticker price? It's because of the 'professionals' in this industry fixing it artificially. It makes me sick and I don't want to do it.
2006-12-25 17:59:35 · update #1
Not all that clear about real estate transactions and the players involved, but basic legal principle would entitle you to file a complaint with the state board who regulates that lender or banker or real estate agent. Such boards would have real power over their licenses and, ultimately their ability to earn a living. .
You may not want to bother with a suit, though I think you deserve something. But the licensing board can yank his license or give other punishments which he totally deserves.
Also, you can file a complaint with the local BBB. If he works for a company, definitely file a complaint with his boss in addition to filing a complaint with the state.
Be sure and let the sellers know all about what happened. They'll want to know this and will definitely have standing to sue and make him pay for this and be held accountable for this.
Follow through and don't let him off the hook. He needs to be held accountable for his actions.
If you still really want the house and believe you can swing it, how about approaching the sellers with an offer to work this out?
Good luck.
2006-12-25 18:08:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Get a new lender. This person could have given you this information nearly instantly. They wanted to keep you on the hook while they waited for a better bid. My guess is....they got one.
If you were Told your bid was accepted you may have a legal case. Otherwise probably not. And even if you do, you will only spend more money on lawyers and still probably will not get the property.
If you were Told your bid Was accepted, then shop for your own lender.
You don't want an ajustable rate mtg. It is a huge scam. Your payments will keep going up and there is nothing you can do about it. You wan't a fixed rate, and if you can afford it, do a fifteen year loan & you wan't property taxes and fees to be paid by your lender.
2006-12-25 18:07:20 · answer #2 · answered by Norton N 5 · 0⤊ 0⤋
Suck that you didn't get what you wanted and went through an ordeal in the meantime. My suggestion to you is to research, research and research some more. Go to several different lenders. Go to your bank to find out how your credit is and what you are qualified for in terms of a loan. You have to be the one in control of your finances. There are plenty of people who are willing to give you a loan you cannot afford. Find out exactly what you can afford before going through this again. Get a pre qualification before attempting to look for a house. If he did not return the initial down payment. You may be screwed...depending on what you signed and what the "deposit" was for. If it was a small amount consider it the cost of an education. If it was a large amount based on a "down payment" consult an attorney. But in the end...you have to do your homework whenever you decide to buy or get a loan for anything.
http://homebuying.about.com/od/howtobuyahome/
here is just one site of a billion that will educate you on buying a home.
2006-12-25 18:11:52 · answer #3 · answered by Steph 5 · 0⤊ 0⤋
You should contact a real estate attorney to find out what your options are.
2006-12-25 18:05:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
why don't repulbicans know that the VAST, VAST, VAST majority... like 95 percent of the bad loans... were not forced or EVEN gov. backed... the other thing is... institutions buy these and then sell them as parts of 401ks and things... right? mom and pop has those...
2016-05-23 07:09:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋