Closing date passed last week, my lawyer and loan agency still haven't finished out their stuff? What's wrong?

Question

I got a loan for a home I am buying, and ive lived in it for a while and am now going to buy it. I already paid a 10% downpayment a while ago, but the closing date past last week, and my lawyer and loan agency still haven't finished everything up? what can possible be wrong? Help? what to do?

Answer 1

The mistake you made is moving in without penality clauses. Once you move in they have you right where they want you. You know that you aren't going to back out of the deal now. You have too much invested by moving in. I've been there and done that. There were a couple of things that if I hadn't moved in already I would have tole them to shove it, but I really couldn't. About all you can do is spread bad word of mouth and let them know it.

Answer 2

Ask your attorney. This isn't an indication that there is anything "wrong." There are a number of factors that could have delayed the closing--clouds on the title, survey not completed, all the paperwork hasn't been completed--hard to tell. If you had a specific closing date set forth in an earnest money contract or a sales contract, it would have been necessary to amend the contract to extend the closing date which you would have had to sign.So ask your attorney and he/she will tell you why the closing date was missed.

Answer 3

I would be mad. I used to do mortgages and most of them take about a week....the rest is just delays and laziness on the part of the arranger.

I could get most convential loans through in a week if I wanted to.
Call them and get on them big time. Don't back down.