We applied for a home loan at the end of April. We got preapproved. We went through the whole process. Our closing was set for June 15. This past week the lender keep calling and requesting things at the last minute after we had been told everything is fine and that the loan was approved through underwritting. Now today after everything is ready to go, we had the gas cut on, the inspection done, everything, the lender tells us that there is not much he could do. They NOW cant approve the loan. What kind of attorney do I get and can I sue for this?
2007-06-14 08:45:25 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Nope. During the loan process, they have a right to back out of the loan until it is finalized, at closing.
This is their money, and they are taking a risk when they lend it out.
Be in the property value, your credit, the neighborhood, the appraisal... for whatever reason, this loan was not worth the risk to the bank. But they must under law give you the reason they withdrew their offer.
2007-06-14 08:49:48 · answer #1 · answered by Mike 6 · 0⤊ 0⤋
I see that you are in a difficult situation. If you are still seeking financing please email me at talbertdixon@maverickmortgage.com... I work for a nationwide mortgage banker (we bank mortgages not checking and saving) and direct lender. I deal directly with wall street investors so I have the capability to get your loan done quickly and effectively. Also, since we bank mortgages only we are not as conservative as your typical banker. Everything that we do is in-house ,.e.g. processing, underwriting, loan origination. We don't have a lot of fees and if there ever comes a time when we feel your loan cant be done. We let our clients know promptly. I cannot assure you that I would be able to get you loan because I don't know the full story on why you got denied, but if I can get your loan done I will give you an approval letter. Email me (Bert Dixon) and I will give you my contact info and see if I can help you with your loan further.
2007-06-14 10:43:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Another case of the ill informed thinking that the "Bank" is the best place to get the deal done "fair and square"! Truth is the bank has little cajonas to get things done in the current economic climate we're in right now and the person working on your loan probably worked at the local burger joint before he was hired to the job title "Loan Officer" at $12.00 an hour. Go see a Broker that you get from the recommendation of a friend or relative... consider this a lesson learned, oh, and no you cannot "sue".
2016-05-20 03:57:04 · answer #3 · answered by ? 3 · 0⤊ 0⤋
You can sue, but you won't get anywhere. Lenders ALWAYS reserve the right to change their minds, based upon changing situations in your financial reports. Something as simple as running up a credit card higher than they like is enough reason for them to pull underwriting. Most lenders will run a 'last minute' credit check on your file to see if anything has changed from the time they originally ran the check.
2007-06-14 08:49:54 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Oh my another victim fallen prey to a Loan Broker. Many times when there Mouth is open the only thing coming out is a lie.
Now About suing. Any loan commitment given by a lender in all actuality Means nothing. No that's not right. What it means is they can continue checking you out until the last minute and if anything changes or isn't just up to snuff for the underwritters they can kick it out.
2007-06-14 08:54:38 · answer #5 · answered by Scott 6 · 0⤊ 1⤋
cant do anything about it. unfortunately you got a loan officer that just wants business so he said yes. a pre-approval means nothing. it is a peice of paper that someone wrote, and it is worth about the cost of a peice of paper. a good loan officer knows when to say no, and will explain it. i have access to over 130+ lenders in 50 states. almost all i do is purchases. if you would like, and still want this home... email me or IM me (go to my profile) and i will tell you how to contact me so you know that i am legit. I can qualify you in a few hours and probably talk the agent into extending the contract so you can still get this home... assuming you qualify.
2007-06-14 08:54:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I don't know if you can get much out of them. But, if they issued a written preapproval that they didn't back up, you can do your part to perhaps prevent it from happening to the next guy.
Find out who regulates and licenses mortgage companies in your state. Usually, it's Dept. of real estate, or commerce, sometimes banking.
There's probably some level of incompetence that can be proven, as long as nothing really changed in your status in the meanwhile (you didn't switch jobs, take on new credit, etc...).
They could be fined, censured, all sorts of fun stuff. If you lost any money, maybe they could get you reimbursed.
But you're not going to get a $20,000 judgment out of them from any court. Not gonna happen.
2007-06-14 10:11:38 · answer #7 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
No it's their money and their call.
Forget about it and move one.
Always remeber "Litigation is the sport of kings"
Why? Because only Kings can afford it.
If you've ever been involved in a law suit you know exactly what I'm talking about, If not, your about to find out.
Lawyer's are worse than lenders.
Terry S.
http://www.Welcome2Arizona.com
2007-06-14 10:31:49 · answer #8 · answered by Terry S 5 · 0⤊ 0⤋
Sue on what grounds? They broke no laws. I am sure you can get an explaination from them, and I am 99% sure that has something to do with either information you provided or your credit report.
2007-06-14 10:30:27 · answer #9 · answered by Landlord 7 · 0⤊ 0⤋
Oh ok... I got this for you...
better check on it... Im pretty sure you'll discover something
http://www.home-loan-made-ez.com
2007-06-15 09:52:46 · answer #10 · answered by Anonymous · 0⤊ 0⤋