the loan officer herself wrote the letter but didnt submit anything through the loan company. our realtors are now saying that if we dont get approved they can put us in a lease to own home. our realtor says she has lost five other sales because of this.
2007-08-28 05:55:25 · 8 answers · asked by melonheadz 2 in Business & Finance ➔ Renting & Real Estate
I partially agree with Mike above, but not entirely...Bank Fraud is serious...she wrote a fraudulent letter. Therefore, call the company district office and discuss that you are meeting with your attorney about the potential fraud which just occurred. (They don't like that word). Whatever supervisor you speak with should be interested enough to take the name of the person and "A COPY" of your original pre approval letter. Then they will probably bend over backwards to help get a loan... and since you have an upper hand (possibly) you will be able to negotiate a lower rate or lower/no points or lower closing costs (not factored into the loan's principle.) Good luck.
2007-08-28 06:01:31 · answer #1 · answered by NY PTK 4 · 0⤊ 1⤋
There really isn't too much you can do. Everything is contingent on approval. If you don't have the credit for the money, you don't get it.
It happens a lot. The idea is that a lender wants you to use their service, so they get the fees. The pre-approval letter is just a come on. Don't feel bad.
I would recommend, if you go lease to own, take the contract to your attorney and have him or her explain everthing to you before you sign it. You can't be too careful.
Don't get discouraged, there is a home out there for you.
Joe
2007-08-28 13:01:52 · answer #2 · answered by Joseph G 6 · 0⤊ 1⤋
Is there a stipulation in there as to availability per your credit rating? Usually is, and with todays market it has become more stringent and yes company's that would usually accept lets say a 550 score no longer do. In other words the availability of credit has dried up and no there is nothing that you can do since the situation has changed.
2007-08-28 18:03:54 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
Banks are changing their mortgage guidelines as we speak. They are entitled to do that. We are just as upset about it. What used to be isn't and we are losing business. If we don't close your loan, we don't get paid. Try the lender that your Realtor uses. Good Luck
2007-08-28 13:15:04 · answer #4 · answered by ? 4 · 0⤊ 0⤋
none, no recourse, end of story, just go to another mortgage broker, bank, credit union, saving and loan. one loan officer doesn't control the lending industry,
2007-08-28 13:02:16 · answer #5 · answered by ? 2 · 0⤊ 1⤋
Mortgage pre-approvals are ALWAYS subject to underwriting. You have no recourse.
It means you are CREDIT approved. Which means, in theory, someone with your credit history is usually approved.... but it is not a guarantee.
2007-08-28 13:00:02 · answer #6 · answered by Mike 6 · 1⤊ 1⤋
Laws vary for area to area, talk to a lawyer in your locale.
2007-08-28 13:01:27 · answer #7 · answered by WC 7 · 0⤊ 2⤋
I would contact a lawyer immediately. What she did is techincally bank fraud.
2007-08-28 12:58:23 · answer #8 · answered by Anonymous · 1⤊ 2⤋