I am near the end and the bank is asking for letters of explaination for late payments. What happens if I just don't do it. I sort of want to get out of this and would just like them to decline me. It has been a four month process.
2007-12-14 02:16:26 · 13 answers · asked by Coach Pete 2 in Business & Finance ➔ Renting & Real Estate
Finance is what I do for a living and any time people do not provide required documentation the loan is declined.
2007-12-14 02:19:42 · answer #1 · answered by ? 7 · 1⤊ 0⤋
Rather than failing to answer, simply call them and say "I'd like to withdraw my mortgage application.
However, the reason they want the documentation is to make the loan sale-able. Most of the time these days, the orginal lender doesn't hold the mortgage for the entire term. The mortgages get bought and sold all the time. The documentation of a good reason for why you were late on your payments helps the mortgage to be more attractive and sale-able to a third party.
2007-12-14 02:19:47 · answer #2 · answered by Scotty Doesnt Know 7 · 3⤊ 0⤋
Really just call them and say you are not interested anymore. The loan process should not take that long. If you want you can email me and I can give you advice on the loan. I have been a mortgage broker for awhile.
2007-12-14 04:45:08 · answer #3 · answered by The Dragon 2 · 0⤊ 0⤋
I just went thru the whole process of getting a mortage a couple months ago. It's not fun at all, but in the end it was worth it. If you really want to get out of it, I think not sending those papers will work. Would you be able to just tell the people you don't want to apply anymore for the mortage?
2007-12-14 02:21:35 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you don't give them what they want, you will be declined. If you want to be declined now, then just say you're not interested in completing the mortgage process with them.
2007-12-14 02:19:54 · answer #5 · answered by Pooty Pootwell 5 · 1⤊ 0⤋
You have the right not to provide the info, but then the bank has the right not to give you a mortgage. It's their money; you pretty much have to play by their rules if you want them to give it to you.
2007-12-14 02:19:07 · answer #6 · answered by Anonymous · 2⤊ 0⤋
It sounds like you are well on your way to being declined. A "no response" will hardly get you a mortgage, so you will probably get the end result you are looking for. "DECLINED"
2007-12-14 02:26:06 · answer #7 · answered by Grandma of 2 5 · 1⤊ 0⤋
Why don't you just tell the bank that your situation has changed and you are no longer interested in the loan?
2007-12-14 02:23:10 · answer #8 · answered by Leaf 6 · 1⤊ 0⤋
Nothing. The bank may refuse the loan. But you will not be harmed in any way.
2007-12-14 02:19:49 · answer #9 · answered by regerugged 7 · 0⤊ 0⤋
Just quit responding and the loan will never close. But don't look for refunds on any fees or deposits you have paid.
2007-12-14 02:19:07 · answer #10 · answered by npk 7 · 0⤊ 0⤋