D
djleblanc75
Guest
What is the name of your state? Massachusetts
My Fiance and I are in the process of buying a home. Everything has been smooth sailing until we went to get a commitment letter from our mortgage company (its an online mortgage company...maybe that was our first mistake). When we asked for a commitment letter (which we needed to fulfill our contract), for over a week they told us every day they would send us one and didn't.
Thats when the REAL problems started. Finally they said that they would send us a commitment letter, but that we would have to fix every single item on the home inspection. I would note that the home inspection did not have any significant items requring action, the appraisal came in at well above the sale price and stated that no repairs needed to be done to get the property in "sellable" condition. We are applying for a conforming loan and both have excellent (near 800) credit scores. We qualify financially in every respect.
The problem is that the mortgage company had the home inspection and other documents for a month and had never indicated that they would require work until the last minute. We have been forced to go to a different broker to get a loan without unreasonable requirements, but we are going to loose the cost of the appraisal (small deal) as well as the very preferrable interest rate we had locked in due to the rapid recent changes (big deal). Further, they wont put in writing an explicit explanation of what they are requiring.
We are applying for a 30 year conforming mortgage, normally a lender would not ask for a home inspection at all in this case. We are first time home buyers.
Do we have any sort of case against them to recover our appraisal money as well financial damages resulting from having to loose our locked rate?
Thanks
Dave
My Fiance and I are in the process of buying a home. Everything has been smooth sailing until we went to get a commitment letter from our mortgage company (its an online mortgage company...maybe that was our first mistake). When we asked for a commitment letter (which we needed to fulfill our contract), for over a week they told us every day they would send us one and didn't.
Thats when the REAL problems started. Finally they said that they would send us a commitment letter, but that we would have to fix every single item on the home inspection. I would note that the home inspection did not have any significant items requring action, the appraisal came in at well above the sale price and stated that no repairs needed to be done to get the property in "sellable" condition. We are applying for a conforming loan and both have excellent (near 800) credit scores. We qualify financially in every respect.
The problem is that the mortgage company had the home inspection and other documents for a month and had never indicated that they would require work until the last minute. We have been forced to go to a different broker to get a loan without unreasonable requirements, but we are going to loose the cost of the appraisal (small deal) as well as the very preferrable interest rate we had locked in due to the rapid recent changes (big deal). Further, they wont put in writing an explicit explanation of what they are requiring.
We are applying for a 30 year conforming mortgage, normally a lender would not ask for a home inspection at all in this case. We are first time home buyers.
Do we have any sort of case against them to recover our appraisal money as well financial damages resulting from having to loose our locked rate?
Thanks
Dave