Trying to gain insight!!!

[asp247]

What is the name of your state (only U.S. law)? California

Hello All:

I am currently in the process of buying a home but need some general advice due to the current situation the bank is putting me in. I am in need of general advise.

Without you reading the contract, currently the bank had an original closing date of 15-Apr-2009 but due to internal issues on their part they had me sign extensions until 30-Apr-2009. Well when 30-Apr-2009 arrived I was called late in the afternoon and told that I needed to wire the remaining funds to the title company to close. I wired the money before my banks cut-off but since the receiving bank had an earlier cut-off (receiving banks cut-off was prior to me being called) my funds weren't received until the next day at which time I was told that since they didn't receive the funds in time and the bank I am getting my loan through changed names my loan paperwork was no longer good.

Late in the evening the bank finally put everything in writing stating that everything that was written into my original loan paperwork will be re-written and will be good until 14-May-2009. I would like to know what, if any, the general legal ramifications are since the bank was unable to meet the close dates that I had agreed to and what happens if the bank decides to delay the process even further to the point I loose out on a 4.5% fixed 30 year rate.

I can show that I was on time with all of my commitments but the bank was and possibly still is unable to make any of their commitments. I am going to be reviewing the contracts I have but am also looking for more advice on what can be done to the bank since they are able to charged and penalized others if delays are caused by individuals other than the bank.What is the name of your state (only U.S. law)?

[HomeGuru]

Originally Posted by asp247

What is the name of your state (only U.S. law)? California

Hello All:

I am currently in the process of buying a home but need some general advice due to the current situation the bank is putting me in. I am in need of general advise.

Without you reading the contract, currently the bank had an original closing date of 15-Apr-2009 but due to internal issues on their part they had me sign extensions until 30-Apr-2009. Well when 30-Apr-2009 arrived I was called late in the afternoon and told that I needed to wire the remaining funds to the title company to close. I wired the money before my banks cut-off but since the receiving bank had an earlier cut-off (receiving banks cut-off was prior to me being called) my funds weren't received until the next day at which time I was told that since they didn't receive the funds in time and the bank I am getting my loan through changed names my loan paperwork was no longer good.

Late in the evening the bank finally put everything in writing stating that everything that was written into my original loan paperwork will be re-written and will be good until 14-May-2009. I would like to know what, if any, the general legal ramifications are since the bank was unable to meet the close dates that I had agreed to and what happens if the bank decides to delay the process even further to the point I loose out on a 4.5% fixed 30 year rate.

I can show that I was on time with all of my commitments but the bank was and possibly still is unable to make any of their commitments. I am going to be reviewing the contracts I have but am also looking for more advice on what can be done to the bank since they are able to charged and penalized others if delays are caused by individuals other than the bank.What is the name of your state (only U.S. law)?

**A: you basically have little recourse.

[asp247]

Even if the bank seems to be delaying the process on purpose so that it does expire so they can get a higher rate?

Thanks for the quick reply.

[tranquility]

Two things. One, the "bank" is not holding things up to get a higher rate. People give the loan and they get bonuses for closing loans. The money they receive is not related to how profitable the loan will be.

Second,

Without you reading the contract,

that is the key part of the duties and responsibilities of each party.