What is the name of your state? florida
I am a mortgage consultant and my company is going under. Two of my prevoius owners have started a new company and I am goin to work for them. I do a lot of business with builders such as Mercedes, KB homes, Holiday builders which require an end loan for financing. I have notified all builders that my current company is going out of business, but owners are starting another company. Everything is staying the same except the name, address and phone #. We do not and will not close in our name, we just find a lender to match our clients. The problem is one of these builders is stating that the change of the company's name is considered a re-write on the contract and if the client wishing to do so can still buy the house, but at current market price. They have recently added an addendum to thier contracts stating this exactly, but all of my clients that i am working with, including myself, signed before they implemented this addendum. The response the builder's gave me to that was there is still a part of the contract that states if you change lenders there will be some kind of penalty and the penatly know is the re-write. This does not seem right. I can go on and on about this, but what i want to know is can they make a buyer make a decision at signing on mortgae company when the builder does not know how long it takes to build giving 9-12 months as estimate, and not allow them to change lenders, even if mortgage company goes out of business?
I am a mortgage consultant and my company is going under. Two of my prevoius owners have started a new company and I am goin to work for them. I do a lot of business with builders such as Mercedes, KB homes, Holiday builders which require an end loan for financing. I have notified all builders that my current company is going out of business, but owners are starting another company. Everything is staying the same except the name, address and phone #. We do not and will not close in our name, we just find a lender to match our clients. The problem is one of these builders is stating that the change of the company's name is considered a re-write on the contract and if the client wishing to do so can still buy the house, but at current market price. They have recently added an addendum to thier contracts stating this exactly, but all of my clients that i am working with, including myself, signed before they implemented this addendum. The response the builder's gave me to that was there is still a part of the contract that states if you change lenders there will be some kind of penalty and the penatly know is the re-write. This does not seem right. I can go on and on about this, but what i want to know is can they make a buyer make a decision at signing on mortgae company when the builder does not know how long it takes to build giving 9-12 months as estimate, and not allow them to change lenders, even if mortgage company goes out of business?