Mortgage contract

[Telina]

What is the name of your state? Oregon
I have a mortgage contract in process with a local bank. At the time of prequalifying, I locked in my interest rate and held it for 90 days with a deposit. I also purchased a 1 point buy down. The buydown/lock expires June 22, 2005. The bank manager called last night 5/17 and said they could not honor the rate because of my ratios. I had them go over the figures and found an error in their math. So my ratios are fine. Then the bank said they didn't like the builders sub contractors references, 3 refernces hadn't called them back yet. I asked how long have they been waiting, they said one day. Do I have any legal recourse. I want to keep my low interest rate.
Telina

 

[seniorjudge]

What is the name of your state? Oregon
I have a mortgage contract in process with a local bank. At the time of prequalifying, I locked in my interest rate and held it for 90 days with a deposit. I also purchased a 1 point buy down. The buydown/lock expires June 22, 2005. The bank manager called last night 5/17 and said they could not honor the rate because of my ratios. I had them go over the figures and found an error in their math. So my ratios are fine. Then the bank said they didn't like the builders sub contractors references, 3 refernces hadn't called them back yet. I asked how long have they been waiting, they said one day. Do I have any legal recourse. I want to keep my low interest rate.
Telina

This is a typicl scam. Insist on the rate and tell them they are bound by their written contract just as you are. Document everything. Do nothing by telephone. Write letters certified mail, return receipt requested. Keep copies. Hound them to death.