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04-21-2008, 10:32 PM
| | Junior Member | | Join Date: Feb 2008
Posts: 2
| | | Mortgage lender dragging feet
What is the name of your state? Arizona
Here is the quick version of the story. I have applied for a mortgage and was preapproved. I was told there would be no issues and that they had all of the information that they needed. Since then I have been hounded at work for various documents and been made to feel like a criminal. The list of information they have requested is ridiculous and their attitude is awful. But I digress. Based on the information given to me by the lender we agreed that a closing date of April 30th would be very easy to achieve. It is now the 21st and they are still asking for additional information. As of April 30th I have to be moved out of my rental and into the new house.
If the lender has not closed on my loan by the 30th I will be in breach of contract with the seller. If this happens I will be homeless. I will have to move my family into a hotel and all of my belongings into a storage shed and who knows what to do with my dog. If the lender causes me to be in breach of contract through no fault of my own do I have a case against the lender?
Any tips would be greatly appreciated.  |
04-22-2008, 08:18 AM
| | Member | | Join Date: Feb 2002
Posts: 435
| | | Please tell us whether your contract had a clause in there making it "subject to financing". I do not think that you would have any case against the lender. Are they under contract with you to produce a final approval within a given time? The lender may in fact reject your application. Get your real estate agent to request an extension to the closing date if needed. Also, please tell us whether there was a clause that read "time is of the essence". Finally, get everything this lender asks of you to them ASAP. |
04-22-2008, 08:19 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,470
| | Quote:
Originally Posted by az_mil_contrctr  ...
Here is the quick version of the story. I have applied for a mortgage and was preapproved. I was told there would be no issues and that they had all of the information that they needed. Since then I have been hounded at work for various documents and been made to feel like a criminal. The list of information they have requested is ridiculous and their attitude is awful. But I digress. Based on the information given to me by the lender we agreed that a closing date of April 30th would be very easy to achieve. It is now the 21st and they are still asking for additional information. As of April 30th I have to be moved out of my rental and into the new house.
... | Sounds normal to me.
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