Need Help NOW!!

[wendys8861]

What is the name of your state?CA

I am the seller of a property in California. The buyer and I entered into a contract in late April with a close of escrow on 6/30/05.

The escrow did not close on 6/30/05. Excuse given was that the processor was in the hospital for 6 days and nobody did her job while she was out so she was behind.

We were promised loan docs several times and used the excuse that they were "busy" (who isn't?) but the loan docs finally arrived July 18. They were signed immediately and Fed-Exed back to the lender.

Lender keeps coming up with "conditions" that prevent them from funding. Most recent condition is another copy of the termite report & Clearance (which has been faxed to them 4 times already). Each time a condition is fulfilled, it takes them about 3 days to "review" and they come back with another condition for something they already have. The lender keeps dragging their feet when it comes to funding this loan, and I am getting worried.

If I hire any attorney, might they be able to put some pressure on the lender to get the loan funded or will it not do any good?

If my buyer is as frustrated as I am and he decides to walk, do I have any recourse against the lender since docs have already been signed and we have fulfilled all of their conditions?

Please advise...I'm nearly suicidal over this!

Thanks for any assistance.

[danno6925]

Whose processor was sick? Mortgage company, Title company, Realtor?

I hope you made copies so you can prove you received the mortgage company's docs.

A month after this loan's escrow "closed" and you still haven't funded? There has to be a reason. Threaten to go public and discuss your problem with the local news media. If they keep toying with you - then it's LAWYER TIME!!!


Go get em!
________________________________________________________________
The above text does not constitute Legal Advice, but is simply one man's opinion.

[hamburgerhelper]

Originally Posted by wendys8861

What is the name of your state?CA

I am the seller of a property in California. The buyer and I entered into a contract in late April with a close of escrow on 6/30/05.

The escrow did not close on 6/30/05. Excuse given was that the processor was in the hospital for 6 days and nobody did her job while she was out so she was behind.

We were promised loan docs several times and used the excuse that they were "busy" (who isn't?) but the loan docs finally arrived July 18. They were signed immediately and Fed-Exed back to the lender.

Lender keeps coming up with "conditions" that prevent them from funding. Most recent condition is another copy of the termite report & Clearance (which has been faxed to them 4 times already). Each time a condition is fulfilled, it takes them about 3 days to "review" and they come back with another condition for something they already have. The lender keeps dragging their feet when it comes to funding this loan, and I am getting worried.

If I hire any attorney, might they be able to put some pressure on the lender to get the loan funded or will it not do any good?

If my buyer is as frustrated as I am and he decides to walk, do I have any recourse against the lender since docs have already been signed and we have fulfilled all of their conditions?

Please advise...I'm nearly suicidal over this!

Thanks for any assistance.

Wendy,

Ask your realtor to have the buyer's agent get a copy of the conditional approval from the buyer if the buyer will authorize release of information to you. Check with your attorney on this. If it has taken this long to close your transaction there must be problems with the buyer. And if it has been over 60 days, usually lenders hold on to credit scores for 30 days, it really depends on the lender. The lender could've re-ran credit and the fico score dropped and can no longer secure financing. Don't take my word for it. There could be so many issues. I would try to cancel the transaction, and have the buyer release their earnest money deposit to you. Have you signed off on loan contingencies? Hopefully, you have.

Send me an email if you don't resolve this soon.

Good luck.

[jnazareno]

I would terminate the contract and find another buyer ...
have the buyers release any contingecies such as pest, home and loan ?
if so keep the deposit too if they have..some lenders are just plain slow or bad...I've worked with those before and never will again.