massachusetts:
Last week I closed on a home equity line with homeloancenter.com. Thier rates and program was very competitive and they had great customer service. By all online accounts as well as several other sources they came highly recomended. Anyway their closing attourney came to my office last week and we signed all documents. I was to recieve my check and account package in 3-5 days. After a week I had not recieved anything from them even a phone call. Angry, i called my broker and asked to be updated on the status of my funds. He informed me that they would not be able to fund my loan. I inquired as to why this was occuring and he informed me that after reviewing all the documentation it was brought to theyr attention that my condo association was involved in " pending litigation ". I told him that we were involved in a lawsuit against an electrical contractor who installed bathroom fans with faulty wiring which caused a fire. We were suing the contrator for damages. There was no lawsuit against us.
My question is, can they recind this loan after all signings have been completed. I read and re-read my loan documentation and found no such clause. The closest thing i found was a clause which is in all mortgage contracts which allows for the loan terms to be ammended to fit federal/state/local regulations. What recourse do I have if any against this company. I feel like I signed in good faith expecting the closing to be legaly binding. Only to have to chase them down to find out why I had not recieved my money. Any info would be helpful. Thanks Andrew
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