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Mortgage commitment then denial ?

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cmbella19

Junior Member
What is the name of your state? NJ

Me and my husband applied for a mortgage on a house in NJ. We 1st gave them a $1000 binder then a 15,000 deposit. we have a total of 16000 in escrow We got the commitment and went into contract.
We were supposed to close tom and found out yesterday we were denied.
How does that happen?
My lawyer states that I should apply for another mortgage if I cant get a mortgage she feels I should ask someone to lend me the money or cosign and I am at risk of being sued by the seller.
Its not my fault. The mortgage guy sent the commitment letters and now he is saying I am denied.
What are my options. Please help.
 


moburkes

Senior Member
A preapproval is just a preapproval. Its like a preapproval offer for a credit card. At first glance you appear to qualify. However, after looking at everything, you don't. There is nothing illegal or unusual about it.

Based on your logic, you could be preapproved, lose your job before you close, and the lender would be REQUIRED to still give you the loan, although you no longer have the means to repay it.
 

lcannister

Senior Member
My lawyer states that I should apply for another mortgage if I cant get a mortgage she feels I should ask someone to lend me the money or cosign and I am at risk of being sued by the seller.
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IF this was your Atty during all phases then you have a fool for an Atty if there is not a financing contingency in your contract!
 

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