What is the name of your state? PA
We were scheduled to close on our first home today. We have a mortgage commitment, everything was in order, all documents in, etc. About a half hour before settlement is scheduled, our realtor gets a call that things may need to be pushed back. Our mortgage broker told us that the underwriters were asking for additonal documents at the last minute. We scrambled around, faxed over documents to them (which we had already given them), and waited for things to be taken care of. They gave us one story after another all day long (about 4 hours with everyone at the settlement table) about what the holdup was, then finally told us it wouldn't be able to happen today. They're now saying we can close at 2pm tomorrow. I don't feel confident at all that I can trust this (and they wouldn't give it to me in writing) and I'm wondering what recourse I have. Many people have been affected by this, including the seller, who was also supposed to close on his new house today, but couldn't. Isn't the mortgage commitment supposed to ensure that we have a mortgage at closing time?? The mortgage company made clear to us that it is not our fault, they're blaming the underwriter, the bank. What can we reasonably expect, or what is our best course of action? I'm concerned we are going to be in default of our contract and lose our escrow money. It's also a concern for me that I don't have a bunch of money to shell out for a laywer, and I'm not even sure if we have a case for anything. Any advice is appreciated. I already feel awful that we seem to be getting completely screwed, so no need to point out how badly these guys are handling it. Thanks.
We were scheduled to close on our first home today. We have a mortgage commitment, everything was in order, all documents in, etc. About a half hour before settlement is scheduled, our realtor gets a call that things may need to be pushed back. Our mortgage broker told us that the underwriters were asking for additonal documents at the last minute. We scrambled around, faxed over documents to them (which we had already given them), and waited for things to be taken care of. They gave us one story after another all day long (about 4 hours with everyone at the settlement table) about what the holdup was, then finally told us it wouldn't be able to happen today. They're now saying we can close at 2pm tomorrow. I don't feel confident at all that I can trust this (and they wouldn't give it to me in writing) and I'm wondering what recourse I have. Many people have been affected by this, including the seller, who was also supposed to close on his new house today, but couldn't. Isn't the mortgage commitment supposed to ensure that we have a mortgage at closing time?? The mortgage company made clear to us that it is not our fault, they're blaming the underwriter, the bank. What can we reasonably expect, or what is our best course of action? I'm concerned we are going to be in default of our contract and lose our escrow money. It's also a concern for me that I don't have a bunch of money to shell out for a laywer, and I'm not even sure if we have a case for anything. Any advice is appreciated. I already feel awful that we seem to be getting completely screwed, so no need to point out how badly these guys are handling it. Thanks.