PROBLEM WITH MORTGAGE BROKER

[maralv12]

I live in California. Two months ago my fiance and I went to see a mortgage broker. We gave them all the information that they asked for. My fiance ended up applying for a stated income loan. They told us that we were pre-approved and that we have a loan. We started looking for a house and found one. The last week of closing the mortgage broker said that they were sending the loan documents to the title company. They told our realtor and the title company that the documents will be arriving soon. Well, the loan documents never came! They have been giving us the run around and we are now at risk of losing the house. We have put a lot of time and money into that house already. What can we do if we lose that house? Is the mortgage company liable for damages?

 

[HomeGuru]

Did you get any type of preapproval letter or loan commitment letter from the direct lender? Direct lender means the mortgage company that will be actually providing the loan funds.
If not, you are not in a very good position. Get a new mortgage broker fast.

 

[maralv12]

Yes, we did get a loan commitment letter from the direct lender.

 

[HomeGuru]

Yes, we did get a loan commitment letter from the direct lender.

HomeGuru response: good. Did you complete all the items listed in the loan commitment? Contact the lender directly and see what the holdup is.