U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-18-2017, 01:48 PM
 
1 posts, read 500 times
Reputation: 10

Advertisements

I applied for a mortgage in August and received a pre-qualification and loan commitment. However, my mortgage banker inserted the incorrect income taxes in the application (we always told her that the income taxes were "x" and the appraisal conducted by the bank also said "x"). When the bank received the title, my mortgage banker finally realized that the income taxes were incorrect and that we no longer qualified for the mortgage. However, instead of providing us a decline letter, she provided us with a notice of counter offer. The notice of counter offer was generated because she still had not updated the income taxes. After 4 week of fighting with the bank, to have them review the information in the case, they finally provided us with the decline letter. However, the sellers do not want to return the full down payment because a loan commitment had already been provided plus a counter offer. What should we do? The sellers received a decline letter and I feel that that should suffice.
Reply With Quote Quick reply to this message

 
Old 11-18-2017, 02:18 PM
 
Location: Phoenix, AZ
708 posts, read 215,577 times
Reputation: 1626
Quote:
Originally Posted by d285 View Post
However, the sellers do not want to return the full down payment because a loan commitment had already been provided plus a counter offer. What should we do? The sellers received a decline letter and I feel that that should suffice.
Sorry, but the answer depends on the EXACT wording of the mortgage contingency provision of your purchase contract.


Quote it here word for word and you might get an answer.


Otherwise you will need to have a lawyer review it.
Reply With Quote Quick reply to this message
 
Old 01-06-2018, 09:56 PM
 
1,266 posts, read 996,019 times
Reputation: 1683
Usually the Purchase and Sale agreement has a financing contingency. Hopefully your Realtor checked the box for you. If financing falls through, which in this case it did, then you are let out of the contract and get your earnest money back along with the DP.
Reply With Quote Quick reply to this message
 
Old Today, 08:26 AM
 
Location: MID ATLANTIC
7,231 posts, read 16,353,335 times
Reputation: 7282
Don't you mean real estate taxes?

Anyway, if the lender sees another way for the transaction to move forward, they will make a counter-offer. You can refuse and an Adverse Action (denial) letter will be issued. That said, study your options carefully- rates have crept up and continue to do do. You may not be able to duplicate the original lock terms, nor the counter-offer terms.
Reply With Quote Quick reply to this message
 
Old Today, 09:10 AM
 
12,103 posts, read 8,175,572 times
Reputation: 8281
Get a lawyer ASAP!
Reply With Quote Quick reply to this message
 
Old Today, 06:28 PM
 
Location: New York
2,236 posts, read 3,933,979 times
Reputation: 1580
Quote:
Originally Posted by d285 View Post
I applied for a mortgage in August and received a pre-qualification and loan commitment. However, my mortgage banker inserted the incorrect income taxes in the application (we always told her that the income taxes were "x" and the appraisal conducted by the bank also said "x"). When the bank received the title, my mortgage banker finally realized that the income taxes were incorrect and that we no longer qualified for the mortgage. However, instead of providing us a decline letter, she provided us with a notice of counter offer. The notice of counter offer was generated because she still had not updated the income taxes. After 4 week of fighting with the bank, to have them review the information in the case, they finally provided us with the decline letter. However, the sellers do not want to return the full down payment because a loan commitment had already been provided plus a counter offer. What should we do? The sellers received a decline letter and I feel that that should suffice.
The "Down Payment" is normally paid at closing. I think you mean "Ernest Money", that was paid for the sellers to take the home off the market. If so - the ball is in their court if they are going to refund you.

If the payment isn't too high, and the save the deal. Plus your debt ratios are near 43% have you considered an FHA loan, using a cosigner with additional/higher income?

My $00.02
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top