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 1.5 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.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 10-08-2009, 08:08 AM
 
Location: Northern Virginia
1,418 posts, read 1,910,908 times
Reputation: 421
Default Mortgage committed but bank fails to release funds for close?

I have heard of this happening to some people I know...their buyer has a committed mortgage and they were set to close, but then closing day comes and the bank doesn't release the funds to close. It's going on now two weeks since they were supposed to close. Is this common nowadays, does it usually get resolved? They're being told that it's an FHA mortgage and there was some form that wasn't completed during the process. I get it, but why has it taken 2+ weeks now and counting to rectify?
Quick reply to this message

 
Old 10-08-2009, 09:01 AM
 
Location: Plano, Texas
1,672 posts, read 4,337,100 times
Reputation: 640
This is happening much more now than in recent times. but 2 weeks is very long. There might be some other issues.
Quick reply to this message
 
Old 10-08-2009, 09:05 AM
 
Location: Northern Virginia
1,418 posts, read 1,910,908 times
Reputation: 421
what type of "other issues" could it be if the mortgage is committed, appraisal is done, etc etc.
Quick reply to this message
 
Old 10-08-2009, 09:20 AM
 
Location: Plano, Texas
1,672 posts, read 4,337,100 times
Reputation: 640
could be they found fraud in the file. A problem with the company that originated the loan. Could be many things.
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.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 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.

2005-2014, 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 - Top