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I applied for a home loan and was declined from two different lenders.
However, the seller wants to sue me because I didn't process with the lender I got a pre-approval letter from... I used other lenders when I went mortgage shopping because I wasn't happy with the original lender's service.
Nowhere in my contract does it say that I'm supposed to stick with a certain lender.
The contract also mentions that it is subject to and contingent upon the buyer obtaining a written mortgage commitment and in the event unable to secure, then either party may cancel the contract or agree to extend a reasonable mortgage contingency period.
can the seller file a suit against me in this situation?
he is seriously going to hire a lawyer to sue a guy that couldn't qualify for a mortgage? he is probably just throwing out some tough talk because he is pissed.
They may not have a case, but I'd be pissed at you too. Presented a pre-aproval letter and didn't even complete the application process with that lender. To me that's acting in bad faith, even if doesn't fall under the legal definition.
If the seller is serious, then they will find a way to sue you. In that case, just settle. Anchor by making the first offer. At the end of the day, they want to sell their house and you want to buy one. Take the loss and move onto finding your dream home. It would be in everyone's best interest.
This is America. Anyone can sue anyone for anything. I agree with Half Full. You definitely screwed over the seller, but that doesn't mean he has a case. You really need to talk to a lawyer.
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