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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 01-03-2015, 01:22 AM
 
8 posts, read 6,807 times
Reputation: 10

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Yes, there was a finance clause in our contract, everything on our end was done timely and by the book, with intent to buy this home.
When I said we have lost almost $1500 I said on inspection, re-inspection & appraisal (there were things wrong that needed to be fixed, without them being fixed correctly we wouldn't have been able to receive an FHA loan) An extension was signed.
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Old 01-03-2015, 01:33 AM
 
8 posts, read 6,807 times
Reputation: 10
In response to the other set of questions-
We did nothing to jeopardize the loan ( buy a car, loose job, buy furniture.)

The owner has put the house on the market and has raised the price $10,000.
I do completely understand his side that he is pissed we didn't end up buying the house, although we are not at fault for that. We were strung along with being asked for more and more stuff and kept being told just a couple more days.

We have sent a demand letter certified mail to all parties involved, stating in part the following-

In accordance with the contractual agreement we have fully complied in our due diligence and attempt to procure in good faith the mortgage loan as specified in the above mentioned contract, but have been unsuccessful and provided the denial letter as required. We further demand the deposit be returned within ten (10) days following the receipt of this letter.

We have also hired a lawyer. Any other suggestions?
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Old 01-03-2015, 07:08 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,198,651 times
Reputation: 1999
something happened ---- what happened with your loan?

and you cant change the price once the contract is signed unless you agreed to change it.


you said "there was never a commitment letter issued ". REALLY? so you never really were approved by your lender in the first place. How that got by the Buyers side is unbelievable since that is one of the first things we look for--- the ability to pay.
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Old 01-03-2015, 07:17 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,198,651 times
Reputation: 1999
oh, another question.... were you buying this house without a Realtor ---- directly from the Seller?
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Old 01-03-2015, 10:14 AM
 
8 posts, read 6,807 times
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Was buying with a realtor, we were per approved for a mortgage.
We got a pre- quality letter but never got a loan commitment letter for our mortgage broker, she said her company doesn't give commitment letters
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Old 01-03-2015, 10:15 AM
 
8 posts, read 6,807 times
Reputation: 10
Our credit when day during the process b/c something that we resolved and payed back in march ( that had been taken off CR), all of a sudden appeared back on it. This is according to my mortgage broker
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Old 01-03-2015, 10:35 AM
 
8 posts, read 6,807 times
Reputation: 10
* our credit went down
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Old 01-03-2015, 12:48 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,198,651 times
Reputation: 1999
If you paid it off you should have proof. That would have been able to prove it to the mortgage dept (not the mortgage broker) who say if you can have the loan or not.

What happened is your debt ratio went up.

Sorry... it sounds like it boils down to your mortgage broker. I personally do not know of any mortgage lender who does not issue a pre-approval letter since we all require a buyer have one now. Did you get "anything" in writing from the Mortgage people saying anything about good to go for xxx amount of loan, somewhere?
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