Need help on home contract..urgent!!!

[Ronfha123]

mpbsr: I as a loan officer I completely disagree with your assessment about mortgage brokers. Most mortgage brokers are honest hard working individuals who serve a purpose by facilating loans to potential home buyers. You say this wouldn't happen in bank is completely misleading. Underwritters decline loans daily at all major banks across the country, but what I find very unprofessional is the loan officer not responding to the clients need for an answer. That is completely uncalled for...

Ron

[NJexpat]

Originally Posted by JCParalegal

A withdrawal letter is not the same as a denial. A seller can accept it, but it's not the same thing.

Are you able to comply with the requirements from underwriting? What are they asking for that you can't provide?

A loan denial letter can be issued in minutes. The broker should be assisting you with this. If they don't respond, get their boss on the phone. If they won't respond, ask your lawyer to make the call. Your problem is going to be if the withdrawal letter looks as if you did not make a good faith effort to get a mortgage.

If you have to, go to another lender (not a broker, an actual lender) and apply for a mortgage asap. If you don't get it, the lender will issue a denial and you can use that. Don't delay.

I've done thousands of closings over the last two decades and if it's not a cash purchase, there is a mortgage contingency clause. Your lawyer has to ask for an extension of the time to get a mortgage if you ran out of time. It's fairly standard to have 30 days to get a mortgage. If your contract says 10 days or something equally absurd, your lawyer would have changed it to 30 days in the rider to the contract.

Hopefully your lawyer struck the liquidated damages clause in the contract. The fact that the house in on the market for more money doesn't count for squat.

P.S. Most lawyers won't substitute at this point because they would be taking on a liability for a matter they had no control over. Work with your current lawyer to resolve this.

There is some excellent advice here!
You have to lean on your lawyer to do most of this stuff. Your lawyer should be chasing down the problem with the lender, and your lawyer should be working with the seller's lawyer to calm things down.

Good luck to you.

[armx]

OP is not responding to two very pivotal questions:

1. Is the denial because s/he is refusing to provide further info. to the mortgage co. --thereby, "not cooperating with the process"? OR is it that the underwriter denied the application in which case the deposit should be returned by the Seller .. what is confusing is the attorney seems not to follow this logic in advising the client ... there may be something that OP is missing in sharing his story ....

2. Was the info. provided to the lender when getting the pre-approval letter contradicted by underwriter's processing of the mortgg. application? Then OP may lose the deposit on the misrepresentation basis ......

[Jvp863]

I have been wait almost a month now for my denial letter. My money is with the sellers attorney in escrow. Sucks!