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I am currently buying a house in California using a VA loan through CountryWide. Due to no fault of my own, I am not going make the escrow deadline date. The property is a foreclosure and the selling bank wanted me to sign an extension to allow them more time. This will be the second extension. I had to extend once and pay a penalty fee to keep my loan rate alive and now, due to mishandling of important files, the escrow service will not have everything they need before the deadline (which was yesterday). The lender also misinformed me about the actual monetary payment I was supposed to make. Since it is a VA loan, he informed me that I needed to pay 25% of the difference between 417K and the purchase price. The lender also worked out the seller credits to be deducted from this amount (which was not correct). Now the loan docs have to re done.
I am willing to sign the extension, only if they are willing to pay out another month of my rent as the deadline they requested goes to the end of July and are willing to pay other fees that I have incurred since the escrow date has expired.
What are my legal options since they are not able to fulfill their part of the agreement? Are there monetary penalties that they (escrow company, the lender or bank as the seller) are responsible for paying to me as I had to pay to them?
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