Home Buying in 11364>Question Details

Jinsquared, Home Buyer in 11364

Cancellation process for a loan application.

Asked by Jinsquared, 11364 Tue Dec 13, 2011

My application has been with the underwriter for over a week. However, its been over 60 days and the sellers are refusing to extend. Bank made countless mistakes for the delays.
If the contract fails, who fault is it? the bank or me? My turnaround for any requests has been less than few hours. Bank has been losing my documents over and over. Never call me back or responds to emails in a timely manner. I have to call daily to get an update. If I cancel the application? What am I going to get charged? and what is the process?

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Answers

3
Jinsquared,
The answer to your question will lie in the documents you signed with your application. There are lenders who will charge for the credit report up front and if the appraisal has been done you likely owe for that too. Beyond that is anyone’s guess and you are subject to the agreements you signed with the lender and their willingness to enforce them.
My question for you is, if you cancel are you prepared to start over with another lender? You say the seller will not extend, which may be their right, but then they are back on the market looking for another buyer with a failed sale.
I would suggest you raise heck with the lender, any supervisor or manager involved and let them know you intend to go public with your dissatisfaction on this and many other public sites. Often bad reviews will get a business’s attention and as long as you did your part in getting your documentation to them in a timely manner, it shouldn't be your fault. It sounds like you have made a good faith effort to obtain financing.
0 votes Thank Flag Link Tue Dec 13, 2011
Since you have an attorney handling contract details, it's really in your best interest to consult with him/her; your attorney can best advise as to all legalities involved...
0 votes Thank Flag Link Tue Dec 13, 2011
Most purchase contracts have a prevision in it stating if you do not qualify for the loan you get your Ernest money returned

Phil DeSimone / Realtor
Team Realty
Cell (702)376-0057
Fax (702)947-6707
Phil@selllasvegashomes.com
Web Reference: http://www.dollarhomes.com
0 votes Thank Flag Link Tue Dec 13, 2011
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