Question Details

Prasad80, Home Buyer in Stamford, CT

If closing date is postponed becaouse of the seller, who has to bear the mortgage re-underwriting cost?

Asked by Prasad80, Stamford, CT Mon May 21, 2012

I signed contract to buy a property in Stamford,CT which was supposed to be closed on 05/23.But now seller came back asking more time to close the deal. I had all my mortgage ready and that application was valid till 05/25. Since the closing date is postponed, the bank is asking extra fee to re-underwrite my file. Since this is not my fault, who has to bear the cost of re-underwriting the mortgage loan? What are my options in these scenarios?

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I have never heard of a re-underwriting fee. Is that even allowed under the new RESPA act? I guess it would be depending on the type of loan and the amount of the fee. Might be a good time to switch lenders.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon May 21, 2012
This may be an item that has to be negotiated by all parties; but you should discuss your options with an attorney.
0 votes Thank Flag Link Mon May 21, 2012
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