Home Buying in Brooklyn>Question Details

Chuck Taylur, Home Buyer in Brooklyn, NY

Wait for denial letter before applying for another loan?

Asked by Chuck Taylur, Brooklyn, NY Wed Sep 25, 2013

Here is the situation Im in.

My sales contract expires on 9/30.
I was told on 9/20 that I was denied the loan I was applying for with Wells Fargo.
As of today, I have yet to receive my letter of denial.
I put down a $33,000 deposit on the property.

I want to try to get another loan through Chase. Should I wait until I get my denial letter before making the next move? How long should I wait?

Help the community by answering this question:


Sorry. The reason I was denied was because I couldn't prove my rent payments. I lent a large sum of money to a relative. They pay me back every month and I in turn use that to pay rent. My bank accounts don't show withdrawals every Month for payment, therefore the underwriter denied me. I also payed in cash so there are no checks or receipts. A signed letter by the landlord wasn't good enough for them. This time around I plan on saying I live with said relative rent free.
0 votes Thank Flag Link Wed Sep 25, 2013
Without much information, what is your loan officer advising as to the denial reason(s); also consult with your attorney regarding any necessary contract extensions...
0 votes Thank Flag Link Wed Sep 25, 2013
Dear Chuck:

Speak to your attorney to find out your rights because this is a legal and contractual issue. Your attorney has a copy of the contract and we do not. Without looking at the contract, we cannot advise you properly.

On a side note, if you want you can contact me and I will get my attorney on a conference call to try and help you. Either way, good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Sep 25, 2013
Why were you denied? Without know why the loan was denied it is difficult to help.
Appraisal? Challenge it.
Credit? Chase probably could not do anything either.
Income? Again Chase probably could not do anything for you.
Condition of the building?
For a seller to extend the mortgage contingence they will want to know why you were denied the first application.
Kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes Thank Flag Link Wed Sep 25, 2013
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