Because of negligance on the part of the lender it appears that my client will not close by June 30 for the 8000 tax credit. Is there any legal out?

Asked by Chrisdodt, Riverside County, CA Sat Jun 5, 2010

for this as far as still qualifying for the credit due to the lender's error?

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Debra (Debbi…, Agent, Livingston, NJ
Sat Jun 5, 2010
no closing - no tax credit - no exceptions

Unfortunately, I am sure there will be a number of people whose closings will be delayed for one reason or another.........the mountain of paperwork trying to give exceptions would be monumental - it's not going to happen.

Whether a buyer could have any legal recourse against a lender due to a delay caused by their negligence is for an attorney to answer.
0 votes
Deborah Mill…, Agent, Durham, NC
Sat Jun 5, 2010
Just as the first responder said, find another lender. Go after several and find someone that is quick to respond so you do not have to sit in a line. In December my client signed the contract and was a FHA and in 17 days my client was in his home. Of course my firm has an in house lender who communicates with us and is very easy to reach. . I would imagine the real estate professional that is your buyer's agent would help you get this taken care of. I certainly would and do for my clients, actually we are on top of everything to be proactive so we do not see this sort of issue. Good Luck.

Deborah Rigsbee Miller
Coldwell Banker Howard Perry and Walston
0 votes
Emelia Sanch…, , Ontario, CA
Sat Jun 5, 2010

Get another lender you still have 3 1/2 weeks. Many can close in as little as 3 weeks even if it is FHA.
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