Asked by Sj, San Diego, CA • Tue Nov 11, 2008
Is it typical for REO banks to not respond to an extension for escrow till after the escrow deadline has passed? Escrow was to be closed on the 10th of Nov and the file for extension was sent on the 4th of Nov due to the expectation that our lender delayed in delivering the loan docs to escrow. The loan docs were expected to be delivered on the 3rd, but were not actually delivered till the 7th due to a delay from the lender. We asked for an extension plus per diems to be waived since the delay was not caused by us but the lender. We have not heard back from the REO and are wondering 2 things. Are they planning to back out? And will they approve the waiver as we gave notice early of the problems with our lender delay (missing appraisal signatures, etc.). My husband is starting to get cold feet due to the number of delays/obstacles it has taken to close this deal and thinks it is a sign. Anything to ease his fears is welcomed!
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