Is there any leeway for going over your mortgage deadline?

Asked by Jen, Syracuse, NY Tue Aug 16, 2011

My purchase offer got accepted at the end of April. The day before closing I did a final walk through to find the once dry basement to be covered in mold and all the walls buckling. This was SIX WEEKS AGO and 5 weeks ago my lock-in rate expired. The bank has been charging me (we're trying to get the seller who is a relocation company to reimburse me at closing for this) $60 a day for everyday we go over my lock-in date. Next week my mortgage expires and I was told I would have to reapply for the mortgage after this date.

The date is getting closer and they are STILL not done with the work. The relocation company has gone above and beyond to remove the mold and rebuild the walls but they have been very vague with everything. If it does go over will I have to wait another 3 months while the bank re-approves me for a mortgage? I've been calling everyday and the seller's agent keeps pushing back the estimated completion date.

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Akil Walker, Agent, Upper Marlboro, MD
Tue Aug 16, 2011
Hello Jen,

I would consult with your agent about your options in terms of walking away from this home and talk to your lender as well about these charges. It does not appear that this was caused by you so I am not sure why you are responsible.
Good luck
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Jen, Home Owner, Syracuse, NY
Tue Aug 16, 2011
I do have a realtor and an attorney and they are both unable to get me answers because the seller's realtor is unresponsive.

The seller (relocation company) does not want to pay the fee and is currently fighting it saying the bank was slow (they went 2 weeks over "estimated closing date") and it wasn't all their fault. I've also been living in boxes for months so it does make a difference.
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Ron Thomas, Agent, Fresno, CA
Tue Aug 16, 2011
I've heard that the norm in N.Y. is to have a Realtor AND an Attorney for a home purchase; where are they in all this frecas?
The ONUS is on the Sellers, and they are paying you Per-Diem; so no problem.
What diff does it make how long they take, they are doing a good job and paying you per-diem?

Since April the Interest Rates have gone down, so you paid for the Lock-in for nothing.
So you have to re-apply for the Mortgage; at a lower Rate, right?
What Bank takes 3 months for an Approval when you already had one. Maybe you need another Lender.

Where is your Realtor?

Good luck and may god bless
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