Asked by Csp, Houston, TX • Tue Oct 19, 2010
(This is a repost to the right location)
We recently got a shock when we found out the day before the closing (from title company) that the lender had problem accepting the "60 day letter" lien subordinate stuff from the HOA of the property we are purchasing. So we were refused loan last minute. I quickly got another lender who agreed to accept the "60 day letter" and proactively trying to get the loan approved with the new lender as soon as possible (8 days after disclosure). Mean the seller agent is demanding compensation to the seller since we did not close on time. They would not sign another extension letter (they signed only 1 week, but loan application takes at least 8 days) unless we compensate the seller. What should we do? We are very stressed! It wasn't our fault that we did not close on time and we didn't know until the day before, even then we had no idea what was "60 day letter" and the serious impact behind it. We are applying for fixed conventional loan, not FHA. Help!
Real Estate in Houston
Popular Categories in 77079
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!