Asked by natu.raj, 98033 • Sun Nov 18, 2012
I went into contract with the seller with pre-approval from a lender. But unfortunately due to the non responsiveness of the lender, I switched to a different lender. I applied for the loan within the timeframe specified on the contract( 5 days after mutual agreement). However my agent never filed the addendum to change lenders with the seller, which removes my financial contingency. Now the seller has asked me to release the escrow amount and use the lender they suggested in order to get an extension or my agent tells me that I would forfeit my escrow amount within three days of the closing date automatically .
The lender I am currently working with strongly believes that I will not be able to get a mortgage insurance for this loan since there are no comps for this place and hence no bank would lend me money. My credit score is pretty good (760 ) and I want to do 5% down. Is there any way that I can get back my escrow money?
Real Estate in Kirkland
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