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Asked by rafat, Sugar Land Central, Sugar Land, TX Mon Jan 13, 2014

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Answers

5
Stephanie Lee, Agent, Bloomington, MN
Tue Jan 14, 2014
Personally I have not experienced this as a realtor. But the question intrigued me and this is what I have found. http://www.bankrate.com/finance/mortgages/law-gives-3-days-t… I would suggest consulting a attorney.
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jan 13, 2014
Somehow.....I get the feeling there is much more to your scenario. But as others have said, normally once the lender has issued final approval and your transaction has closed, the lender should have no reason to seek a cancellation......that is under normal circumstances.

Bill
0 votes
Chris Block, , Saint Paul, MN
Mon Jan 13, 2014
Pretty much once funding takes place (very last step of a closing) you are done with the bank. If you lose your job 1 week after closing the bank can't just cancel the mortgage. At least I have never experienced anything like this.

In other words, I don't see any reasons a loan can be cancelled after closing unless you lied on the loan.

Good Luck!

Christopher Block
651-307-7663
chris.block@imetroproperty.com
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Mon Jan 13, 2014
Hello, rafat!
I have never heard of this. All the documentation is reviewed and approved by the underwriter BEFORE closing. That's the only way the loan can be cleared to close is if the underwriter deems it approved. As for canceling AFTER the closing?? That seems impossible to do. They wouldn't let it go through and pull it after without the lending institution then owning the property, like a foreclosure. And, banks do not want to own property.

Does this help?
Web Reference:  http://www.homestosellmn.com
0 votes
Elizabeth Fu…, Agent, Wayzata, MN
Mon Jan 13, 2014
Cancellation of the loan is documented in the mortgage note and terms identified at closing. You, of course, have copies of everything signed a closing. If you are concerned, work with your realtor to make sure you will be able to keep all the terms required. Liz, 612=986=4105
0 votes
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