Financing in Tampa>Question Details

Wade, Home Buyer in 33626

What is Mortgage company liable for if they have dropped the ball?

Asked by Wade, 33626 Tue Jul 1, 2008

We were told that we would close on June 27th...then moved up to June 30th to July 1st and now July 2nd (maybe). The problem is this happened because they lost some papers and failed to let us know. Now our rent contract is up, the movers will be here in the morning and to top it off the homeowners have another offer that they are going to accept. In other words, we are moving out and don't know where we are going yet. The Mortgage company is basically shrugging their shoulders and saying sorry. Meanwhile, we are out the amount of inspections, surveys, movers, vacation days and have nowhere to go.

0 votes Share Flag Financing in Tampa

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Are you sure the mortgage company is the only party responsible for your delays?
3 votes Thank Flag Link Wed Jul 2, 2008
We closed on Thursday and signed the final paper at 4:55 p.m. (Talk about "skin o' your teeth"!). Anyhow, we are almost moved in completely, unpacking boxes day to day. This has been a learning experience to say the least.....bottom line, we are living in the home that we simply fell in love with.....and they lived happily ever after. Thanks for all of your advice!
1 vote Thank Flag Link Tue Jul 8, 2008
Did you finally get to close? If not there still may be some options that you may have to save the out of pocket expenses that you have accrued and rush the loan to closing. I would be happy to help if you are still interested.
0 votes Thank Flag Link Mon Jul 7, 2008
By the way, this WAS through Wells Fargo and to answer the other question, our rental home has already been rented to another occupant. We are in a holding pattern near the Tampa International Airport....awaiting clearance for landing.
0 votes Thank Flag Link Wed Jul 2, 2008
Well, the seller has agreed to give us until Thursday (July 3) to close. We are currently living in a Holiday Inn (All of our belongings are still in the back of a moving van; they agreed to store them overnight for an additional $100). The Mortgage company told us all day to just keep moving along and keep packing things up, they would finally be closing today, but at the end of the day they simply told us they would pay for our room. So we will just sleep on things and hope that things are sewn up tomorrow. Genesis mortgage has told us that we should close in the morning. (On the bright side, they did put us up in a suite!)
0 votes Thank Flag Link Wed Jul 2, 2008
Call a Real Estate attorney asap to review your contract and advise you.

Unfortunately there is probably nothing you can do at this point except learn from the experience. This illustrates the importance of chosing an Upfront Lender or Broker, see to find an Upfront Broker/Lender.

Is there any chance your landlord will let you stay another 3 or 4 weeks? I would suggest you also immediately contact another lender to compare the lender fees and rates. Wells Fargo has been known to close mortgages in 10 days.

Good luck!
0 votes Thank Flag Link Wed Jul 2, 2008
I am very sorry to hear your story Your remedies can normally be found in your contract. You did not state what closing date was n the contract . There should have been a "financing contingency" in your contract and also your Realtor should have worked for you to extend the contract closing date if possible. It boils down to your contract and state laws. I would seek the advice of a good closing attorney.
0 votes Thank Flag Link Wed Jul 2, 2008
Hello Wade,

I agree with Scott, they may not ba liable, however they may be held accountable to a certain extent. Whether they are liable or not is for others to decide. Try speaking to someone at the Governing Body for Lenders, possibly the Mortgage Lending Division and see if they can help. They may advise you of your rights as a consumer.

Good Luck,
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0 votes Thank Flag Link Wed Jul 2, 2008
Unforetunately they probably aren't liable. You need to find out if your loan has gotten through underwriting. Tell the mortgage broker that you want to speak with the underwriter and find out the status of your loan. Sounds like there may be a problem internally.
0 votes Thank Flag Link Tue Jul 1, 2008
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