If you want to know the law, I would say speak to your attorney. I hope you had one representing you in the transaction. They should be able to advise you as to your next step.
I have to ask some questions:
1. Did you have any real estate agents involved in this transaction?
2. Was the closing cancelled or delayed?
I don't know if you have a full cancellation or if you have a delay due to lender required conditions that can get you a clear to close. Hopefully it is a delay due to an update on a W-2 or maybe a repair on a window or railing that will be remedied pretty quick and get you into your home.
The general rule of thumb for deals I am involved with is to build at least a week's buffer between the financing contingency and the closing date. With the volume that most of the banks in this state are currently doing, I would like to have even more than that. It means a longer timetable to get the deal done, but it protects everyone from having this type of frustration hit them at the last second. That way I know that if there is an issue, I will have at least a conditional commitment from the bank and have time to address any issues. If there is a problem and the bank is not going to lend, it allows me the time to get my Buyers out of the contract without losing their deposit.
One recent commitment letter required about $3K in repairs needing a plumber, contractor, electrician and a mason. We had 10 days built in between the financing and close dates. We pushed the closing a day and then got down to business getting the required repairs done. Everything was done in time to close the original day, but we waited the 24 hours just so everyone could breath before getting to the table.
I would think that tomorrow, you will be on the phone with attorneys, your real estate agent and your lender.
I wish I could help you more. Best of luck!
PS. If you could email me the specifics when it gets sorted out, I would appreciate it. If there is a lender, underwriter or mortgage specialist not getting the job done, I want to make sure that I know it before one of my clients gets into a situation like yours. I also have quite a few friends in that area that are currently looking for homes and/or working as real estate agents. If I can help to protect them, I would appreciate it.