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| *Loan,banking and credit>>>bank loan |
My loan broker said I have 100% loan.We the bank earnst moneyand sign contact. Today, No loan Can seller sue u |
It not my fault she told me to sign the contract and put the earnst money down. Now readly to close on house she tells me I have no loan. The realtor said the bank going to sue me(its a foreclosed house ). I ,m so hurt over this. What can I do or were should I go for help? First! Try and apply for a new loan. Regarding your old one. You should've had a written approval from your loan officer before contingency's were removed. They are the ones who will get sued if this goes to court. Read your contract front to back! You might just loose your deposit. Which you should then sue whoever approved you for the loan for. Don't let this Realtor bully you. She's covering her own ***. You shouldn't be finding this out right before closing. Someone wasn't doing their job. Most likely a combination of your Realtor and your loan officer. Source(s): Realtor in Orange County, CA You probably need to talk to a lawyer, or at least someone who is knowledgeable in the field. This is a mess, and will require a fair amount of sorting out. Don't blame someone else for signing the contract. You are an adult, act like one. There are no 100% mortgage loans anymore, except for VA. Find another lender and get qualified for a new loan. Don't use a loan officer that your Realtor recommends. Yes, the bank can sue you, but they probably won't. It is not in their economic interest to spend time and money suing you. Good luck. http://primelendingonline.com We need more details. First, the loan officer should have told you EXACTLY why the loan was denied. They are required to by law. You need to find that out because some things aren't going to change regardless of what bank you go to. You should have received a pre-approval with a list of conditions that you should have reviewed, and you should have told your loan officer immediately if there was something that the underwriter was requesting that you couldn't fulfill. If you didn't...then the bank isn't liable. If you provided documentation that raised questions, and they denied the loan on that..the bank isn't liable. Unless YOU did something, like falsify income, quit your job, falsify earnest money deposit, cannot prove your income or turned in questionable documents...the loan denial is not you fault and the sellers can do NOTHING about it. However, if you did any of the above, they can sue you for non-performance. Did you not have a Realtor and just go straight to the mortgage broker? If you did ...that was another mistake. Mortgage brokers are not Real Estate agents and should not have been advising you on real estate contracts. PS: All of the banks that I am dealing with are honoring 100% financing programs that were pre-approved before all of these investors stopping buying these loans. |
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