What legal obligations are involved in a loan with a signed contract?
rnemtp asked:
I’ve signed the contract. The bank told me my monthly payments. The lender/underwriters have backed out b/c the appraisal was high! What legal obligations are involved since I’m right on my end and the contract was signed saying that the bank is going to get the loan. I’m in limbo now with nothing to making payments to except outrageous payments of interest on a construction loan? Isn’t there something that can be done to push things along?
This entry was posted
on Monday, February 1st, 2010 at 12:00 am and is filed under Renting & Real Estate.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
I’ve signed the contract. The bank told me my monthly payments. The lender/underwriters have backed out b/c the appraisal was high! What legal obligations are involved since I’m right on my end and the contract was signed saying that the bank is going to get the loan. I’m in limbo now with nothing to making payments to except outrageous payments of interest on a construction loan? Isn’t there something that can be done to push things along?
February 3rd, 2010 at 8:05 pm
Maybe its just me but why would they back out if the appraisal was high, ours was appraised at 129,900 and we bought it for 111,500. Why would they back out for a higher appraisal Fort Sill Army Wife