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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23978
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I was in legal obligation to sign new house with Wells

Customer Question

I was in legal obligation to sign for a new house with Wells Fargo. My loan officer quit during this period. Now sellers are left hanging, and I'm not Approved. Any help in this matter, good faith deposit given, plus inspection fees, and appraisal fees. Utilities and mail forwarded. Now being told declined, and loan officer quit! Need immediate help
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.
Good morning. I certainly understand the situation and your concern. Do you know why the loan was not given? Also, even if the loan officer quit, why has your file/application not been passed on to another employee. It seems odd that WF will not want to fund the loan if you qualify, since they make money off of this
Customer: replied 1 year ago.
A family member works at that particular branch and highly recommended them. In the pre qualification process, we were told to move forward. Providing all documents we were assured a closing date on the 15th. We Were instructed to move over utilities and forward mail. In the midst my son was born pretty mature on the 15th. So we were trying to reschedule the signing. Multiple calls were made to loan officer. No answer. 3 days and we were in violation to the sellers. On the 20th a branch manager stated my office had been reassigned. And he would spear head it. At the second underwriting is told it fell apart to past histories on my Florida condo. I explained that we were told by BOA to let it default to short sale. When discovered we couldn't, we had already moved here to Arizona for better paying job. We brought the mortgage current, and continue to rent said place. Also in the previous house I was making less money and put student loans in forbearance. Current situation is we are renting and landlords are selling. We now have to weeks to close with another lender, or finda place to rent
Expert:  RealEstateAnswer replied 1 year ago.
Thank you for the additional information. The lender should never have advised you to forward your mail and transfer your utilities and this should have only been done AFTER the closing, once the loan was funded and you closed. Had the lender provided you with a commitment letter, it would have been different but a pre qualification never means that the money will be lent, as there are stipulations which need to be cleared and as you saw and that they made you aware of, could prevent them from giving you the loan. The seller appears to have cooperate and given you more time and extended the time to close, so if damages are suffered, you would need to go after the original lender, if they acted in bad faith and you relied on what you were told and can evidence and were damaged in the process.
Expert:  RealEstateAnswer replied 1 year ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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