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Ask Attyadvisor Your Own Question
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 6427
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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I am in the process of losing a loan. The land contract will

Customer Question

I am in the process of losing a loan. The land contract will expire on Aug 7th. If I don’t close before then, what will happen? I live in Michigan. I spoke to Quicken loans and they told me that I would close last Friday. That did not happen and now they are giving me the run around even though I have signed. All the paperwork has been verified and I signed the disclosure. Now they had an issue with the taxes that were already rolled into the loan.
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 9 months ago.

I would need to look at the terms of your contract to tell you what would happen if the loan does not close within the contract closing date. What is the issue? Is your loan fully approved?

Customer: replied 9 months ago.
Approval letter was sent last week
Expert:  Attyadvisor replied 9 months ago.
Was your contract contingent on full loan approval? I am getting the sense that you had loan approval and quicken made a mistake. Can you attach you contract?
Approval letters can still have conditions. The key is whether the loan was unconditionally approved? These can be the loopholes that protect the purchaser.
Customer: replied 9 months ago.
I would have to pull the land contract papers
Expert:  Attyadvisor replied 9 months ago.
You only need to close on the loan terms you agreed to. Aside from that it would be important for me to see what is on your side as far as the seller is concerned.
If quicken is playing games they can pick up the cost for any damages you may suffer. Further, if what they are doing is not as disclosed they can be reported to the cfpb (Consumer Financial Protection Bureau) as well as the FTC and the State Attorney General. Seeing the terms would help. Did the sellers agree to wait to close?
Expert:  Attyadvisor replied 9 months ago.

Are you still with me?

Customer: replied 9 months ago.
Just confused and upset. I will sign off
Expert:  Attyadvisor replied 9 months ago.

If I could see the terms of your agreement I could help

Expert:  Attyadvisor replied 9 months ago.

I also asked if the seller was willing to wait for the lenders paperwork to be in order or if they were threatening a suit?

Expert:  Attyadvisor replied 9 months ago.

Quicken loans must give you the loan they promised you. If they are giving you the run around there are numerous ways to file a complaint against them as well as have an attorney sue them. My worry is that they may be causing you to breach the contract with your seller. I am not sure what you are confused who you are upset with. I am trying to assist you.

Expert:  Attyadvisor replied 9 months ago.

Are you still with me?