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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
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Experience:  Experienced Licensed Attorney
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Is there any presidence to sue a credit union for Failure to

Customer Question

Is there any presidence to sue a credit union for Failure to meet closing date on a refincal VA home loan.
Submitted: 1 year ago.
Category: Legal
Expert:  Alex J. Esq. replied 1 year ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Did the Credit Union provide you with any type of written assurance / guarantee that the loan would close on September 1?

Customer: replied 1 year ago.
Several e-mails to that effect.
Customer: replied 1 year ago.
I spoke with everyone from the loan office supervisors to the loan officer and e-mail and keep all corspondence regarding the loan and date of closure.
Expert:  Alex J. Esq. replied 1 year ago.

Unfortunately, email exchange would not be considered legally binding written agreement, since they are not signed by both parties or intended as a legally binding documents also any verbal assurances would not be legally binding, so unless there is a written document that expressly states that the Credit Union guarantees to close the loan by a certain day and the document is signed by the CU employee or officer, I am afraid there would generally not be any legal recourse under similar circumstances.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Customer: replied 1 year ago.
I also have the agreement contact. Sign by my self and the loan officer.
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

Is it stated anywhere in the Agreement Contract that CU guarantees a specific closing date (Lenders never give any guarantees, because they often run into all type of delays)?

Expert:  Alex J. Esq. replied 1 year ago.

Please let me know if you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.