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Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 37365
Experience:  16 years real estate, Realtor. Landlord 26 years
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My fiance and i went to a bank home equity loan to buy

Customer Question

my fiance and i went to a bank for a home equity loan to buy a house from family members and we were told that we would be approved for 95,000 dollars at a 5.5% interest rate. The bank said that if we didn't have the deed transferred into our names within 10 days they would increase the interest rate to 6.5% and the bank assured us that they will approve the loan and go to closing once this was done and i have the emails stating that. Once this was all complete and we were waiting to go to closing the bank contacted us and told us that the only way we could move forward was if we change the loan amount to 70,000 Dollars and this is not enough money and we depleted our wedding fund to get everything done on time. is there anything we can do?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
Honestly, there is not much you can do because their email comments wouldn't constitute a legally binding contract to make the loan. A bank can legally back out of a loan right up until they are at the closing table and fund the loan.
If you have incurred costs in trying to get this done, you could sue the bank for those costs under the doctrine of "detrimental reliance" which states that if party A takes a position, and party B relies on it to their detriment, then they can sue A for their damages due to A's representations.
But you wouldn't be able to force them to make the loan.
I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...