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We signed a contract home (that needs repairs), the

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We signed a contract for...
We signed a contract for a home (that needs repairs), the appraisal came back low. We were told we had no options (from our Loan originator) and if we wanted to proceed we needed to rebid, which we did. We got a second contract and revised our repairs
bid. I reached out to the LO on multiple occasions with concerns about our GFE figures resembling the first contract, but was assured that the figures were not finalized and would be adjusted. The lender caused several documented delays because of negligence
in handling requested items. These delays caused fees for both contract extensions and rate extensions. We finally got the clear to close (The HUD-1 was processed and approved by the lender) The seller received the closing docs and found discrepancies on the
HUD-1 and the 2nd contract and sent it back. I was notified that, although our LO and closing processor were given the 2nd contract, underwriting received and approved the 1st contract with the reduced repairs bid. (which could never happen) The loan package
has been sent back to underwriting for approval of the correct contract, but we are on our 4th extension and will not be granted another. This puts us at risk of losing the home and money already invested along with other damages. I would like to know what
legal recourse we have if the home is not able to close. I have documented conversations for the figure discrepancies and the delays caused by the lender.
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 36 minutes by:
10/17/2015
Real Estate Lawyer: Irwin Law, Lawyer replied 2 years ago
Irwin Law
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Category: Real Estate Law
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Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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