Posted by Robert _WV on January 17, 2006 at 14:36:19:
yes, I originally had a good faith estimate of 80% and I had contract at $200K and they were going to lend $160K.
legal question - Posted by Robert _WV
Posted by Robert _WV on December 01, 2005 at 07:17:02:
I am in a deal and was approved for 80% and they would loan me $160K as long as appraisal came in at $200K+, papers were signed and returned with $2K to cover appraisal and they ordered appraisal. They came back at 11th hour and lowered what they would loan to $140K so figured appraisal came in low to my figures. I found out last nite that appraisal came in at $230K. I know I can’t change lenders now because we were supposed to close yesterday and seller will only extend if we can close soon.
Do I have any recourse after this is over and after signing there new form for a $140K loan. I am really upset but have no way to come up with new loan in 5 days.
Thanks in advance for any advice.
Re: legal question - Posted by dave
Posted by dave on February 11, 2007 at 24:45:45:
If you had a written commitment from your lender and nothing has changed then your attorney representing you could go after the bank. its called breach of faith.
You must have a written commitment from your bank. If you dont have an attorney in this transaction you should. If the deal still has time you might wanna call the lender and ask em why only 140k and if you have your commitment to borrow 160k in writting ask the lender this " You promised to lend me 160k if this appraised at 200k I thought your backing out of this deal is considered Breach of Faith? Its probably too late but too many banks are too flippant with lending policies. We need more regulation to jam down these lenders throats more loans that are placed in front of em. It a crying shame the masses cannot enjoy some of this free capital these lenders thow at the very few they choose to. Credit and Banking is based on economy of large scale or Basically the backs of the American poeple. Its very difficult to sue a bank and win most laws are slanted towards banks. So its probably not worth wasting time over. At least next time getting a written committment will make borrowing easier and give you teeth to bite the lender with if they get flakey.
Dont forget have the attorney represent you during closings!
Re: Can I sue? - Posted by Lawrence Smith
Posted by Lawrence Smith on January 17, 2006 at 14:14:25:
The tenant above me plays his music and TV where I hear echoes and thunder storm sounds. Can I sue or demand that landlord stop noise that is coming into my apartment. There is also a building policy agaisnt disturbing others with your music or other sounds. What is your advise?
Re: legal question - Posted by Bill H
Posted by Bill H on December 02, 2005 at 19:52:47:
Not an attornery and you will not get free legal advice on this board.
However it looks to me like you got two separate things going…first…you had deal with seller that you would buy under certain conditions…NOTE…the seller CANNOT control the lender. Second…the lender looked at everythig and said they would only loan 140K…unless you have something in writing committing the lender to loan 160K IMHO you gotta go with what you got.
Good Luck,
Bill H
Re: legal question - Posted by ROBERT J JOHNSON
Posted by ROBERT J JOHNSON on October 20, 2006 at 16:58:10:
Can the Minnesota State Patrol (Police) be used by City of Minneapolis for “Police” duties? Does “State”
Law allow this? If so, who pays the MN.State Patrol?