Skip to main content

Denying loan before closing?

So my dad just retired and applied for a loan. They gave us 220k and we searched for 2 months. Today [9/29] is our closing day. Last night the loan officer contacted my dad and told him unless we sell a car our loan would be denied. Why would they wait the day before closing to suddenly change their mind?

They said my parents debt to income is too high since we have been unable to sell the current house we are living in. We already put down 10k to secure the house so that we could get it. The officer said that before we sell one of the cars we have to contact them. After it sells we have to show them a title of the car being transferred, the amount we got, and then all income in our accounts.

My father asked if it falls through what happens to our 10k we put down. The lender said that it wasn't their problem and we would have to talk to the seller to get the money back. They also said b/c they were with us this long that we would have to pay them for their services even though the loan can be denied.

Is this even allowed?

submitted by /u/Andelsky
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/16v7qox/denying_loan_before_closing/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more