sillyone asked: We just got a commitment for a mortgage to close in a week, and after we, the title company and our realtor all received the loan commitment and scheduled the closing, the lender called back and said the terms were different than they’d said and issued a new commitment letter. Is this legal? We live in Florida if that matters.
We just got a commitment (CLC with NO stipulations) for a mortgage to close in a week, and after we, the title company and our realtor all received the loan commitment and scheduled the closing, the lender called back and said the terms were different than they’d said and issued a new commitment letter. Is this legal? We live in Florida if that matters.
Okay, I obviously need to clarify what happened - we got an original commitment letter prior to appraisal - based only on the appraisal. This was for 100% financing (what we applied for). 3 days later we got a final commitment letter - clear to close, for 100%. 2 hours later they sent another commitment letter, saying the first was a mistake for 95% financing. The appraisal, btw was for 15,000 over purchase price. Nothing else could possibly materially have changed in two hours. No new disclosure was given to us - and the lender knew we had to have commitment by Sunday as term of our contract. BTW - we did not misstate anything, provided every document that was asked for (one at a time 2 days between) promptly. I think we were bamboozled. I just want to know what my recourse is other than walking away and now probably losing the house. We had in fact been approved at 100% by two other lenders, just with stated terms not quite as good.
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