B.C.
answers from
Norfolk
on
Best mortgage story there is - is paying it off!
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Back in July 2017 I asked if anyone ever heard of a mortgage commitment letter not being honored. It's been a long and slow process but the case was settled between us and the mortgage lending company. They have paid us.
As for the seller's suing us, they have not filed any further court documents to attempt to recoup their losses and the wording in the documents to purchase their home clearly indicate if we were unable to obtain financing we would not be forced to buy the home.
As it turns out the commitment letter bares more legal weight than the pre-approval and the pre-qualification letter. Therefore the lender is only to provide a commitment letter after they have done their due diligence at looking into the status of the borrower and finding that borrower qualifies for the loan. That is NOT what happened in my case which is why they agreed to pay us. They issued the commitment and then rescinded the mortgage based on facts that existed during the entire loan process.
Yes, we will start looking again for a new property and hope to have it before the end of the year.
Here's my question of the day since I have to ask one. What is your favorite mortgage story?
Best mortgage story there is - is paying it off!
My mom grew up in Stanhop, and I had a friend that moved to Montclair.
My latest mortgage story is that we scored an amazing rate and will be mortgage free in 15 years! I went with a new online start up company. Their rates were so much lower than everyone else, and they got the job done in 21 days! I had no idea it could be so easy, and that I'd be excited about a mortgage rate.
i'm glad that things are working out for you.
When we bought our home, we were called and told there was a MILLION DOLLAR lien on the home that had to be paid before we could buy the home....yikes.
The guy we bought from had used all of his properties as collateral for a business expansion....it was taken care of.
