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  1. #1
    Join Date
    Jun 2008
    Posts
    1

    Default Bank Approved on Mortgage But Declined Loan After Closing Was Scheduled

    Opinion needed Should the bank be held liable for costs and compensation for our family after experiences professional negligence and admitting their mistakes. They stated we were approved on a mortgage we found a ne home purchased it had a closing date only to find ourt that they made a mistake and did not go through an approval process and we were not approved yet already locked into the purchase of our new home. if they had went through the proper measures on the approval process on day one before we even looked at homes we would have known we would not be approved. Other mistakes were made as well causing a loss to us of roughly $10,000. Can I sue them for professional negligence. We put our trust in their knowledge and expertise. There is so much more to this but this s the major error.

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Bank Approved on Mortgage But Declined Loan After Closing Was Scheduled

    Quote Quoting losingitall
    View Post
    Opinion needed Should the bank be held liable for costs and compensation for our family after experiences professional negligence and admitting their mistakes. They stated we were approved on a mortgage we found a ne home purchased it had a closing date only to find ourt that they made a mistake and did not go through an approval process and we were not approved yet already locked into the purchase of our new home. if they had went through the proper measures on the approval process on day one before we even looked at homes we would have known we would not be approved. Other mistakes were made as well causing a loss to us of roughly $10,000. Can I sue them for professional negligence. We put our trust in their knowledge and expertise. There is so much more to this but this s the major error.
    I am sorry to hear that this happened to you. In todays mortgage market, loan programs are here one day and gone the next. If a lender says YES you qualify for a program, that does NOT mean that this program will still be available on the day you close.

    It is in every mortgage approval letter that this can happen.

    You are just a victim of the current mortgage mess. As of May 31, 2008 all NO DOC, NINA, LIAR LOANS, ALT-a mortgages as they are known as went away from every lender in the USA overnight.

    For the thousands of people who expected to close on their approved loans in june 2008, they found out that they no longer had a loan on June 1 2008.

    Since the mortgage approvals all had that clause in them, I do not see how you have any recourse against the lender.

    HOWEVER, if you where going for this type of loan , WELLS FARGO still has them, and you have to get it direct from them, NOT through a broker, but you didnt hear this from me. LOL

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