My question involves real estate located in the State of: Michigan. Accepted an offer to purchase my home contingent upon agreement to release of lien by lender on or before October 30th. Request to release lien sent to lender on October 4th. As of October 30th, lender had not agreed to release the lien but the buyer granted an extension to obtain release to November 13th. As of November 13th, lender still had not agreed to release of lien but stated it would come soon. Buyer agreed to delay closing to obtain release until November 19th. As of November 19th, lender still has not agreed to release of lien and the buyer will not extend.
Do lenders have any statutory obligations to make approval decisions within a given time frame so as not to jeopardize the sale of property? Thanks.