Breach of contract?!

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Rachelle

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Post Posted: Tue Jan 24, 2012 11:56 pm    Post subject: Breach of contract?!
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My husband and I started working with a mortgage company approximately on September 15, 2010. It took them a month before they got the order in to get the property appraised. Then when we started working with a processing agent. They gave us a packet from the company and told us not to return it. Only, to find, the processor was taking the packet apart sending it one page a time every 3 days. They wanted us to print the document, complete it, and fax it to them. Finally, after 3 weeks and 3 pages later. We completed the packet that they mailed us in the beginning. I Completed it and mailed it back. Trying to help speed up the process. Anytime, the mortgage company asked for anything we provided it that day or two days later. My husband works out of town. So for his signature. We had to wait for him to be back in town. They stated they had a problem verifying my husband's income. Which we provided them every document possible. We gave them:w2s, recent pay stubs, bank statements, a salary key, workline information, a document from my husband's supervisor, union agreement. They even held the mortgage up waiting until the end of December to see what my huband's final year to date was. We were also promised several times we were ready to close 6 times. They even called the tile company and sent them instructions to close and gave them the okay to close. My husband and the sellers took off work thinking we were closing only for them to call it off. They went as far as wanting my husband's union agreement to wanting a letter from his union stating his pay. Finally, this past Friday, were were told we were ready to close. We asked them if this was finally ready and they promised we're we're ready to close. They contacted the title company had them reprepared closing statement. All parties took off work. Closing was suppose to be this past Monday at 4. Over the weekend the seller moved and we packed our entire house. Only to find, Monday at 11:30, the day of closin, our processor called telling us we could not close because our credit report had expired this week and they ran it to find out credit dropped due to 3 medical bills. Therefore, they could not finance us! We understand it is our duty to keep
Our credit up, but they waiting almost 5 months to close us and if the mortgage company got this done in a timely manner the credit rate wouldn't of expired. Keep in mind our processor took 3 weeks of vaction throughout this process. We tried contacting managers to help. They week before the final close she was out sick. And the managers stated they could not update us while she was gone. With the facts provided, did the mortgage company breach the contract, because they they did not complete this process in a timely matter letting our rate expire, after setting closing?

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Rachelle

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Post Posted: Wed Jan 25, 2012 12:02 am    Post subject: Breach of contract?!
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Correction: mortgage started on or about September 15, 2011. Finally closing scheduled, Monday, January 23, 2012 at 4 pm.
Icon Mini Profile jameshogg
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Post Posted: Wed Jan 25, 2012 1:58 am    Post subject:
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Hi Rachelle,

Well, it is a fact that unless your credit report is good enough, you won't qualify for a loan. In such a situation, the lender is not at fault by rejecting the loan. However, it is also a fact that the lender should not have taken so much time in closing the loan. You can speak to an attorney and find out if you can take any legal actions against you.

Thanks
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Post Posted: Wed Jan 25, 2012 2:03 am    Post subject: Hello rachelle,
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A violation of the terms of a legal agreement; default. Breach of contract allows the nonbreaching party to rescind the contract, sue for damages, or sue for specific performance of the contract.



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