Can a lender refuse to fund a loan after closing
Can a lender refuse to fund a loan after closing
I seem to be in a unique situation and have spent the last two hours reading posts with no answer in sight so hopefully someone out there can get me pointed in the right direction.
I purchased a manufactured home in the state of Ohio. I was pre approved on the loan and closed on the loan on October 30th 2012. Today November 15th 2012 I was contacted by the seller that the mortgage company is refusing to fund the mortgage.
I received the phone call from the seller so late in the day that I could not get a hold of the lender to verify the sellers claim.
As of today I've not heard a peep out of the lender that there are any post closing issues or that I provided any false information that would be a breach of contract.
I'm trying to arm myself with as much information as I can as to if a lender can pull a stunt like this 2 weeks after closing. I'm hoping this is some sort of miscommunication between the seller and the lender or some off the wall prank by the seller.
So my questions are How long does a lender have after closing to back out of a loan offer? I'm also skeptical on contacting the lender because I don't want them to think I'm a nut case. Should I contact them or should I wait for them to contact me.
I'm not really sure what to do right now. Any insight anyone can offer me is highly appreciated.
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