Posted on: 09th Oct, 2008 06:26 am
I am being pressured into proceeding with the closing of my first home by the sellers agent. I have withdrawn from the contract but I have passed my due dilligence period, now the sellers agent is seeking an attorney. Don't know if I should go ahead and close and then recend from the loan before the three days and if I do, will I be protected somehow. Can't afford the monthly payments and didn't even know what they were until the day of closing. The good faith estimate that I received from the lender was near the monthly payment but over a thousand dollars off from what I needed to bring to closing.
law, i don't know where you got the idea that you have rescission rights on a purchase of a home; they only apply when you are financing a home you already own.
of course, you ought to withdraw from this purchase prior to closing - you may lose your earnest money deposit, and you may cause other issues for yourself, but once you buy that house, you have bought that house.
what you really need to do on this forum is to go the discussion about mortgage companies and fill everyone in on whoever this dirty dealing lender is (based on your description).
of course, you ought to withdraw from this purchase prior to closing - you may lose your earnest money deposit, and you may cause other issues for yourself, but once you buy that house, you have bought that house.
what you really need to do on this forum is to go the discussion about mortgage companies and fill everyone in on whoever this dirty dealing lender is (based on your description).
Thank you for your reply!!! I did withdraw from the contract, unfortunately after the due dilligence period. I would rather loose earnest money than be in a home I can't afford and possibly foreclose on during this economy especially. I received a good faith estimate on the first program that I was under as far as " no money down " on the home. The lender then switched to another program but did not give me a good faith estimate on that current program. Of course I did not know how much money to bring at closing, until the day before closing. I didn't even know the correct amount of the monthly payment until the day before closing as well. The lender is Guaranty Mortgage here in Georgia. Thanks again for your reply!!!
Were you not represented by an attorney or Realtor that is knowledgable about loans?