Profile picture for MIkeKim0

Home buying - endowment fee in the title


I am buying a new home from Lennar  in Valencia, CA and get a loan approval from their in-house lender.
I decided to see outside for a better deal and got a much better deal.
Everything went well until my lender checked the title a few days of closing. Lennar put something call "charitable housing agreement imposing endowment fee on transfre and lien" and my lender asked it to be removed from the title.
But Lennar said they will not. as a result, my lender decided not to go with my loan. I am in limbo and forced to use the in house lender to close the loan on time. my lender stated that it would cause problem when selling the house or refinance. Anyone had this problem? Should I proceed with the risk?
Can I cancel the contract and get my earnst money back?
I need anwser asap. thanks.
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October 09 2013 - US
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Answers (4)

Profile picture for MIkeKim0
@anital8 Thanks. Is your seller Lennar? Lennar will not remove it from the title. I renegotiate the rate with in-house lender but it was not even close to what I had with outside lender.
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October 10 2013
Profile picture for Anital8
Hello

We are going through the exact same issue, our loan has been on hold for over a week while we try to get this issue resolved.  I will let you know what our outcome is.
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October 10 2013
Profile picture for MIkeKim0
As a real estate agent, have you seen this type of stipulation in the title?
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October 09 2013
Profile picture for SteadyState
You may want to consult an attorney as you pose a question that requires legal expertise and cannot be answered  by a listing or selling agent or even a broker.
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October 09 2013
 
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