Profile picture for Lrl57

Mortgage company gave closing clearance and is dictating the closing date.

My daughter has JUST gotten the go ahead from the mortgage company to schedule the closing BUT they are saying the closing must happen TOMORROW or there is no loan.  Can they do that legally??  They have been horrible and dragging their feet and being the bottleneck and now they are expecting everyone to jump.  Her lawyer is not available tomorrow for the closing. 
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November 29 2012 - Chicago
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Answers (8)

to answer the question you asked about "can they do that legally??" well the answer is "yes." depending on the situation. They may just be trying to push the closing through ASAP for their own benefit but maybe there is a lock expiring or something.
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December 02 2012
Is this a short sale? You do not give enough information. I wouls ask the lender why? You need to speak with your attorney. If the deal fails I would clearly use another lender
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November 30 2012
It's likely that the rate lock or documents are expiring. It's unlikely that there wouldn't be a loan for her anymore, but it is possible that she would have to get a whole new set of paystubs, bank statements, etc. as well as pay for a rate lock extension if they don't close by a certain date.
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November 29 2012
Maybe the rate is expiring? I am not sure why one day would matter. I would speak with your attorney.
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November 29 2012
Lenders control the closing.  Not knowing more about it, makes it difficult to advice.  What does the buyer agent have to say? 
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November 29 2012
Profile picture for JohnWilt
Just about impossible to close without the title company on board too.  Is this because the rate 'lock' will expire?
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November 29 2012
Is it that there will not be a loan past tomorrow or that the rate lock expires tomorrow?  It is possible that your daughter applied for the loan so long ago that documents would need to be updated if the loan doesn't close tomorrow?  Perhaps you need to query the loan officer directly to see what exactly is going on with the loan.
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November 29 2012
 Yes mortgage companies do have some say as far as a closing date because  they need a clear to go ahead and close but I have never heard of them demanding that you close in 24 hours or loose your financing. I would consult a real estate attorney, somethings smells a little fishy to me.

Best of luck
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November 29 2012
 
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