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Answers (4)
- Kim Melendez, "kmelendez"
- Contributions:238
Contact legal would be my advise. Let your loan rate expire and relock it.
- David Gowans, "David Gowans"
- Contributions:83
Simply tell the seller you'll extend the CEO ONLY IF they pay for the loan extension fee. You had to sign something to extend the escrow, right? Next time, just make sure that is stimulated as a condition. Simple contract adjustment. Hope this helps.
- Tawny Lynn, "tawnylynn"
- Contributions:211
Your's is really a legal question. A real estate attorney is the best source for information regarding your legal rights. You likely have an earnest money deposit that could be at risk. Otherwise, have you thought about letting the interest rate expire and relocking? Interest rates are very low right now and perhaps your lender has a lock policy that will allow you to simply let the rate expire and then relock at no additional cost.
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:572
I had the same issue with Fannie Mae property about a year ago. It was delayed almost 2 months and had to get numerous loan extensions. The mortgage broker and I kicked in some money to keep the transaction in play, but it was a risk. At the end of the day, the property closed, but the buyer was stuck with the bill. You can cancel since the seller is in default, but they are imune to expenses. All you get back is your deposit. That's the risks when purchasing Foreclosures.
REO deal isn't closing per seller's hold, we're racking up loan extension fees. Can REO pay?
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