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What shall I do if bank wants to cancel the contract after I have waited for closing for half a year

We signed a contract with Bank of America to buy a foreclosure house in FL through buyer and seller realtors in May this year. For some reason due to unclear title from bank it can't be closed until now. The contract got addendums several times. Two weeks ago when addendum expired we got notice that it was going to the last step to get the clear title in order to close the house and wanted us to sign one more last extension. We were very excited about the news. Last Thursday suddenly we were informed by our realtor that the bank requires canceling the contract and because the bank can't estimate the CT (clear title) date. The cancellation form was prepared by our realtor and we were required to sign first. We don't quite understand why suddenly the bank gave a totally different decision not doing addendum any more even though we agree to wait until CT date. We already paid inspection and evaluation of the house and patiently wait for half a year and suddenly it comes nothing. That is a huge loss for us. It seems to us that such huge bank we trust does not take it seriously. We also don't understand why the bank lists the house for sale at beginning if they don't get clean title. Now it is so easy for the bank to cancel it and never think about the loss we suffered for half a year both mentally and financially?

  • October 07 2012 - West Melbourne
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