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My prospective mortgage provided me with a useless commitment letter. What do i do?
My wife and i are in contract, with a commitment letter due next week. For more than 3 weeks, we couldn’t and still haven’t been able to get our loan agent to return our call (we have many e-mails documenting this). The loan built by this firm (bofa) was for a first and second mortgage to avoid jumbo rates. We finally rec’d a commitment letter, which indicates the first mortage requires that the second be less than required. The same underwriter wrote both and submitted both together. What can I do? Can I refuse a commitment letter to save me from losing my deposit?
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You are in contract with the house, not the mortgage company. If they don’t meet your requirements, you can fire them any time you want. Your are not in contract with them until the loan has been funded and you have signed on the dotted lines of the loan contract. Also, check your contract for the house. If you realtor was smart, he would have put a “subject to achieving financing” clause in the contract. This would keep you from losing your earnest money if you could not achieve financing.
P.S. I am not sure if this is the kind of advice you are looking for – but in case you haven’t been reading the papers, this is not a good time to be desperately trying to buy a house that you need two mortgages just to get into it. If you are in the market I think you are, there are experts out there who have stated they believe these markets are going to see price depreciation of around 50% before this is over. It may be your dream house now, but will it still be if you are deep underwater and fighting two mortgages? In most of these markets you can still rent a much bigger house then you can buy.
P.P.S. This may be a little advanced – but, understand it is easy to buy a house with no money and no credit. It is called assuming a mortgage, or buying “subject to”. If you really want a house, then make offers “subject to the existing financing”.
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LikeDislikeYou have not received the loan. Hopefully that is one of the contingencies in your offer. You have a standard of 17 days to remove all contingencies. If after the 17 days your Ernest deposit is at risk.
I would check with another lender. Also for a few hundred bucks have a attorney look over all of your legal documents before you sign anything including loan papers. It is well worth the few hundred bucks.
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