| Can I sue my loan officer? She screwed up?

Can I sue my loan officer? She screwed up?

zephyrs asked:


Background:
I am buying a house and in the process of closing the escrew.The seller, lender, the agent and the loan officer belongs to the same bank, Downey Savings.. The house is a their forecloure property.

Story:
The seller offered me 3% credit toward closing cost. Before I started the loan, I asked the loan officer if that was going to be a problem (I know many lender does not allow credit). At that time, she was confident it will not be an issue.

Now, I am trying to close the deal, And it turned out the lender only allows up to 2% credit. I asked her what is the solution. She said I can either take the 2% or cancel the loan. The selling price cannot be changed.

I asked the agent if she can do 2% closing credit 1% repair cost credit. She said it is very difficult and she is not sure if it can be approved.

They are being mean and unfair. Do I have a case here if they refuse to give me the full 3%? Can I buy the property with 2% credit and sue them later?
Is the seller obligated to pay me the full 3% if the loan only allows 2%? They can issue me a check for the difference

Related posts:

  1. NEHEMIAH CORPORATION AND FHA( LOAN OFFICER)? CONCERNED asked: I was pre-aproved by FHA AND NEHEMIAH PROGRAM...
  2. can anyone help me with my mortgage woes?how could i find out if my loan officer is “up to no good”? MEMORY ADJUSTER asked: my banker has changed my fixed loan...
  3. What are the steps required to buy a house from parents below (way below) market value of the house? 24K asked: I want to purchase my parents house from...
  4. I am a loan officer in ohio and have an investor that has 61 mortgages reporting on his credit? jason p asked: I need to find a lender that...
  5. My loan officer under estimate our loan process and now hurting our contingency (10 days) ? tensy asked: Our loan officer Under estimate our lender loan...

Filed Under Law & Ethics |

Tagged With , ,

Comments

6 Responses to “Can I sue my loan officer? She screwed up?”

  1. Lyoness on May 5th, 2009 10:37 pm

    Did you get it in writting? If not, get over it.

  2. Worldly25 on May 6th, 2009 3:10 am

    No you cannot sue. She told you she thought it would not be an issue but it is. if you cannot afford to pay your own closing cost then you cannot afford this house

  3. Sarah on May 7th, 2009 12:05 pm

    lol!!
    well sometimes life is mean and unfair.

    if you want people to take you seriously you shouldnt say things like that. maybe say ….”they are being ridiculous”

    i can imagine you stomping your foot on the ground as you say that.

  4. Wilburrrr on May 11th, 2009 11:42 am

    I would walk away from that deal like a bad habit.
    as low as rates are and as many good deals on the market don’t put up with that stuff.

  5. togashiyokuni2001 on May 14th, 2009 6:34 am

    No.

    The lender makes its own rules for lending, regardless of what the seller, loan officer, title company, or anyone else says. It doesn’t matter if you have an approve/eligible from Fannie Mae, it’s not a guarantee that the bank will still do the loan.

    My suggestion would be to go to a mortgage broker, since they can probably find you a bank that will take the 3% concession.

  6. onegater on May 16th, 2009 3:36 am

    Just cancel the loan and walk away. These loan people are getting cocky ever since they got the $800 Billion bailout and don’t have to work to stay in business.

    It’s disgusting how these loan companies work. I use to be a loan officer and there is a bunch of unethical stuff that goes on to screw the customer out of money.

    The government instead of giving them a bailout should have revamp and reformed the system that allowed the foreclosure collapse because of absolutely no oversight or enforcement of regulations.