Can mortgage companies change my contract after they have already approved it?

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Can mortgage companies change my contract after they have already approved it?

I am buying a home and have had my loan approved. Now the bank is trying to tell me that I have to have the septic system fixed before settlement. Is this legal?

Asked on August 3, 2012 under Real Estate Law, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Loan approval is generally based upon a lot of different issue and where you are in the process matters.  Generally loans are contingent upon the house passing inspection and any matter found during inspection can become an issue to final approval.  I would speak with a lawyer in your area given the facts of your particular case.  Good luck.

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Loan approval is generally based upon a lot of different issue and where you are in the process matters.  Generally loans are contingent upon the house passing inspection and any matter found during inspection can become an issue to final approval.  I would speak with a lawyer in your area given the facts of your particular case.  Good luck.


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