Do I have a case against a bank that lied about me securing amortgageby paying off a previous debt?
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Do I have a case against a bank that lied about me securing amortgageby paying off a previous debt?
Bank told me to pay off debt totaling 16,000 to secure a VA home loan. Hpwever after paying the debt I was told I still didn’t qualify. Now to go with a traditional loan, I don’t have the required down payment needed.
Asked on June 22, 2011 under General Practice, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Unfortunately, you almost certainly do *not* have a legal claim. The reason is that the various applications, documents, paperwork, etc. you fill out with a bank when applying for a mortgage, as well as the bank's marketing and advertising material (e.g. their website) will almost invariable include some notice or disclaimer to the effect that getting a mortgage is not guaranteed. Banks never commit to a mortgage until all the underwriting is done and the mortgage is actually offered to you; without a guaranty or firm agreement to grant you a mortgage, there is no basis for holding them accountable for not giving you one, even if you then had difficulty buying the home you wanted as a result.
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