How long does a mortgage company have after signing closing documents before they have to fund the loan?

Get Legal Help Today

 Secured with SHA-256 Encryption

How long does a mortgage company have after signing closing documents before they have to fund the loan?

Asked on September 10, 2010 under Real Estate Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

There is no set period determined by law. If there is anything in the documents themselves, that period would govern--it would be a contractual term. Otherwise, if the closing documents have been signed and the bank has signed off on the loan, IF they take so long as to cause someone economic loss or other damages--e.g. losing the home--the bank might be liable under either a contractual theory (even without a set time, by not providing the loan timely enough for it to be used, they violated  the contract) or possibly a tort theory (they violated a duty they voluntarily assumed). If you have suffered damage owing to a bank's failure in this regard, you should consult with an attorney to evaluate your situation and see what recourse you might have available to you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption