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Preapproved

Mortgage broker gave me a preapproval letter. I then signed a contract on the house. Also I have a contract on my house. Found out in underwriting my loan was denied. Closing on my house in 2 weeks have no where to go. How can i keep my house?

Asked on May 16, 2009 under Real Estate Law, New York

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You situation in unfortunate.  I would ask your broker to search for a new lender.  You ned to find funding before the mortgage contingency date expires as that will give the sellers a way to find a new buyer and to void the contract.  If the broker is not doing a good job, then i suggest that you find a new broker that will shop for a lender for you.  In the meantime, i would ask your real estate agent to get the sellers to push the mortgage contingency date out further to give you time.  In the meantime, you need to find a place to stay. The sellers wil probably not permit you to move in due to insurance issues.  Locate a new lender, thats the best option.


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