What recourse do we have to hold a lender liable for their mistakes which cost us from closing?

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What recourse do we have to hold a lender liable for their mistakes which cost us from closing?

We applied for a home loan and were pre-approved. We complied with the loan conditions but 2 days before closing they said they messed up; they admitted to miss handling the file. We have around $3k invested. hey had all the required information but failed to perform correctly.

Asked on April 12, 2012 under General Practice, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you lost roughly $3,000 in hard costs with respect to the home loan that you were unable to close due to admitted negligence of the lender, I would send its representative a list of your damages with back up documentation supporting your demand giving a date for payment. If the demand date comes and goes without recourse, your next option would be filing an action in your county's small claims court for the amount of your damages.


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