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homeless
Posted: Wed Nov 19, 2003 6:54 am
by lou
we have been dealling with a mortgage broker for almost 8 months now. we were given a committment letter in jul and the home was ordered. the home arrived on 4 sep. it was complete finally in early nov. now the mortgage broker company said we were never 'approved' only 'preapproved' and now the approval process is taking place. well come tomorrow we have no where to live(a friend is taking us in) but this home is now on my property. and we don't know if we have the loan. the dealer would never have put the home on the property unless she thought the loan was good. is this normal?
Re: homeless
Posted: Wed Nov 19, 2003 7:12 am
by Bill Fry
No,a committment letter means your lender is committed to being the lender.(barring unforseen changes inyour income ,etc.)You may want to contact a real estate lawyer to get it straightned out.
Re: homeless
Posted: Wed Nov 19, 2003 10:59 am
by rmurray
A commitment letter and prequal are 2 different things..Sounds like your dealer failed you...He/she should have known the difference...Even then...most commitments are for a much shorter period of time...They will be rechecking credit and employment..any changes and things could easily go bad..
Unfortunately..qualifing rules have changed at many lenders in the last 3 months..I hope this does not effect your loan..If your credit is good..no problem...but..credit problems might be a problem...Take your paperwork to a local real estate attorney..