What happens if the contract expires before I get my full mortgage?
Danielle
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What happens if the contract expires before I get my full mortgage?
My whole mortgage process is going very slowly...every time I finish a packet of info, they give me another to complete! I am sure you have all been there!
Anyway, my question--I was told today by the mortgage company that I will probably get my full committment about 2 weeks to a month later than the contract states. (partially because it's SONYMA) Luckily, my lawyer (I love him!) wrote On or Around for the date, so I get an extra month... but what happens if they aren't done yet after that one month grace period?
The real estate agent got really nasty with me on the phone and said I was legally liable for the money, etc. etc. She made it sound like this never happens...
Re: What happens if the contract expires before I get my full mortgage?
Bump~I need info too!!!!
DjPiLL
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Re: What happens if the contract expires before I get my full mortgage?
Next time the RE agent calls you threatening stuff like that... tell her to 'Piss off... and talk to your attorney'.
nov04LIbride
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Re: What happens if the contract expires before I get my full mortgage?
Our sellers almost backed out because SONYMA was taking so long (a whole nother story, but we also got turned down from SONYMA without a valid reason 1 week before the closing, so we were forced to switch to a conventional mortgage with the same bank). Sellers have the right to back out if it takes too long. We actually had to go to mortgage classes for our mortgage, which are helpful (well, would have been if we didn't close BEFORE taking the course). The courses are free, and they have free counselors who meet with you to discuss your mortgage options and any grants you may be eligible for to help with closing costs. And we got a free fire extinguisher for going.
Danielle
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Re: What happens if the contract expires before I get my full mortgage?
Thank you!
If the seller backs out, do I get my downpayment back???
Re: What happens if the contract expires before I get my full mortgage?
According to my RE agent (who I just called), yes. But if we back out, we lose it.
Danielle
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Re: What happens if the contract expires before I get my full mortgage?
Oh good, because I can't afford to lose that money!
I just can't believe she was such a b**** to me on the phone about this, she was screaming at me, and when I read to her what the contract actually said, she insisted that it wasn't true, and that we somehow tricked them and 'snuck it onto the contract' without them knowing!
Well, they signed the darn thing, so they can't do anything, but I just wish this whole process was OVER!
KarenB
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Re: What happens if the contract expires before I get my full mortgage?
Danielle, if you don't mind me asking, how long have you already been waiting to have your comittment letter, our buyer has a SONYMA mortgage, this way I know what to expect. I pray he has no delays as we need to sell to buy.
Danielle
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Member since
Re: What happens if the contract expires before I get my full mortgage?
Hi Karen,
Well, I started the process in late July, but the bank has slowly done everything, they send me one set of paperwork, I fill it out, they send me another packet! I don't know why they just didn't send it all at once.
They are only now sending the stuff to SONYMA, so I don't know how long it will be yet, but I will keep you posted. My lending officer estimates the second week of October before the full committment... but we'll see. Good luck!
