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Loan closing
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   Questions from Mortgage Professionals-> Questions about Mortgage LendingMessage format
Posted 7/18/2008 9:22 AM (#1806)
Subject: Loan closing
My husband and I supposedly closed our mortgage loan a week ago yesterday; the company sent a title company to our home to conduct the closing, all the documents were signed etc. the loan was supposed to have funded 7/15/08. to date, it still has not; I called yesterday, they advised me they ran into a hic up with the pay history, what evr that means and they got it straightened out and they would receive re-approval again very soon and take care of it, in the mean time, due to closing i was instructed to not pay my current monthly mortgage. Is this legal in the state of Tennessee? oh, ps. they sent a structrual engineer out to my home for a foundation inspection the saturday after closing the loan, at my expense of 500.00! I'm jsut confused, is it a done deal or not??
I have been given the run around from them since April when this process began! Who do I complain too? Please help!
Loan Doctor
Posted 8/24/2008 11:33 AM (#1837 - in reply to #1806)
Subject: RE: Loan closing
Posts: 15
I hope that you did not take someone's advice to not make your payment. You ALWAYS make your house payment. If the lender that has your loan ends up getting too much money because you made an extra payment, they have to send it back to you within 30 days.

It sounds like the buyer switched from a regular conventional loan to an FHA loan. You should not have had to pay that, it is negotiable and the buyer should have paid all or part of it.

The comment about the payment history may have been on their rental history, and with the appropriate approval from FHA they don't require that information.

Did your sale go through?
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