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Help! Our buyer's mortgage loan fell through
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Posted 1/5/2009 10:27 AM (#1912)
Subject: Help! Our buyer's mortgage loan fell through
My husband and I are at wit's end now that our buyer's contract has fallen through; I am trying to find out why it is taking so long for her mortgage loan to be approved now that she's been "pre-approved" for a 2nd time.

Here's the scenario: we put our house up for sale last June and had a contract by August, with the buyer being pre-approved. She paid a higher-than-usual deposit in order to delay closing until November. Between August and November her FICO dropped a bit and this, coupled with the fact that she does not receive paystubs at her current job (although she definitely has an income) plus the recent restrictions the government seems to have imposed on mortgage lending, made her loan fall through. We have been waiting since early November for a new loan to be approved and wonder if we are just being given the runaround when we hear about "more paperwork required". Isn't the government interested in revitalizing the market?!

We thought we did everything right by waiting until we had a contract – and her pre-approval – to move on a new house of our own, but now we are stuck with paying two mortgages. Apparently “pre-approval” means nothing these days, and neither does a signed contract. Her second loan attempt passed the pre-approval stage over a month ago, and now underwriters are taking their sweet time to get any kind of formal approval in the works.

Anyone have insight as to what we can do now that we technically own 2 homes? We don't want to lose the buyer's interest during this tough market, but isn't there some recourse with our realtor, who probably knew it was a bad deal from the start?
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