Foreclosure Issues
1 day before my closing day the morgage co tells me we cant close due to the foreclosure rate.Will I ever clos?
After paying an inspector an appraisal fee the mortgage co says 1 day before closing that she has ran into a road block she says we are approved but the lender is afraid that the subdivision has too high of a foreclosure rate and that there are appraisal issues shes trying to work through.Im nervous that we will never get to close on this home?
this was common around 20 years ago – its caused from banks wanting to withdraw their offers of mortgage , or at least second think their offers for mortgage lending.
with the market the way it is and so many homeowners loosing money and eventually their houses – and banks being left in the gutter for lending way to much money for a house thats worth crap now – well banks are being very cautious about where they are lending money.
Chances are it will blow over.
The bank will second guess the appraisal , they may even excersise their right to a second or third appraisal – but as long as the house you are buying is worth what your paying for it – then you have nothing to worry about.
And with the market the way that it is right now- well you dont want to buy a house that is overpriced and neither does the bank .
But in the end chances are – the house is priced right and can only go up , but the bank wants to be sure of that before they invest any money in you and your home. Banks are doing their homework 2 and 3 times around now a days and thats only because they learned their lessons for skipping out on doing their homework for the last few years.
Mortgage Foreclosure Issues
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