rnemtp asked:
I’ve signed the contract. The bank told me my monthly payments. The lender/underwriters have backed out b/c the appraisal was high! What legal obligations are involved since I’m right on my end and the contract was signed saying that the bank is going to get the loan. I’m in limbo now with nothing to making payments to except outrageous payments of interest on a construction loan? Isn’t there something that can be done to push things along?
I’ve signed the contract. The bank told me my monthly payments. The lender/underwriters have backed out b/c the appraisal was high! What legal obligations are involved since I’m right on my end and the contract was signed saying that the bank is going to get the loan. I’m in limbo now with nothing to making payments to except outrageous payments of interest on a construction loan? Isn’t there something that can be done to push things along?
Maybe its just me but why would they back out if the appraisal was high, ours was appraised at 129,900 and we bought it for 111,500. Why would they back out for a higher appraisal