Home Mortage Bank

My husband and I are first-time homebuyers and have applied a loan with a home mortgage bank. By contract, we were suppose to close by January 31st. However, due to delays within the bank departments we are currently 18 days beyond the closing date....and counting. The home mortage bank has been requesting, on a piecemeal basis, additional documents which we have provided in a timely fashion and have continued to do so on several occassions beyond the closing date. We are at a point where contigencies my husband and I had allocated as far as living arrangements has been compromised. We were able to extend our stay at our current apartment rental for another week but anything beyond that is not feasible. Furthermore, delivery and construction schedules for remodelling have been adjusted several times. Loan documents have been signed off only to find out that there was an approximate $4,000 difference between their good faith estimate of costs and actual closing costs. It has been one "surprise" after another and we have tried our best to adjust and re-schedule. I'd like to know if there is any legal action we can take at this point? Thanks.

What is it you want to accomplish? The process you are going through is by far, one of the most frustrating, yet rewarding things for a family to endure/enjoy.

You aren't promised anything---that is why the word 'estimate' is being used. Unless you can prove someone did something wrong, or in opposition to written agreement, you cannot sue because of inconvenience. Unfortunately, what you are describing, while frustrating, is far from uncommon.

Good luck.

The bank had specifically stated a guaranteed closing date on their contract. Otherwise, they pay our first month's mortgage as they had stated on their guarantee. What I want to accomplish is accountability from the bank's part to do what was stipulated in their contract. It was only after a week past the guaranteed closing date had they decided to place our account on a "high priority" status. I understand that there will be inconveniences and we have made adjustments within our means. However, I had not hoped and find it ironic of the possibility that we will not have a residence while waiting for this loan to be processed.

Well, they already haven't done "what was stipulated in their contract" from what you have said.

If you have been guaranteed in writing a specific closing date, then consult with your closing attorney and ask what can be done to remedy your stressful and inconvenient sitution. However, I suspect their being willing to pay your first months mortgage is to offset your cost of remaining where you are for longer than expected. I do not think that their guarantee included being responsible for any and all cost for your being, for all intents and purposes, homeless in the interim period, although of course, that would be ideal.

Your closing attorney, who has access to the particulars outlined in the paperwork should be able to give you a more accurate answer.