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Lori Said:

Liability of mortgage company for a home closing?

We Answered:

The closing is set up by several factors. If the title company and closing escrow are prepared to do the closing by having all the demands from any liens against the property then the closing agent or closing attorney will ask the lender to prepare the loan docs for signing and a date to send them.

The other factors in the lender or mortgage company preparing the closing docs is the underwriter might still need a few items to satisfy the investor requirements.

If you have a mortgage broker then this person might, in coordination, with the closing agent and title company request the closing loan docs.

You should put in a call to a couple of people to determine the status of your mortgage. Call your mortgage consultant, your closing escrow officer or attorney and if you have a real estate agent you might also give them a call. Then you should check with the title company.

About the liability of the mortgage company, I doubt if there is one that can or is willing to point a finger at one or the other that is the cause of you missing two closing dates. There are too many people involved with each filling their own role.

Unless all the stars are aligned closing docs will not happen.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Todd Said:

If i have a pending sale on my home can the mortgage company i am behind paying foreclose?

We Answered:

Hello everyone,
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Josephine Said:

How can the appraised value of a home be ok with a mortgage lender yet be too high for a PMI company?

We Answered:

In my experience you are generally not able to recover the cost of the appraisal. But I would contact the lender and ask them what the next step is. There are several MI companies out there so they may be able to obtain coverage from another.

This used to be unusual, but with the gun-shyness caused by the appraisal frauds a couple of years ago this might happen more often.

Since this might get you out of the sales contract (unable to secure financing), you might see if the seller will come down some and perhaps you can come up with a little more down to get the down payment to 20%, thus not requiring PMI.

Kristin Said:

Can a mortgage company take a home if the homeowner died with the property solely in their name?

We Answered:

The motgage company cannot take the home directly.
The relative died "intestate" and therefore will go through probate.
However, the lender will most likely have a first priority lien.
Now you're in legal territory.
Consult with one before you write another question.
If you don't have one, look in the Yellow Pages for "Attorney Referral Services". Request 3.
Good Luck !!