Can I sue for failure of closure

[Bacon27]

Hello, Thanks for reading in advance. My husband and I put in an offer for a foreclosure in late December. We were pre-approved with Bank of America which was one of the stipulations of having your offer accepted. After searching others we decided to stay with the BOA. In our contract we gave 60 day for closing considering the holiday. We were given our loan officer who did not contact us until 3 weeks after our offer was accepted. My husband and I have documentation of e-mails and phone calls that our officer would not respond to. We asked her if there was anything that she needed for closure and IF she needed something we responded promptly by the next day. With closure to be be set to last Friday I called my loan offer the Friday before scheduled closing date and she said that she had everything that she needed and was going to send out the documents, to be called the Tuesday where she asked for things like my husbands verification to work and my pay stubs ( because I have a part-time job) and a few other documents, after she had told me that she sent out the papers. (and she is also an underwriter, I don't know how that works) We sent out the papers the next day,and per advice of my Realtor we signed and addendum to the contract to extend the closing date so that we do not have to pay fees. Again this week the loan officer has asked my husbands work to verify other documents and we are again looking to do an addendum. I was given an e-mail forwarded to me by the selling party that if she does not send out the papers today may lose the house. She has not finished the papers today. If we lose this house, would it be a case to sue this loan officer for negligence? Our credit is good, we have funds. I would like to know if we have a case and if we do what do we need to do? Or what are our other options? I just want to make sure that this loan offer does not do this to another family. Thanks again for reading. If you need more detail to make a conclusion please message me!

 

[army judge]

There is very little you can do about this.
Lenders don't have to give justification for why they deny loans.
Think of it this way, you're better off without the debt.
This might have been a very good thing.
The house may have been a lemon.
Your credit has not been harmed.
If this still bothers you, contact the FTC.
But, if I were you, I'd just walk away.
Just because people disagree, doesn't mean there are grounds for a lawsuit.

 

[Bacon27]

The house was lived in for a month, it is in near perfect condition, it is much better than my current living conditions ( My husband, myself and my one year old live in a 550 sq ft home because when we moved here it was the cheapest option) what was once perfect for a young couple is bursting out of the seams with a child. We have a good portion of a down payment that we put down ( over 1/3 the price) and both credit scores are over 770 with over a six month nest egg in the bank and our loan was not necessarily denied it is being prolonged because our officer has better things to do. I am not talking about investment properties I am talking about a better place for me and my family to live!

 

[army judge]

Yes, I get it.
You want the house.
But, there is nothing you can legally do to force BOA to do what you wish and when.
Yes, your credit is good.
Yet, you are still unable to get what you want.
No one has a legal duty or obligation to loan you money.
Hire a lawyer locally and find out for yourself, if you don't believe me.
Yes, you can sue anyone you wish.
We all have that right in this country.
But, in this instance you have no case.
If you have no case, you will lose.
But, feel free to bring any action you desire.
You'll still be unable to compel BOA to move any faster than they already are doing.
Perhaps, they're moving slower because you're being pushy?
Try being nicer to them, maybe that'll serve you better.

 

[Bacon27]

I see what you mean but I guess that I am only intending that something be done about the loan officer and not really with the bank. I realize that it would cost more than it is worth. Thank you for your input.