What to categorize this law suit as?

[Dkokorus]

I read negligence and incompetence however I would like a second opinion if you can spare the time. Also I would be suing the brokerage not the loan officer as he probably is covered under the company's umbrella?


I was pre approved from a mortgage brokerage in colorado. I put down my earnest money of $2,000 dollars and had a closing 4 weeks from the acceptance. I went into the office the day before our deadline to cancel the loan ( before I would loose my earnest money) to check if everything was ok.
They said "yes" we are CTC. The day of closing they came up with 3 conditions from underwriting.
We then offered to extend and I put down an additional $250.00. Broker recommended 10 days they needed a co signer. I provided a co- signer in a timely fashion. Underwriting came back again and said the way the lender structured the loan ( can't have two brothers in a 1 bedroom condo) . We again missed our deadline. They asked for an additional 5% down and a 3rd extension (additional $750.00). This time the said with confidence we will get it closed and apologized for all these problems. Final extension ( Why not, $1000 extension, We solved all conditions but they needed processing time)........Again we missed closing due to more conditions coming up the day before closing.......seller pulls out I loose my earnest money. I do have all the texts and emails from all parties. Testimonials from my realtor on the un professionalism and an employee that worked with my loan officer who said he was an alcoholic and got admitted into rehab 4 times ( didn't know if that would help my case)

Thank you

 

[army judge]

I read negligence and incompetence however I would like a second opinion if you can spare the time. Also I would be suing the brokerage not the loan officer as he probably is covered under the company's umbrella?


I was pre approved from a mortgage brokerage in colorado. I put down my earnest money of $2,000 dollars and had a closing 4 weeks from the acceptance. I went into the office the day before our deadline to cancel the loan ( before I would loose my earnest money) to check if everything was ok.
They said "yes" we are CTC. The day of closing they came up with 3 conditions from underwriting.
We then offered to extend and I put down an additional $250.00. Broker recommended 10 days they needed a co signer. I provided a co- signer in a timely fashion. Underwriting came back again and said the way the lender structured the loan ( can't have two brothers in a 1 bedroom condo) . We again missed our deadline. They asked for an additional 5% down and a 3rd extension (additional $750.00). This time the said with confidence we will get it closed and apologized for all these problems. Final extension ( Why not, $1000 extension, We solved all conditions but they needed processing time)........Again we missed closing due to more conditions coming up the day before closing.......seller pulls out I loose my earnest money. I do have all the texts and emails from all parties. Testimonials from my realtor on the un professionalism and an employee that worked with my loan officer who said he was an alcoholic and got admitted into rehab 4 times ( didn't know if that would help my case)

Thank you

It MIGHT be illegal, but until the matter gets taken to court it'll remain what it is, a DISPUTE!

Talk to a lawyer or two in your county, see what you can learn.

In the future, never buy REAL ESTATE without having a lawyer on retainer!!!

Real estate salespeople have but one goal in mind, take as much money from an unsuspecting buyer before the buyer wises up!!!

 

[hrforme]

pre-approval pretty much means nothing as it is not a full review through underwriting.....4 weeks from offer to close is very aggressive honestly unless you have plenty of assets. It is also very common for underwriting to come back multiple times asking for new (or even the same) information. Who advised you to have such a quick closing date?

 

[Dkokorus]

pre-approval pretty much means nothing as it is not a full review through underwriting.....4 weeks from offer to close is very aggressive honestly unless you have plenty of assets. It is also very common for underwriting to come back multiple times asking for new (or even the same) information. Who advised you to have such a quick closing date?

loan officer said "we are good to go we can close it within 30 days. "

I didn't even mind the extension it was the first time I asked the day before closing where I initially lost my Earnest money and more so that I had 3 more extensions and 2 restructures of the loan.

I did understand that that is not a solid approval however this didn't seem right.

 

[Dkokorus]

It MIGHT be illegal, but until the matter gets taken to court it'll remain what it is, a DISPUTE!

Talk to a lawyer or two in your county, see what you can learn.

In the future, never buy REAL ESTATE without having a lawyer on retainer!!!

Real estate salespeople have but one goal in mind, take as much money from an unsuspecting buyer before the buyer wises up!!!

You are right. I was just ignorant to trust in such manner. I learned for next time. I did consult one and they said to just structure it with the email and texts in a time line. He did not advise to hire as the amount I want to sue for would get eaten with attorney fees quickly.

Thank you for your answer !!!!!

 

[army judge]

You are right. I was just ignorant to trust in such manner. I learned for next time. I did consult one and they said to just structure it with the email and texts in a time line. He did not advise to hire as the amount I want to sue for would get eaten with attorney fees quickly.

Thank you for your answer !!!!!

If there's anyway to wiggle out of this deal, I'd do that.

More than likely the moment you close, the property will begin to disintegrate.

Paint can make some things look better for a couple days.

I wish you all the best, and if you can't wiggle out if their clutches, I hope the home is all you expected it would be for you and your family.