We were approved back in April for a mortgage loan and put down everything we needed to. The company started building in May, then they randomly pull our credit and state that it’s "too low to be approved" so they STOPPED the process of the house and said if we couldn’t find a way to bring it up we had to give up the house? How can they possibly do this when they were 4 weeks from being done?
I always thought that if they approve you and the process starts they cannot just "deny" you in the middle of it all?
What they’re doing is illegal. Call an attorney and see what they advise.
January 22nd, 2013 at 6:36 am
What they’re doing is illegal. Call an attorney and see what they advise.
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January 22nd, 2013 at 7:21 am
I actually know another family that this happened to. They were approved for a builders loan, built the house, and then could not find a mortgage lender. I forget how they solved the problem, but it can be done. Contact a real estate attorney for a consult and see what they advise.
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January 22nd, 2013 at 7:33 am
Is it possible that your credit profile changed? Did you take on additional debt during the construction period? If not, you need a real estate attorney. I would think that if everything else was stable (credit profile), you could file suit to get your investment back. I don’t see how they can keep your money AND the house you’ve contracted to build.
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