Posted on: 24th Jun, 2008 10:07 pm
I got a one time close construction loan about 7 months ago. So now that the house is almost finished we found out that First Horizon has gone in to bankruptcy and our broker is telling us that there is nothing we can do but find another lender, even though we have been through closing with first horizon and they have forked out all the money for construction. I am being told we have to find another lender and pay closing costs again in the amount of about 6000.00. Seems how first horizon already guaranteed the loan can I make them stick to the contract, and then they can sell the loan if they want. Thanks in advance any help you can offer.
Hi pinealps.
Welcome to the forum.
Now as the lender has got bankrupted it may not be possible for him to provide you the loan. But you should talk with him and see what he has to say about it. I think you can ask him to refund your closing costs if he cannot provide you the loan.
Best of luck,
Larry
Welcome to the forum.
Now as the lender has got bankrupted it may not be possible for him to provide you the loan. But you should talk with him and see what he has to say about it. I think you can ask him to refund your closing costs if he cannot provide you the loan.
Best of luck,
Larry