Posted on: 08th Nov, 2010 05:38 am
I have an approved contract which was scheduled to close last week, my income tax was filed late with the Internal Revenue Office and stamp as evident that the taxes was received with a refund of $60. The mortgagor refuse to close on the loan until the $60 is in the bank. The total amount for closing is 2,600 which is in the bank. Can they cancel the contract because of the $60. We did everything requested by the Lender including getting the taxes stamp by the IRS to close the deal. Is it possible that they are trying to get a better deal on the property?
Hi gharris!
Welcome to forums!
I don't think that a lender will cancel a contract due to a small amount of refund. It is quite surprising that they will do such a thing for getting a better deal on the property. You should contact the lender and negotiate for the closing asap.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think that a lender will cancel a contract due to a small amount of refund. It is quite surprising that they will do such a thing for getting a better deal on the property. You should contact the lender and negotiate for the closing asap.
Feel free to ask if you've further queries.
Sussane