Posted on: 04th Aug, 2009 09:11 am
What if a loan does not fund after rescission period has ended? It has been one week since the rescission period ended and the mortgage broker is telling me their wholesale bank has reached its FDIC limit and it is unknown when they can fund the loan. What to do?
if you have a mortgage payment due, i would suggest making it so you do not get stuck hurting credit history.
some lenders who have not funded have paid all penalties, interest, etc incurred by the borrower (you), but, i'm guessing not all would do that.
keep the present mortgage current as best you can so you do not have argue with anyone about writing letters to fix your credit history because it was not your fault. it was not your fault, but, try to avoid wrecking your credit history even if someone else's fault becasue you can still prevent that. the rest will take care of itself. if it never funds you have to recoup your costs--an arguement propabaly. refinance agin if necesary.
unfortunate, but, not much else you can do but keep the current mortgage current.
some lenders who have not funded have paid all penalties, interest, etc incurred by the borrower (you), but, i'm guessing not all would do that.
keep the present mortgage current as best you can so you do not have argue with anyone about writing letters to fix your credit history because it was not your fault. it was not your fault, but, try to avoid wrecking your credit history even if someone else's fault becasue you can still prevent that. the rest will take care of itself. if it never funds you have to recoup your costs--an arguement propabaly. refinance agin if necesary.
unfortunate, but, not much else you can do but keep the current mortgage current.