Expert: Dick Dennis - 5/22/2009

Question
I want to know if there is a law that makes banks have to tell you if they will approve your load in a period of time. I had a house in hold since December 20 & made a deposit $1000, and the bank said we were approved for the load after we had submitted all the paper work requested. They waited 5 month to tell us we were not approved and made us lose are deposit and house after all this time we waited, and made us lose time and money. We went to  another bank and got a loan in less then a week.

Answer
Because it is a very low deposit, José, your only recourse is to take that bank to small claims court . . . unless you signed some kind of document that said that you will be losing your deposit if they decided you did not qualify for the loan. But you can show the judge that you had not problem with another bank. You may want to check with a real estate attorney or a vice president of another bank or even the bank from which you got your loan to know if what the other lender did was legal in your state. I do wish you well.

Dick Dennis