AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question QUESTION: they approved my VA home loan even i didn't have money to close the loan. they asked my latest bank statement and they saw i had little cash in it. they suppose to deny the loan saying that insufficient funds to close the loan. now i am facing a law suit from the seller because he says i didn't want to buy his home. Not because i didn't want to, because i couldn't come up with $4000 cash for the closing! I tried to contact this loan officer but she doesn't return my calls. I called her manager/owner of this mortgage company but he doesn't seems like he is going to help. is there any department to complain about this loan mortgage broker company? how can i make them correct their mistake about approving this loan which suppose to be denied? loan officer was upset because she couldnt make money on me and prepared loan approval paper and fax it to the seller right away to make me loose my deposit but as i said a year later now this seller is suing me because he sold the house 2 mos later with lower price. it is a big mess just because of one crazy loan officer who works for this mortgage broker office. please help. my life is upside down almost a year. i even started to see a mental health doctor because of this law suit headache and mess! i taught i was fighting with the enemy overseas but i am facing the real enemy here in the USA! i didn't do anything wrong. i just didn't have enough money to close the loan and this loan officer knew it because i told her many times via e-mails. she even offered me to go get a car title loan to come up with cash money to close this loan! if she suppose to deny this loan but didn't just to make me loose my deposit, where i can complain about them to change it other direction? what can i do now? please help.
ANSWER: Hello,
If your VA loan was approved, then you didn't need any money for closing, all they had to do was include it in your loan, or have the seller do a "seller's concession" (which is a term to pay the closing cost). What you need to do is contact your State Department of Finance, or your Attorney General's office. But, what I'd really do if I was you, I'd contact the VA office and explain what's going on and them for legal assistance. Since this is a benefit that being a Vet affords you... :)
As far as the Seller suing you, this sounds stupid and down right ignorant to me. There is no recourse for him to do that, since its known that if you don't do a loan after signing a contract to purchase, then the worst case scenario is, you will loose your deposit. Although, I would think you should have gotten you deposit back, since there should be a clause in the contract that states "subject to financing." Look through your contract and locate this clause and let the Sellers take you to court and then counter sue....lol Check all of this out with an Attorney first, since I may be slightly off here, since I am NOT an Attorney myself and I'm just furnishing you with what I perceive to be right!
In my opinion, the bottom line here is plain and simple; the Loan Officer is inexperienced and her boss is lazy! These are the types of people who give legitimate Brokerage firms a bad name, and a bad taste in our mouths!!!
Hope this helps and good luck!
Bobbi Buehl
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QUESTION: just wanted to update you about this case. this builder`s agent faxed a form to my agent called `earnest money release form` signed by the builder and the agent. My agent e-mailed me this form and i gave it to my lawyer because same form also cancels the binding agreement and releases both parties from law suits etc. But the builder denied his signature. I had to pay $500 to signature expert and we found out that the builder`s agent copied builder`s signature and signed for him! We were so sure that this form with the builders signature will help us on this case but since we discovered his agent signed for him just like builders signature, we will see what our lawyer is going to do. I just wanted to ask you any ideas about this signature mess. thank you. Hakan
Answer Hakan,
I'm afraid this beyond my expertise. You are doing the best thing you can do by handing this over to your Lawyer! The only logical thing that comes to mind is tthis, contact your State Attorney General's office and lodge a complaint. Which I would have thought your Lawyer has already done.
Good luck, and I hope everything works out in your favor!!!... :)
