Legal Question in Wills and Trusts in Arizona

Hi All,

My name is Tam Pham. Please help!!! We're in the process of buying this Force Close House. On 1/19/11 our Real Estate Agency told us that the Seller approved to sell the house to us and the Private Lender approved for our loan with the agreement of paying the interest only for Five Year term. Our closing date is 2/25/11. Suddenly I received a call from our Agent on 2/21/11 told us that the Lender want additional requirement. They want us to pay additional of $4,800.00 every Six months period toward the principle or pay the interest and the principle monthly period. I told my Agent that why don't they let us know when they approved for our loan? And why they wait until close to the closing date to let us know that? This way will force us have no choice and if we can't afford to their requirements then will lose our down payment and unable to buy this house and also hurt the seller and the Agency and Escrow group that represent on both side too. We think this is not right and it's unfair. We don't know what to do. Please help us with this case. We appreciate very much.


Asked on 2/22/11, 8:34 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

I don't know if a lawyer can help you at this late date. You must look at your written loan commitment from the lender, to determine if any changes to the loan terms can be made. You should ask for a postponement of the closing date for a week or two, or longer, so that you can get legal advice and perhaps, arrange for a different lender. You can change the closing date by agreement with the seller for any amount of time that you agree.

I would be happy to represent you in trying to help you finish the purchase of the house, however, I would require an advance fee payment and charge by the hour for my services.

Read more
Answered on 2/22/11, 10:08 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Arizona