Legal Question in Real Estate Law in California
bank changes down
My bank and I signed a good-faith estimate for 10% down and 90% to loan on a house. 2 days before the close they sent papers stating they want 15% down now...can they do that?
2 Answers from Attorneys
Re: bank changes down
Sorry to hear about the circumstances. I hope this didn't prevent you from purchasing the property.
Whether or not they can do this comes down to a contractual question. This really depends on what your communications and agreements up to that point. Keep in mind that a good faith estimate is just that - an estimate - so there generally is no agreement or even "quote". This is a pretty common dispute in the mortgage industry - lenders changing rates and terms right before closing - and there is a lot of litigation happening on these types of issues.
I'd be happy to talk to you about this and guide you through your options if you'd like.
Re: bank changes down
Yes.
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