Legal Question in Real Estate Law in California
rate lock non performance
My rate lock had an expiration of 6/30, but I didn't receive the appraisal until 7/9. Then on 8/13, I received notice that that my rate lock had expired. I had no prior notice that this would happen and had complied with all their requests.
Aside from making a formal complaint to the California Dept of Corp and or California Dept of Real Estate, is there any recourse for damages?
I stand to lose $200+/mth in lost savings by not completing the re-finance.
2 Answers from Attorneys
Re: rate lock non performance
The loan documents would need to be reviewed by an attorney to answer your questions. Typically, these rate locks have clauses exculpating the mortgage broker and lender if can't get funded within the specified time period. Regarding the $200/month extra, well, you already had a loan and a pre-existing obligation to pay that loan. Simply because you couldn't get financed in the time period may not be sufficient grounds to warrant legal action. Good luck and thanks for inquiring.
Re: rate lock non performance
You may have a claim against the lender or mortgage broker, but it would depend on the documentation and what promises were made. I would be happy to provide you with an initial consultation to review this matter in more detail.
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