Legal Question in Credit and Debt Law in Florida

I provided an escrow to buy a house, and the closing date is today. Last week the bank sent me a letter approving the credit with conditions, between those conditions were: wages verification, paying for insurance in advance, among other conditions. I've not paid for the insurance in advance. I've lost my job, and I don't want to make any further progress with the transaction because I can't pay for the house. Should I let know the bank that I lost my job? And if I do my question is: what is going to happen with my escrow, and if there will be any legal problems?


Asked on 5/16/16, 7:42 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Let them know today. You must take the position that the bank did not give you a valid and unconditional mortgage commitment. I assume your contract was contingent on such receipt.

Read more
Answered on 5/17/16, 8:53 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Florida