Legal Question in Real Estate Law in Illinois

I have applied for a home mortgage loan 4 months ago with PNC I was pre approved. They did an appraisal on the home and it was accepted and approved by PNC I even have the copy and now they are saying the home is not worth it and I have even come up with 20% down. I was told by my original loan officer to file a complaint with them because he said he feels like PNC lead me to believe this loan was accepted, but every other day they pass me off to someone new and have no answers on the loan. My seller has accured alot of financial cost, I have moved out of my home after I received the approved appraisal and I was told that it would be soon pr a closing date. Now 3 months later Im still waiting. HELP


Asked on 12/10/12, 7:16 am

1 Answer from Attorneys
Henry Repay Law Offices of Henry Repay

First of all, for the transaction, I would suggest you move on to another lender promptly. Another option for consideration would be to initially set up a contract purchase with the seller to get something established until the loan situation is resolved, but that creates questions that both parties would have to evaluate.

Next, this type of matter would be best considered by an attorney concentrating in consumer issues, particularly Truth in Lending and similar laws and regulations pertaining to mortgages. I generally work with two in the Chicagoland area. You did not list your location, so not sure where you need to look. I am not sure who may be on this site. I cannot comment whether there is a case.

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Answered on 12/10/12, 7:39 am


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