Legal Question in Banking Law in Iowa
We refinanced our house with my bank last week ,we did the closing on Oct 28.They said to call the current lender and cancel our auto payment.On the 2nd they called and had missed a 12.00 fee so they took it out of my account with my approval.On the 4th I get a letter that says they aren't going to loan us the money.We were already pre-approved.Can they do this?
Asked on 11/06/09, 10:35 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
Unless the 'pre approval' constitutes a binding contract that obliges them to fund you. they can change their minds.
Answered on 11/11/09, 11:17 pm
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