Legal Question in Real Estate Law in Iowa

Mortgage Lender Accountability?

I'm a Realtor & sold a foreclosure to a client due 2 close this week. Lender who has had the appraisal since the 12th called the 19th & said she can't get it through underwriting because it assessed in below normal condition. (We all knew and expected this, including the lender.) Because I have to take her somewhere else to get financing, she will be charged a per diem for being unable to close on time. Is lender accountable for this in any way?


Asked on 2/20/07, 7:12 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Mortgage Lender Accountability?

Morally? Perhaps. Legally? Probably not.

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Answered on 2/21/07, 9:30 am


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