Legal Question in Real Estate Law in New Jersey
Notice of Settlement Filed - Isn't this binding on Mtg Co
The mortgage company filed a notice of settlement with my county. They did not close with me on this loan at the closing date. They do not want to make the loan. They have sent me a notice saying that i rewuested the loan be cancelled. I have 20 days to resopond if I do not agree. Isn't the notice of settlement binding on the mortgage company?
1 Answer from Attorneys
Re: Notice of Settlement Filed - Isn't this binding on Mtg Co
The filing of a Notice of Settlement by the mortgage lender is to protect its lien, if the mortgage closes. It does not necessarily obligate the lender to make the loan.
Were there conditions to your mortgage commitment? if all conditions were not satisfied, or if your situation changed, you may not have qualified for the mortgage loan.
However, if the mortgage company is claiming that you requested cancellation of the loan, and that is not true, you should certainly respond to them within the 20 days to correct their records and perhaps to make the mortgage loan available, if you are still entitled to have settlement on the property you are buying.
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