Legal Question in Real Estate Law in Pennsylvania

Home Lender Legal Concerns

What options or recourse do I have if a lender was negligent and misrepresentative in administering a home loan?

This lender assured me that I had been pre-approved for a loan with the VA for approximately $320,000. Because of this negligence and misrepresentation, being without a place to live for approximately thirty days resulted. More importantly, three closings were set up in July 2005 for this house, and ultimately, I was never able to close with this lender because they had assured me that all of the necessary documentation had been cumulated and processed to close. This put the reality of being a homeowner to this house in jeopardy.

I was advised by the lender that should we not be able to close by 31 July 2005 (which never occurred), that any motel and storage expenses incurred by myself would be paid by the lender until the closing on the house became a reality. My realtor and I trusted this company to keep their word. Unfortunately, once the lender realized that they made errors in the administering and processing of the loan, the lender went through great lengths to cover it up and put all of the burden on myself and my realtor. This is clearly an unacceptable method of doing business. Thanks for your time.

1 Answer from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania

Looking for something else?