Updated almost 8 years ago on . Most recent reply
Mortgage company "calling" a loan
Here's my scenario. I have a construction loan for a rehab project for primary residence. The project has gotten behind on schedule, but we are still pushing forward. Main reason being, is that the city (The city is Baltimore and anyone who has done business with the city there knows what I mean) took forever to approve permits and tax credit (CHAP) for historic presevation. Then we had really bad rain, it caused a leak, which lead to a few pieces of dry wall getting mold so we fixed the leak, treated the mold and replaced the drywall. The lender wanted to come out and look at it and the one guy (I think was just trying to scare me) was being a jerk and kept saying that he could call the loan if I'm lying about the roof not being fixed. Obviously, the roof is fixed because the leak is gone and why would a buyer climb up with a 80 foot ladder to check the roof when the city will have to give a Certificate of Occupancy anyways and they check for that.
My question - can the lender just "call the loan" because they don't feel confident?