Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 3 years ago,
Help with closing. Bank halted fund transfer
My wife and I downsizing from a 600k house which we both have our names on. To a 400k house which we are trying to buy in my wife’s name only (this will free up my larger income for rental propertly loans which we want to do next) we got a loan with a certain bank not aure if i can say the name here so . Lets just call them T bank. Well we got the cleared to close and my wife packs up takes a day off i move things around and she drives four hours to the new closing location. She is at the final steps of closing and T bank decides she cannot close because we havent closed on our house which we currently live in yet. We have already sold our house closing is august 6 and we are getting 50k additional to what we wanted from that house. The loan was never stated as a “contingent on closing loan” point is now our lawyer is holding then funds and wrote a stern email to the bank who basically responded that he is not the right person at the bank to call and told our lawyer not to contact him again and the bank will reach out. We stand to lose 15k if we walk away from the deal. Wtf you guys ever heard of a bank not doing their homework and what can we do? We need the kids to be in this new city for school time to get them registered and school fixed up.
Any ideas . Thanks bp