Rental Property Investor · White Plains, NY · Member since 2018 · 348 posts · 86 votes
We received a CTC on a property a couple of weeks ago and we're awaiting the seller to set a date. The lender, traditional bank, issued a cleared to close to our attorney at that time. Can the bank now cancel the mort. due to these coronavirus fears? We'd lose our deposit as we removed to mort. contingency since we were cleared to close by the bank.
We received a CTC on a property a couple of weeks ago and we're awaiting the seller to set a date. The lender, traditional bank, issued a cleared to close to our attorney at that time. Can the bank now cancel the mort. due to these coronavirus fears? We'd lose our deposit as we removed to mort. contingency since we were cleared to close by the bank.
Probably not, if it's related to Coronavirus. However, I've seen loans pulled at the last minute when the bank found out one of the borrowers had lost their job, or the couple went out and bought a household of furniture on credit before closing, things like that.
We received a CTC on a property a couple of weeks ago and we're awaiting the seller to set a date. The lender, traditional bank, issued a cleared to close to our attorney at that time. Can the bank now cancel the mort. due to these coronavirus fears? We'd lose our deposit as we removed to mort. contingency since we were cleared to close by the bank.
Probably not, if it's related to Coronavirus. However, I've seen loans pulled at the last minute when the bank found out one of the borrowers had lost their job, or the couple went out and bought a household of furniture on credit before closing, things like that.
It's a commercial loan, so I am not sure if that matters or not.
I don't have any experience with commercial loans so maybe someone else can chime in.