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What percentage of Home Mortgage Loans are denied in the 11th hour right before closing???
By
stacey
Posted on
04/28/08 Total Answers
3
Answers-
Very few, although that's always the fear when you're waiting for the approval. Any 11th-hour holdup is usually due to underwriting not getting all the paperwork in on time. Your loan officer should be able to tell you exactly where you are in the process, and he's used to dealing with nervous people!
Answer by :
65% water On Date
2008-04-28 05:21:43
I am not aware of any public information available to answer that question, but I HAVE encountered it a few times, as have many of my associates. It's probably only a few percent, but is known to happen, mostly in situations where the borrower was barely acceptable to begin with, and then did something before closing which took the income/debt ratio a bit farther than it should be.
Answer by :
acermill On Date
2008-04-28 05:21:57
zero..
unless you lied/falsified on the original application but that should have been found out before the "finance clause was removed"
you can not close unless the "finance clause " has been removed.......
the "finance clause" can not be removed unless the finance is in place.
this is a serious..condition..but you would have a lawyer if your in the last day...and your lawyer will tell you the remedies available......
if you (buyers) have not falsified the information..you could probably still complete with an "extension"..(the extension does not have to be granted but you do need a lawyer)..
