Well three more days to the close! For those of you following my 12 day close story I have to say that I am total perplexed by banks. This time the bank owned property zipped thru approvals and all inspections. Then.... the buyers deposited their insurance check (fire burned their privious home) and their bank will not release funds until Tue. They will have held their funds for two weeks and 1 day. This was a pay off check from the insurnce company. I tried to talk to the bank manager and she was no help at all. Rules are Rules. So the buyers will now not be in their home by Thanks giving. To top it all off the title escrow company is closed thur-sun. Oh well!!
Uxbridge, ON
Trusted For Experience - Respected For Results
Bonnie - in todays electronic world you just have to wonder why the bank does this ... aside from the fact that they must have a gazillion dollar interest free float of OPM
Nov 22, 2009 12:24 AM
Century 21 Lake Tulloch - Copperopolis, CA
GRI, Copperopolis, Ca
So true. They also have PMI on their loans which is unknow to the sellers. I wish someone could tell me if a lender does have pmi that pays off on the loan after the bank forecloses what would be the amount they could try to hold the owner for. I know they can come back on the holder of the mortgage for the amount the bank losses on the sale.
Nov 22, 2009 05:32 AM
Rainer
36,149
36,149
Bonnie Kappler
GRI, Copperopolis, Ca
Real Estate Resources
LAKE TULLOCH is the best place in the world to live. Of course that's how I feel as I sit on my deck looking out at a beautiful lake! Bonnie
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