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- Jun 6, 2005
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Marriott Grand Chateau
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Marriott Destination Club Points
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Grand Colorado on Peak 8
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Our DD and SIL are in the process of building a house. They are suppose to close on 10/24. The loan officer was supposed to have submited all the paperwork by 10/1.
Despite the fact that all the information requested had been given to him, in some cases more than once, he failed to get the paperwork in on time. His failure has resulted in the bank demanding an additional 3% down payment, which amounts to another $3,500. This is money the kids don't have.
It seems to me that the loan officer had a responsiblity to act on their behalf and failed to do so in a timely manner. His actions could cause them to lose the house they've had built and set them back quite a bit.
I realize this has to be in general terms since laws change from state to state but, Where should we start turning over stones to get this straightened out prior to reaching their closing date.
My advice has been to contact the banks loan office manager as the loan officer has been ignoring their calls and e-mails. Failing the bank making good on what should have been done by their employee I'm contemplating ponying up the retainer for a real estate attorny to see what our options might be to hold the bank responsible for their loan officers actions. It's not just the $3,500 at stake but all that time and addition stuff purchased and arranged for the move in not to mention possibly having to find a place to live on short notice.
One other twist to this story is the builder literally forced the kids to use this particular bank. They had obtained more favorable terms with another lending insitution but the builder refused to work with anyone else. Seems this wasn't exactly a legal thing to do and could cause him partial responsiblity in this matter.......or maybe not.
Despite the fact that all the information requested had been given to him, in some cases more than once, he failed to get the paperwork in on time. His failure has resulted in the bank demanding an additional 3% down payment, which amounts to another $3,500. This is money the kids don't have.
It seems to me that the loan officer had a responsiblity to act on their behalf and failed to do so in a timely manner. His actions could cause them to lose the house they've had built and set them back quite a bit.
I realize this has to be in general terms since laws change from state to state but, Where should we start turning over stones to get this straightened out prior to reaching their closing date.
My advice has been to contact the banks loan office manager as the loan officer has been ignoring their calls and e-mails. Failing the bank making good on what should have been done by their employee I'm contemplating ponying up the retainer for a real estate attorny to see what our options might be to hold the bank responsible for their loan officers actions. It's not just the $3,500 at stake but all that time and addition stuff purchased and arranged for the move in not to mention possibly having to find a place to live on short notice.
One other twist to this story is the builder literally forced the kids to use this particular bank. They had obtained more favorable terms with another lending insitution but the builder refused to work with anyone else. Seems this wasn't exactly a legal thing to do and could cause him partial responsiblity in this matter.......or maybe not.