I just bought a home or I think I did. Signed all closing papers, paid all my money due. The lender funded and the title company recorded me on the deed with the county. I received an email from my loan officer the same day stating they cannot fund the loan based on the fact that I am currently on maternity leave(FMLA) and they cannot verify "true" employment. My question is can they truely rescind the loan if they already funded and wired the title company who in turn recorded the deed(I checked on the county website and I'm listed as the deed owner). I had a baby and my loan officer was aware.!?!,! Also, my job is protected under FMLA!
1 Answer from Attorneys
It would be highly unusual for the title company to have recorded the deed to you if in fact the lender didn't fund. That is the title company's main function, to act as an escrow so as to ensure the deed is not recorded until there is money in the title company's hands with which to pay the buyer, and visa-versa.
It would seem to me that, to ensure someone else doesn't get sued, you have pretty good leverage to make sure the rest of this deal happens.
Give me a call I'd be happy to meet.
D. Chris Albright 702 384-7111
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