Pennsylvania | Real Estate Law
Legal Question
Loan closing surprise
At closing, the settlement sheet included a collection CC debt to be paid off per lender's requirements. On 2 prior good faith estimates from the mortgage company, neither stipulated this to be paid. It was listed as a debt and used in debt/income ratio, but was not checked off as to be paid as some other items were ie. mortgage, lien etc.
It was never mentioned as even being a possibility.
Then, at closing-some 6 weeks after initial application, I caught it as listed to be paid from proceeds. Again, this rather significant item was never mentioned to be paid prior. As a result, it prevented me from closing due to the amount of $9200.
Any recourse? We are now forced to sell the home as a baby is due in Feb and we were already down to the wire to do a remodel. So we are left with trying to find a larger home in time.
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