Real Estate Transaction: buying a home and got commitment to loan letter from mortgage company on 4/3. Things changed at work and got furloughed because of stay at home order We were set to close 4/15 and we’re good to go because of the 30 day VOE policy. The mortgage companies VOE policy changed 4/8, after we received our commitment letter, of which prompted our loan denial. Does a letter of commitment hold any contractual obligation on the mortgage company?
1 Answer from Attorneys
No. It is merely an offer with numerous underwriting conditions.