can i sue a mortgage loan office for backing out last minute?

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my father and i have been in the process of refinacing and the loan company just pulled out at the last minute because they made a mistake.. they had all the information from the beginning and i have copies of the original offer that was made we were supposed to close yesterday but they back out stating that they thought we had a single home dwelling when in the appraisal which is a legal document states that the house is clearly a duplex. it was theyre mistake and now after all this time of dealing with them we are now stuck without the funds we need to pay for the loans we took to remodel the house.

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  1. Reply
    May 1, 2011 at 3:58 am

    Unfortunately, the answer is no. Until you get loan committment, you signed papers saying they would “try” to lend you the money.

    If you could sue for stupidity and incompetence, I’d be a richer Realtor 😉 which is why you should consult with a Realtor…. we don’t tend to use the companies that pull this garbage, because it affects our income and many lives, lost transactions, sleepless nights.

    If you don’t know an agent, then ask your friends, get some recomendations from them, because I’ll guarantee you that most often if you use the mortgage person the agent uses, this would not have happened.

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