Is there any recouse when a bank
When we recently went under contract to sell our home I told the buyer of a local bank I used and suggest he apply for his mortgage there.
I told him how it was a home town bank that seemed to care about the customers they serve. Boy was I wrong!
The buyer did take my suggestion and applied for his mortgage loan. About two weeks later they called and told the buyer and I that they hand carried the loan application to the mortgage Manager and went over loan application. They said there was no problem with the loan, it was "Golden" and approved, all we needed was to have the paperwork processed and the appraisal done.
Based on that information we ordered the land survey at a $1.400 dollar cost and the closing agent did the title search.
Then we started packing and moving our belongings out of state. (I know it not a done deal till ya get a check in hand.)
We hurried back to be here when the appraiser arrived.
Then two weeks later the buyer found out that the survey was not ordered and he asked if the survey could be ordered so to expedite this very slow process.
When that message was sent to the mortgage dept. He was told that the loan was not going to be approved.
Then the local banker personally drove to the main office to try and find out why the previously approved loan was now not approved. Through a series of meetings he and his boss found that basically there was a miscommunication and they were able to set the loan back on track. In fact his boss said she would personally hand carry the loan application through as she could see no reason for it to be disapproved at that point.
Now we are a month into this loan application and when I called today to find out what was happening and if the appraiser was ordered yet he said he just found out that the loan was not approved. He was very professional and apologetic and said he told the buyer, basically the bank mortgage manager for some unknown reason changed his mind and decided not to make the loan.
To be lead down a month long path to just have the door slammed at the end is to say the least devastating to both our family's. I know banking is tough nowadays but is this normal business today?
As I said this banking process has been ongoing for over a month and during that time I found that my mother was diagnosed with terminal cancer.
So finding that I have been putting off visiting her waiting on this loan and appraisal is very frustrating and really just cruel.
I have e mailed the mortgage manger and the buyer has called asking for a meeting. But no response as of today.
After all that venting is there any recourse that anyone can suggest? Is there a banking authority of some kind?