Can they possibly take back the loan? We are really worried, please advise by sandeep.goel14 from San Francisco, California. Jul 16th 2014
Please do not be alarmed as occasionally lenders find something missing that they need in selling the loan or transferring the loan. It happens and as loan officer and advisorI am happy to assist the closing department in obtaining some document they may need at that stage. Having said this, it is possible though extremely rare that a lender might de- fund a loan. However, generally they end up keeping the loan until it can be sold.
I would not be alarmed, they may have missed something through the process and just need it to complete their loan package so they can sell the loan to the servicer. I would not be worried about them taking back the loan. The only way this would ever happen is if the found fraud on the loan. I would work with the lender and get them what they need, i'm sure it's just for them to complete your loan file. I guarantee someone got into some big trouble already for missing whatever your having to provide. Best wishes, Sean
Ask our community a question.