If the loan contract was breached, the lender can be sued if it was the breaching party. The most common remedy pursued by borrowers when a breach of a loan agreement has occurred is the recovery of damages. Luckily for borrowers, there are several exceptions to this “apparent” open and shut rule.

When can a lender ask about marital status?

A lender or broker may consider your marital status as it affects the creditor’s ability to reach the property in the event of nonpayment. For example, for mortgage and home equity loans, a creditor could consider whether your spouse has an interest in the property that is being offered as collateral for the loan.

Can a lender ask for medical records?

Questions Your Lender Cannot Ask As one question, lenders may not ask about your health as part of your mortgage application. This is because to make a mortgage approval decision based on a person’s health could be considered discriminatory by the government.

What happens if a bank refuses to fund a home loan?

If it is through no fault of the Buyer that the Bank refuses to fund the loan, the Buyer has not defaulted. Review your Contract’s language and Exhibits. If you utilized the services of a Realtor, they will be able to explain the controls of the Contract.

What happens if the buyer of Our Home was not approved for a loan?

The buyer was preapproved but now cannot get the money from the bank. Does he get the earnest money back if he defaults on our contract, or who gets it – the Realtor or us? Our new closing is scheduled and our new mortgage is in place – our movers are already scheduled – do we have any rights?

What to do if buyer Cant get a loan?

Why waste time on someone who can not get financing. Put the house back up on the market and have the listing agent go into turbo mode to get the home sold and be reasonable in looking at all options that can be taken to get it sold in 3-weeks. Including an Auction, don’t be fooled auctions are not only for distress sales. All the best.

Which is true about selecting and financing housing?

Selecting and Financing Housing True / False Questions 1.  (p.  218) Your lifestyle affects your housing buying decisions. TRUE Bloom’s: ComprehensionDifficulty: EasyLearning Objective: 1Topic: Lifestyle  2.  (p.  218) Your decision to rent or to buy your residence should be based solely on lifestyle factors.