Question by amyann16: What benefits would a mortgage company have to delay the closing of a home sale?
We have been trying to purchase a home for the last 5 months. We are being told by the seller’s realtor that the seller’s mortgage company is not responding to their repeated attempts to finish the closing deal. The seller’s realtor is faxing the paperwork 2 times a day, calling and getting the run around, etc and getting nowhere with the company. Two weeks ago the mortgage company did respond and said they were missing a form from the realty company, which has now been completed and still no response. Are there possible reasons why this mortgage company is not responding? What do they have to gain by not following through with the sale?
In response to the posting that said I was being misleading. Yes, this house buying process has had many roadbumps–too many to include in this 1 post w/the amount of space I am allowed. Many of the issues I had previously posted had been resolved (or so I was informed); The Lis Pendens (we were informed by the seller’s realtor that it had been negotiated off); the sellers did owe $ over what they accepted on our house offer (we were told that they negotiated w/ their mortgage), possible foreclosure in progress (we were assured by the realty company that they had not received any notice that a foreclosure was in sight). That being said, these last few weeks what we have been told was that it was the lack of communication back from the mortgage co. that was creating the roadblock, not any previous issues. When I posted this question, I was merely trying to ascertain if there was a reason a mortgage co. would delay the closing (possible shady company?); Thanks to those who answered.
Best answer:
Answer by Amanda H
Generally all the mortgage company does is give the title company a pay-off amount, including pro-rated interest. Not sure why that is such a hard thing to do. Also, the title/escrow company normally deals with them, not a realtor.
The only reason they wouldn’t want you to sell is they like they’re monthly interest income–but they can’t block someone from selling!!
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