@Mrs_hambright wrote:
I had to request yet another extension for my mortgage commitment. The 1st date was 4-15, then we changed it to 4/30, now the lender requested that we change it to 5/15, we close on 5/30. The seller has not signed the addendum, what happens now? Is my earnest money at risk?
The lender said we should have the commitment by this week but asked for 5/15 just in case.
I think I'm a nervous wreck. My employment has not even been verified yet. Can I still have my commitment in time? What are my options?
Has your lender said what is holding up the commitment yet? There is such a thing as having a commitment "subject to X". Your LO should be able to provide to you exactly what the hold up is now.
If the seller won't sign the addendum, then the terms of the contract remain as they are now. There should be a financing paragraph that specifies not only the date the commmitment is due, but what happens if the date is not met.
In the standard form contract we use in our area the buyer has to notify the seller (this is done through the agents) in writing of the commitment by the date specified or waive the financing contingency. The issue with waiving the finance contingency is you then put your deposit at risk.
Not all contracts are the same though so make sure to read exactly what your contract has specified in the event the commitment date is not met.
