Reply #11: No, don't back out [View All]

[bratcatinok]

This sounds like a typical problem that can come up when you're dealing with a property affected by bankruptcy. I imagine you won't close on Tuesday because it will be up to the bankruptcy attorney to get everything done. The realtors are being typically optimistic that they can push the bankruptcy attorney into hurrying up the hearing.

Don't give up. You're closing will eventually take place. Check to see when your rate expires and what current rates are. If they are higher don't be shy about contacting your mortgage lender and pushing them to honour your rate. This isn't your fault and the mortgage lender should extend your rate at no cost to you.

I was in mortgage lending as a closing manager for some 25 years up until I retired in July, 2000. Unfortunately this stuff does happen and while it seems like everything is conspiring against you, it's not really. There's no point in getting involved in the finger pointing now since it's already happened and there's nothing anyone can do except rectify the problem and go on. The finger pointing will just get you depressed.