Do I have a case against a bank that lied about me securing amortgageby paying off a previous debt?

UPDATED: Jun 22, 2011

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Do I have a case against a bank that lied about me securing amortgageby paying off a previous debt?

Bank told me to pay off debt totaling 16,000 to secure a VA home loan. Hpwever after paying the debt I was told I still didn’t qualify. Now to go with a traditional loan, I don’t have the required down payment needed.

Asked on June 22, 2011 under General Practice, Virginia


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unfortunately, you almost certainly do *not* have a legal claim. The reason is that the various applications, documents, paperwork, etc. you fill out with a bank when applying for a mortgage, as well as the bank's marketing and advertising material (e.g. their website) will almost invariable include some notice or disclaimer to the effect that getting a mortgage is not guaranteed. Banks never commit to a mortgage until all the underwriting is done and the mortgage is actually offered to you; without a guaranty or firm agreement to grant you a mortgage, there is no basis for holding them accountable for not giving you one, even if you then had difficulty buying the home you wanted as a result.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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