Comments on: Subprime Troubles Spread to Europe http://www.lendingclarity.com/2007/08/09/subprime-troubles-spread-to-europe/ Home loans made easy Tue, 6 Jan 2009 00:19:19 +0000 http://wordpress.org/?v=2.3 By: Marc Brinitzer http://www.lendingclarity.com/2007/08/09/subprime-troubles-spread-to-europe/#comment-12574 Marc Brinitzer Sun, 12 Aug 2007 15:51:26 +0000 http://www.lendingclarity.com/2007/08/09/subprime-troubles-spread-to-europe/#comment-12574 William, In light of the events of the last two week's, I am recommending to all my agents and our mutual clients that they avoid removing the loan contingency until the loan actually funds. There have been too many cases lately--American Home Mortgage being just the most recent--where a lender has gone belly-up after the loan was approved. American Home Mortgage left $800 million of loans unfunded, and I'm sure some people lost their deposits. Sellers will have to be a little more flexible right now or risk have their buyer walk away rather than risk the loss of a deposit through no fault of their own. William,

In light of the events of the last two week’s, I am recommending to all my agents and our mutual clients that they avoid removing the loan contingency until the loan actually funds.

There have been too many cases lately–American Home Mortgage being just the most recent–where a lender has gone belly-up after the loan was approved. American Home Mortgage left $800 million of loans unfunded, and I’m sure some people lost their deposits.

Sellers will have to be a little more flexible right now or risk have their buyer walk away rather than risk the loss of a deposit through no fault of their own.

]]> By: William http://www.lendingclarity.com/2007/08/09/subprime-troubles-spread-to-europe/#comment-12573 William Sun, 12 Aug 2007 15:45:24 +0000 http://www.lendingclarity.com/2007/08/09/subprime-troubles-spread-to-europe/#comment-12573 I jsut went into contract to buy a home, and I have two weeks to remove all my contingencies. Are you saying I don't have to remove my loan contingency or theirs a way not to do this. I am worried about my financing after all the talk last week and I don't want to lose my deposit. I jsut went into contract to buy a home, and I have two weeks to remove all my contingencies. Are you saying I don’t have to remove my loan contingency or theirs a way not to do this.

I am worried about my financing after all the talk last week and I don’t want to lose my deposit.

]]>