L
LH1980
Guest
Before I paid the deposit and removed the subject (to mortgage approval), my realtor and I confirmed with the banker over the phone that my mortgage is approved and is ok to remove subjects and pay the deposit. But just 2 weeks before the completion date, the banker called and told me the bank might not approve my mortgage because the condo will be doing a renovation project in August. This project was clearly stated in the PCDS and that seller will be responsible for the cost, so the banker knew about it way before I removed subjects. Now the bank want to see the engineering report before they decide but I am running out of time.
The conditions on the mortgage approval were:
1. ($40,000) downpayment
2. Bank will require solicitor's name address, postal code, phone number and fax number before this file can be triggered and released
3. APV approved. Appraisal not required
4. Subject to receipt of current dated pay slip and employment letter
5. Subject to receipt and satisfactory review of Property Conditions and Disclosure Statement
6. This application has been approved by: XXXXX, followup to XXXX
What should I do now? Can the bank back out on mortgage approval after telling me it was ok to go ahead and remove subject?
The conditions on the mortgage approval were:
1. ($40,000) downpayment
2. Bank will require solicitor's name address, postal code, phone number and fax number before this file can be triggered and released
3. APV approved. Appraisal not required
4. Subject to receipt of current dated pay slip and employment letter
5. Subject to receipt and satisfactory review of Property Conditions and Disclosure Statement
6. This application has been approved by: XXXXX, followup to XXXX
What should I do now? Can the bank back out on mortgage approval after telling me it was ok to go ahead and remove subject?
