Firstly, do not deal with any lender who contacts you here, period. There are a lot of scams out there and you are exposed world wide here, and they are watching the net for such opportunities.
Your bank can back out any time, and for any reason. If there was no good reason you can sue them for the problems they caused though, and I would, unless you did something that caused a problem, then it's your fault. If you bought a car or made some changes that affect your ratios like changing job situations, you screwed up, and your lender and realor should have warned you not to do it at least until you closed and the escrow was paid in full and deed recorded.
I would check around and see if you can get another lender to pick up your loan, especially if you didn't do anything to cause this. Your best bet is a very good mortgage broker because they have access to many lending sources. Some lenders are just lazy idiots who don't check things out, and those I would sue, in fact I'd run them over in my car if it was legal because of the problems they can cause and just say "oh well, next".
Good Luck, and don't waste any time getting things through another source, ask your realtor for good mortgage brokers, and if he doesn't know any ask him to ask around, because good realtors always know one or more good ones they can go to.
My mortgage guy is fantastic. I met him on a deal where there were 3 homes being sold in a line and each depended on the other. The first buyer went out and bought a car right before closing and the lending source caught it. My mortgage broker went out and found a source to save it, and save the 3 transactions by doing that. You bet I still keep in close contact with that guy, he does lending like I do real estate, and together we just rock! lol.
Good Luck, I hope everything works out well for you. If you get really stuck write me and i'll do what i can to help advice wise, not to get paid, just to help out.
15 year realtor
· 1 decade ago