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Can a lender rescind the loan 6+ months after funding?

We talked about refinancing when the lender contacted us, then decided not to. We received a letter AFTER we changed our minds and ended the process, that we had "insufficient collateral" after inspection. We were NOT inspected again after first approval. They may have had someone drive by (my lawn is waaaay over due for mowing) but have had no inspections since before the original closing. We are concerned that our original loan may be rescinded. It IS a VA loan through Loan Depot. by skeebump409 from Dunnellon, Florida. Jul 6th 2020 Reply


Steven Brand (stevenbrand)
#4 ranked lender in Minnesota - 120 contributions

Something sounds fishy. First.. your original loan isn't rescinded. If you want to look at a VA refinance.. its a great time and you should talk to a local professional. I have a team-mate in SoFLo who I've trained for VA loans. Let me know if you need help with learning all the ins/outs and making sure you understand the numbers. TYFYS.

Jul 7th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,904 contributions

Unless you committed fraud, your VA loan cannot be rescinded after this much time. Now is the perfect time to see what your options are for refinancing your loan. There are several factors to consider, but VA rates have never been lower. You need to work with a reputable lender with VA expertise. Depending on your current loan scenario, it may not make sense, but there really is only one way to know for sure. Reach out to me and let's see what your options are. NEXA Mortgage is licensed in 46 states ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon and Washington ~ www.ApplyYes.com 480-889-9000

Jul 7th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,097 contributions

It is simple. They can not just cancel a loan once done. The term 'rescinding' is only available in the first three days after signing on a refinance.

Jul 8th 2020
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