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can a morgage company recall a loan 19 months after it is closed due to dept opened before it was closed and they did not see it?

by distincomm296 from Lansdale, Pennsylvania. 12 days ago Reply


You mean debt?

12 days ago
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yes debt, Sorry

12 days ago
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Ok would need some more info... feel free to cal me at 610-733-2996... might be easier over the phone

12 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed.. but in general.. the only way they can call your note due and payable is for 2 reasons.. One, you sell the property without paying it off, or you transferred the deed, removing yourself off, and adding someone else who did not initially qualify for the loan.. and two.. if you committed loan fraud.. Part of the lending process is the review, acknowledging and signing multiple disclosures.. and several of those disclosures are inquiries about whether or not you have taken on any new debt, or do you have any debt that does not show on the credit report. If you said "no".. but there was.. then that's loan fraud.. and yes.. the lender can call the note due and payable.. Sometimes borrowers don't listen to the loan officer and they go out buy new appliances or furniture before the home loan closes.. if that happens, they must disclose the new debt, because the new payment attached to these new purchases must now be added to your existing debt to see if you still fall within the allowable debt to income ratios for the lending program you are applying for.. If you do not disclose this new debt, you are in breach.. More info needed to specifically address your scenario, but the short answer is whether or not the lender "Sees it" is irrelevant.. if the borrower knew about it but did not disclose it.. they can call the note due.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

12 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,553 contributions

No. If they made an underwriting mistake, but closed the loan anyway, the loan is closed. They can not come back at you over this. This situation is their problem, not yours. They will probably try to get you to voluntarily refinance the loan, but they can't recall or call the loan due because they made a mistake. They can, and possible will call the loan due if there was fraud discovered after closing. If they are being aggressive, I suggest contacting a Real Estate Attorney. - Good Luck.

11 days ago
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