Forgotten Your Password?

Need to Register?

Question Icon

Discrimination in Loan Process

I feel as I am being discriminated against by the Seller. I do not have a realtor. I was referred by my co-worker to a Beverly Hills, CA major lender who has been giving me the run around and I found out the seller backed out of the last 2 deals because the potential buyers were Indian (I am from India as well). I have been in escrow for 88 days now and for no other reason than "the seller could not be reached", is the process being pushed out. I feel that the lender knows what is happening and is trying to save face/prevent some type of lawsuit. I could use some advise as I really love this home and have bid $20k over listing price. by ahmad180 from Beverly Hills, California. 9 days ago Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

My humble opinion?? The Loan Officer typically only gets paid when a deal closes. They want deals to close. From what you've stated her, it would appear your frustration needs to be directed at the seller, not the lender. Have you hunted down the seller? It may be worth determining who the Loan Officers superior is to double check on the file. I can tell you 20+ years worth of stories where both buyers and sellers have done all sorts of crazy things that have left me with no paycheck after doing a lot of work. Good Luck!

9 days ago
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

You should contact a local real estate attorney.. Keep in mind that depending on the sales contract you have, most will have area's that deal with bad faith withdrawals.. meaning, if you are the buyer, and you back out, you could forfeit your earnest money deposit.. and if you are the seller and you back out.. then they can also be sued.. But as Joe said, it's probably not the lender,, Keep in mind that the lender works for you and has a fiduciary responsibility to you,,, so I doubt the lender is the problem.. Read over your contract, and see what the provisions are for them backing out.. then call a lawyer.. 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 / LendUS, NMLS 1938/ AZMB0121893

9 days ago
1
0
Subscribe to our news feed.