We are first-time home buyers, and we closed on our house in late December. Our first mortgage payment is due on February 1st, 2025. Recently, our loan company informed us that their underwriter missed some crucial information regarding the FHA 90-day flipping rule. They said the previous owner had the house for only 72 days instead of the required 90. Now, they want us to redo the entire loan process, claiming we won’t have to pay anything, but the new documents show closing costs of $5,000 to $15,000. They say we should trust them, but the numbers don’t add up. Do we need a lawyer?
This sounds like a scam. The seller should be responsible for any issues, not you. You definitely need to consult a lawyer ASAP.
Jesse said:
This sounds like a scam. The seller should be responsible for any issues, not you. You definitely need to consult a lawyer ASAP.
Yeah, don’t trust them until you get everything in writing. Call your lender directly using their official number.
The lender is trying to fix their mistake, but it’s not your issue. Consult a lawyer to know your rights.
Remi said:
The lender is trying to fix their mistake, but it’s not your issue. Consult a lawyer to know your rights.
Exactly, don’t sign anything until you get legal advice.
If they want you to refinance, they should offer you a lower rate. Don’t agree to anything until you negotiate.
Shay said:
If they want you to refinance, they should offer you a lower rate. Don’t agree to anything until you negotiate.
Did you work with an agent? They might have insight into this situation.
You should hire a lawyer. It sounds complicated, and you need someone to advocate for you.
Kiran said:
You should hire a lawyer. It sounds complicated, and you need someone to advocate for you.
Yes, a real estate attorney is essential. It could save you a lot in the long run.
If you had legal representation during closing, ask them for advice before hiring someone new.
Marston said:
If you had legal representation during closing, ask them for advice before hiring someone new.
Definitely get everything in writing before making any decisions.