When Things Go Wrong With Your Mortgage
Some issues that cause a loan to be delayed are caused by borrowers (the home-buyers), who make changes to their financial conditions requiring additional work after they receive their loan approval. These changes may delay the process or even cause the loan approval to be withdrawn.
During that extra time between time you receive your loan approval and the time it takes to close — whether it is weeks, or longer — your life is subject to unexpected changes or things that the borrower voluntarily changes.
When your life changes, your loan can change, too. For example, if lose your job, become ill, or have your home damaged by storms, your lender can rightfully revoke your mortgage approval — even if your loan was previously cleared-to- close. Some life events are beyond your control. You can not control sickness any more than you can control Mother Nature. But some events are within your control. In the world of mortgages, good behavior does matter.