[sanjuanbob]

How would they get the money back? Is it spelled out in some disclosure that they can do this? Can they foreclose on a borrower that’s never missed a payment? I’d like to see that portion of the law if you can point me to it.
Thanks,
SJB

[svcw]

Well, it is very confusing. What is supposed to happen is that with in 24 hours of signing all the loan docs the lender can pull your credit report and deny before the funding. This after the funding is weird. I called Fanny Mae and Freddie Mac to get clarification and they said the lender can do this but cannot retroactively deny the loan.
I am going round and round with the lender about this.
I asked straight out, “you already funded are you going to take the money back?”. I'll look and see if I can find the ruling. Even reading it is convoluted and confusing.
FM and FM said I need to get a lawyer, the lender is terrified I will. It's not that I could win but I could make lots of trouble.
My personal opinion is that the lender is having trouble selling the loan now and is panicked that they will have to carry the paper for 30 years.