Can a settlement be revoked?
I work for the bank we did our home loan through. Our settlement was last week and they have drawn down on the land portion of the loan as we are building. Problem is, I just got offered a great job yesterday...and I would be a fool not to take it! Can the bank I work for revoke my loan even though settlement has gone through? Or am I safe? by Aboutaseven940 from , California. Nov 14th 2016
Larry Gray (lgray_312_247)
#597 ranked lender in California - 1,139 contributions
Generally, if your loan has funded and recorded that is a nonissue. But if this "construction loan" you are involved in has something clearly written about this issue, then maybe you have cause for concern. Can you not talk candidly with the loan officer who did your loan about the issue? It seems to me that if you are employed again right away the bank should have no reason to revoke your loan, since you would still meet the ability to repay.
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