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I have a coop and i am trying to refinance for a lower interest rate only. i submitted all paperwork and had the appraisal done. Everything was approved by the bank. The bank that I was initially approved by declined my application due to my management company withholding information (lying) on the application. Myself and my mortgage broker tried to rectify the issue with the management company but got the runaround until it was too late and the bank closed out my case.
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You cannot sue the management company. You have no relationship with them, and they are not obligated to assist you with a refinancing. Unless you can prove that they intentionally sought to kill your application, you have no case.
Answered on Jan 08th, 2012 at 11:15 PM