Universal Mortgage files for bankruptcy - WCAX.COM Local Vermont News, Weather and Sports-

Universal Mortgage files for bankruptcy

Colchester, Vermont - April 23, 2010

A national mortgage company with offices in Vermont is set to file for bankruptcy.

Universal Mortgage has three branches in Vermont. While the company would not confirm it, an official at Universal sent out a message on Facebook saying it's filing for bankruptcy and is working with other lenders to help its customers.

Experts say it could mean delayed closings for home-buyers.

"It could lengthen the borrowing process another 30 to 45 days depending how far along they were. Also they might not be able to use their appraisal that they've already paid for. Also, it's going to create some time crunch for 1st time home buyers, looking to close in the next 6 weeks or so," said mortgage broker Buddy Singh.

Officials at the state banking department had no comment.

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