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.
Friday, March 7 2014 11:46 AM EST2014-03-07 16:46:45 GMT
Related Stories: O'Hagan children attend playground dedication Charges coming in Pat O'Hagan murder? Clock runs out on some potential charges in O'Hagan case Frustration over unsolved murder at SheffieldMore >>
The Caledonia County state's attorney is filing paperwork to bring murder charges against three men in the 2010 murder of Sheffield grandmother Pat O'Hagan. More >>
Friday, March 7 2014 10:42 AM EST2014-03-07 15:42:34 GMT
The state of Vermont released new evidence in hopes of keeping a Manchester woman behind bars. Fifty-year-old Patricia Kane was arrested on charges of interfering with the custody of a minor in January.More >>
The state of Vermont released new evidence in hopes of keeping a Manchester woman behind bars.More >>
Friday, March 7 2014 11:54 AM EST2014-03-07 16:54:50 GMT
Investigators say a late-night fire at the old Burlington Free Press building was an act of arson. A fire alarm went off in the College Street property at 11:20 p.m. Thursday. Fire crews found a smallMore >>
Investigators say a late-night fire at the old Burlington Free Press building was an act of arson.More >>