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As many as 180,000 buyers may not close their homes by the June 30 deadline which is required to be eligible for up to an $8,000 tax credit.  The Senate decided last week not to extend the deadline and in-fact not even to take the issue up again.  So I guess if you don't close you lose and it is your problem! "What!", you were counting on that money!

Who is responsible is up for debate.  Regardless, you can't do a damn thing about it and if you think you will sue or back out you better hold your horses!

It's not just the back log in the lending industry that is causing the though it has a lot to do with it.  Also at fault are the numerous short sales and foreclosures as well as the new lending paperwork requirements. 

Problems are more likely to develop around loans requiring added documentation and lender approvals of short sales.  These are time consuming and full of delays. 

Lender's fault you might say but really it might just be yours.  You shouldn't have tried to buy that short sale or your small credit ding that required more paperwork is now biting you again.  So, holding the lender responsible is next to impossible and if you think you will sue them don't forget about the teams of attorneys Bank of America and Wells Fargo have to bog you down in court until you are bankrupt.

"I will have to back out of the deal" says one buyer.  Careful here, the seller is not at fault and walking away might cost you your deposit.

If you find yourself in this bind then you might question your Realtor.  Don't have one?  Well, if you had, you might not be in this sticky spot in the first place.  A good Realtor would have warned you against these possible pit falls and worked to protect you against possible delays or in worse case preserved your right to cancel the contract without penalty if it couldn't close on time due to no fault of the buyer. 

Not all Realtors are alike.  Experience and education make the difference in this situation and would have paid dividends.