Preapproved, then your lender goes bankrupt
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There can be a lot of "wiggle room" in a preapproval depending on how it is worded, says Kolar. "It's case-by-case specific," he says.

While that may seem to give the lender the advantage, it's a double-edged sword, says Kolar.

"The lender is in a very difficult, almost untenable position," he says. On one hand, it faces criticism from regulators over risky lending practices and on the other it doesn't want to shut the door on customers.

"The last thing the lender wants is bad press about treating borrowers badly," Kolar says. The lender also risks creating the impression that the company is financially unstable -- not a healthy image.

If you're not dealing directly with the lender, do some digging to find out about the company making the loan. Do an Internet search to learn where it's incorporated and licensed, how old it is, what's being written about it and if there's any hint of financial trouble.

"Knowledge is power," says Lampe, "particularly in today's market where the stability of funding sources is being called into question."

What now?
If you believe you're being treated unfairly or the lender replaces your deal with one you don't like, you could have some recourse. You can call your own attorney, and you might also talk with your state's banking regulators.

State regulators can tell you if your complaint is an isolated incident or one of many. If it's the latter, they might be willing to take action.

You might also have some recourse under your state's version of an unfair and deceptive practices act, says Fishbein. While these measures vary slightly in different states, the basic purpose is to protect consumers from arbitrary or capricious decisions by lenders.

Consider voting with your feet. If you believe the lender is giving you a raw deal, walk.

For the most part, though, the more stringent guidelines are good for consumers, says Alys Cohen, staff attorney with the National Consumer Law Center. If the lender is refusing to honor your preapproved loan, there's a good chance you really couldn't have afforded it, she says.

She advises borrowers to grab a second chance to get a loan they should have gotten in the first place. Borrowers have the opportunity to "find a loan they can afford," rather than worrying about the loan that might have cost them their house, she says.