I have been advised by my attorney to forget it because litigation is too expensive. In researching this topic I find I am able to issue a Lis Pendens (Lien) against the property owner who refuses to return my deposit.
I would like to do the paper-work myself and submit it to the court. The court does not have these forms and believe me I have searched Free Legal Forms on the internet for 2 days with no success.
I am aware of the fees involved but would really appreciate a legally minded person to steer me in the right direction.
I reside on Long Island in New York and have contemplated the fact of loosing the case, but since they are keeping my $10,000 deposit money, why not take the chance.
Thanks for reading.
2006-11-01 12:03:16 · 7 answers · asked by BELLE3 2 in Business & Finance ➔ Renting & Real Estate
PLEASE NOTE-- The Mortgage Company refused the loan 10 days prior to the closing date because another credit check showed a decline in the credit score of 100 points. The reason this happened, we later were informed, is the purchase of a home prior to this one and the rehab of that home for sale. The rehab improvements were paid by our own money and credit cards charges that later adversely affected our credit. This is a situation that we had no idea would happen, but it did. Now the other home we are buying to live in, is not granted a mortgage. And now the homeowner will not refund our deposit saying that we ran up credit card debt to avoid purchasing the home. It will probably not make total sense to you either, but the reality is the loss of $10,000. HELP!!!!
2006-11-02 05:56:50 · update #1
That was bad advise from your attorney. Get a free consultation from another one. 10,000 dollars is too much to just "forget about" Did the morgage fall through on bad faith actions from yourself? And besides it the Principal of the thing!
2006-11-01 12:10:41 · answer #1 · answered by Shazzam 3 · 0⤊ 1⤋
First of all, go over your offer agreement throughly. It depends on the contract whether the refund whould be refunded if the mortgage falls through or not.
Also I would ask around to a few different attorneys about this. With that much money at stake, I wouldn't want to just "forget it" either. Maybe you can find one that would do in on a percentage of the returned amount. At least then you wouldn't lose all of it. Plus it's just the principle of the matter too.
I don't know if they would have those forms available on the net since most things like that are basically just a letter sent by a lawyer into the court. You might could ask a lawyer advice on how to go about a Lis Pendens and if there is a way to do it yourself.
Plus, if the mortgage didn't fall through because of the house and you still want it, you might could just talk to another mortgage company and get preapproved and go after it again, then it wouldn't matter that they kept your deposit. I went through Wells Fargo Home Mortgage, they will accept just about anyone.
But if they kept it and sold the house to someone else, then I really would want to go after them somehow. I wish you luck in this. Some people can be real jerks.
2006-11-01 12:29:15 · answer #2 · answered by Laura 5 · 1⤊ 0⤋
Non-refundable deposits are very common. All of that is in the details of the contract you read & probably signed...you DID read it didn't you??? or did you just think that if you complained loud enough they wouldn't do it?? You chances of winning are going to be dependant on the details of the paperwork & if your signature is on it saying that you agree to the terms. That lawyer
was giving you good advice if that is the case, its hard to argue
with your signature on the paperwork. l've learned from experience, lawyers only take cases when they are sure they will win.
2006-11-01 12:36:28 · answer #3 · answered by rpf5 7 · 1⤊ 0⤋
It depends on how the contract was stated. Sometimes homeowners will not refund if they have to wait a long time for your mortgage to go through. They are loosing possible buyers with better finances than you. That's how I'd word it.
2006-11-01 12:22:15 · answer #4 · answered by golfserv2001 4 · 0⤊ 1⤋
Assuming that the deposit is refundable, try looking into small claims court. Normally, small claims court is less formal and proceeds to trial quickly. You will need to be able to prove that the deposit was paid, that the DROA provided that the deposit is refundable if you fail to close, and that the deposit was not refunded.
2006-11-01 12:15:00 · answer #5 · answered by eddygordo19 6 · 0⤊ 1⤋
I'm sorry for your loss. Sounds like you tried to buy without representation. Chalk it up to an expensive education. Use a Realtor Buyer's agent next time.
2006-11-01 12:26:01 · answer #6 · answered by Max L 1 · 0⤊ 0⤋
http://www.uslegalforms.com/constructionliens/?puslf=go+property+lien+form&utm_source=Overture&utm_medium=CPC&utm_term=property+lien+form&OVRAW=property%2520lien%2520forms&OVKEY=property%2520lien%2520form&OVMTC=standard
Try here...if all else fails...you could burn him out.
2006-11-01 12:12:47 · answer #7 · answered by Anonymous · 0⤊ 1⤋