I work 2 jobs, approximately 60 hours per week. My wife also works full time but in a salaried position about the same amount of hours. We were both raked over the coals in our previous marriages and are both still paying the costs there. Needless to say niether of us have great credit scores and are trying to buy the home she grew up in. We keep getting mortgage companies that promise they can close only to be let down yet again in the end. The owner of the property is on our tails to get a deal done and I fear we may lose the home. We have already given him $18,000 and now we have just learned that he tricked us with fine print that the money is not refundable if we do not buy!! HELP!!!!!!!!!!!
2006-11-27 06:51:51 · 9 answers · asked by don h 1 in Business & Finance ➔ Renting & Real Estate
Check with a real estate attorney.
2006-11-27 06:55:52 · answer #1 · answered by ratdog 3 · 0⤊ 0⤋
I am a Senior Mortgage Banker and Lots of time people in the industry will tell you whatever you want to hear just to bring you in the door. Unfortunately, this usually leaves honest bankers and brokers with shellshocked and apprehensive clients. Just about anyone can secure a mortgage, no matter the credit score as long as you can meet the program criteria. I am willing to review your situation you can reach me @ 631-370-2901 or 888-467-3341 ext 2901
2006-11-27 07:39:12 · answer #2 · answered by Michel D 2 · 0⤊ 0⤋
It's quite possible that there is a non-refundable down payment for the purchase of the home. However, most potential homeowners add a contingency that ensures they must be able to attain financing from a bank or lender for the deposit to be non-refundable. If you didn't protect your down payment with any contingencies, you may be out of luck.
You'll need to get financing on the home in order to save your down payment. Work with the seller to see what you can do about possibly extending the close of escrow date if you can't find financing.
What exactly is causing you to get denied? Credit, assets, income?
Learn more about credit, finance, and mortgage at:
http://www.thetruthaboutmortgage.com
2006-11-27 06:57:08 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Don't give him anymore money and get a lawyer. File a complaint with the local police department as well.
2006-11-27 06:56:26 · answer #4 · answered by Snuffy Smith 5 · 0⤊ 0⤋
Get a lawyer. Send me an email. I have some questions for you.
2006-11-27 06:56:29 · answer #5 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
You deserve what you get. If you are stupid enough to give someone an $18,000.00 Down Payment without even having a loan approval...well, umm let me think DOH!
2006-11-27 06:58:54 · answer #6 · answered by Anonymous · 0⤊ 1⤋
get a lawyer in on this. i'm sure they have worked with things like this before
2006-11-27 07:00:14 · answer #7 · answered by Starry Eyes 5 · 0⤊ 0⤋
First things first: get a lawyer.
2006-11-27 06:53:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Get an attorney to look into this.
2006-11-27 06:53:58 · answer #9 · answered by Anonymous · 0⤊ 0⤋