Florida renovated condo and Escrow problem!

[tigermagicjohn]

What is the name of your state (only U.S. law)? Florida

In June I visited Miami to view one condo, which I agreed to purchase and made a sales agreement on, and made a escrow deposit of around $10.000.

In the contract there was a contingency if useing an approved lender, deposit would be retured if mortgage application was denied. However there was an extra point, that seller could request me to reapply with a second lender.

First application got denied, after an extension of the closing until around 10 of August, original date should have been end of July. Seller requested I make a second application, this was also done within the time fram requested. After insisting on documents I was not able to provide, the broker told me to get these documents or get denied, so he would have time to provide me with this denial letter.
In the last minute the agent suggested to try with utility bills, same night I managed to provide one utility bill for around 12- 15 months, and another for around 9 months., this was all I had, as other bills had been in other peoples names.

The broker got acceptance on all, but required another 3 months, which I was not able to provide, because I dont have this.

Other bills could maybe be obtained, but would take me maybe 10 days to get, and the closing date would have come and gone then + the 30 days notice from seller would have come and gone. I did several times ask mortgage broker if there was any alternatives to the credit references, and he said NO, it is only this way or straight denial. The option with utility bills came as a last minute desprate attempt to rescue the mortgage application, however by the time this suggestion came, there was no time left to be able to find all what he required. And besides that, the mortgage broker had gotten extremely rude and agressive. If he had thought of this and suggested this 10 days earlier, maybe all would have been fine, however I was not able to wait until the last minute and risk loosing my escrow deposit.

Having waited now nearly 2 months over the expected closing date I have to admit it had all worn me down.
On the day of the 1.extension final date, I got extension letter from agent, I did however request points with regarding the contigency to be cleaered in this extension, confirming that regardless of reason for denial by mortgage broker, seller would not hold buyer responsable, and would issue full refund of the $10.000 held in escrow in the event of a denial by the lender, regardless of reason given by the lender. I did get this document emailed to be and signed by the seller a few days later.

I have already contacted the escrow lawyers and sent them a copy of this addition to the contract. The addition only cleared the contigency in the already written contract.

Now my question is, where do I stand legally with this informaiton with regards to getting my escrow back?
The lender will say I was not able to provide them all the documents they required, I did proivde what I could, but they asked me for more then what I was able to provide. And this request came only in the 12.th hours, as before he had requested for 3 credit references, which I was unable to provide, because of different system here in the UK, and I also do not have any debts.

I am not concerned Seller will try to find a loop hole to hold back the escrow deposit.

Please anybody know where I stand?

[dmiller12]

You need to have an attorney review the contract.

[HomeGuru]

yes, get an attorney.