I want my money Back can anyone help

[jrsygirl]

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

I entered into a contract to purchase a home in NJ. My home in Florida was under contract and to close. I gave a large earnest money deposit for the NJ property. The NJ realtor requested the info about the buyers on and the sale of my florida home prior to the acceptance of the offer for the NJ home. The offer was accepted but my attorney did not put in the contract that the purchase of the property was contingent upon my sale in Florida. My preapproval letter did state it and it was attached to the NJ home purchase contract. The bottom line is my home in Florida did not close the day before I was scheduled because the buyers were denied a mortgage. I immediately notified the sellers in NJ. The attorney had stated the contract was not contingent upons the sale of my home. He stated he never received my earnest money but then cashed it two days after being notified their was a problem. I received a mortgage commitment but with a contingency that I sell my home in Florida (I also needed the proceeds from the sale to complete the transaction) and also did not qualify to carry two mortgages. The sellers are refusing to return my money and state that they will hold a mortgage for me. I explained I needed the proceeds from the sale of Florida to complete the transaction and I did not qualify for the higher amount. They are accusing me of breech of contract and misrepresenting myself. I did have a mortgage contingency clause in the contract but they state that is is a moot point because I was approved and the contingency is being met because they are offering to hold the mortgage. The sellers of the NJ home rented a home prior to me getting my mortgage committment. They have vacated the home that I was going to purchase and now want me to pay their rent out of the earnest money. They are also denying the fact they knew about the sale of my Florida home. I am stil trying to sell my home in Florida and have done everything I can to get it done quickly but in the mean time I want my money back. Am I obligated to accept a mortg. from them? Can they keep my money even though I cannot meet the mrtg contingency? They also gave me a time of the essence date which obviousy didn't happen

[FlyingRon]

Without a contingency in the contract you are in breach. The contract most likely does have a liquidated damages clause that allow the sellers to directly collect from the deposit money for the breach. You'll need to take the contract to your own lawyer to find out if the mortgage contingency applies, but often once you GET a mortgage approval, the contingency is released and if it falls apart later, there's still a beach.

Your lawyer can pursue what exact damages you are liable to pay in either event.

Whether the sellers knew about your other house or not is immaterial. All that matters is what was in writing.