Seller wont return escrow deposit

[daisyyvette]

What is the name of your state?undefinedWhat is the name of your state? Pennsylvania

My fiance and I signed a contract for a home in Orwigsburg, PA on Nov. 7, 2005. We have since received a loan denial letter and have requested that a sales release be signed so we can get our deposit money back. The seller refuses to give us our money back. We received the loan denial on Dec 23, 2005. Our mortgage commitment date was Dec. 26, 2005. The seller is saying they are not returning our money because we did not file a mortgage application within 10 days of signing the contract (per the contract, this date is negotiable and our broker is responsible to help us with the mortgage process) . Our realtor told us we had until Dec. 26th to obtain financing and give a copy of the commitment to the seller. We feel the seller is being ridiculous. What can we do to get our money back since we did get a legit loan denial?? Any help is greatly appreciated.

[seniorjudge]

Originally Posted by daisyyvette

What is the name of your state?undefinedWhat is the name of your state? Pennsylvania

My fiance and I signed a contract for a home in Orwigsburg, PA on Nov. 7, 2005. We have since received a loan denial letter and have requested that a sales release be signed so we can get our deposit money back. The seller refuses to give us our money back. We received the loan denial on Dec 23, 2005. Our mortgage commitment date was Dec. 26, 2005. The seller is saying they are not returning our money because we did not file a mortgage application within 10 days of signing the contract (per the contract, this date is negotiable and our broker is responsible to help us with the mortgage process) . Our realtor told us we had until Dec. 26th to obtain financing and give a copy of the commitment to the seller. We feel the seller is being ridiculous. What can we do to get our money back since we did get a legit loan denial?? Any help is greatly appreciated.

Our realtor told us we had until Dec. 26th to obtain financing and give a copy of the commitment to the seller.

This is irrelevant.

Tell us EXACTLY what your written contract said.


Orwigsburg? Sounds horrible!

[daisyyvette]

Per the contract, Mortgage commitment date: Dec 26, 2005. Buyer has until this date to supply the buyer with a mortgage commitment. If the seller does not receive one by this time, the buyer and seller agree to extend the commitment date until buyer can obtain a mortgage commitment.

That is what the contract says for that clause****************************.

[daisyyvette]

Originally Posted by seniorjudge

Our realtor told us we had until Dec. 26th to obtain financing and give a copy of the commitment to the seller.

This is irrelevant.

Tell us EXACTLY what your written contract said.


Orwigsburg? Sounds horrible!

I posted what the contract said by accident instead of replying directly to you. Either way, it says that Dec 26 is the date we had to submit a mortgage commitment to the seller. If we didn't both buyer and seller agree to extend the date until we could****************************

[seniorjudge]

Originally Posted by seniorjudge

Our realtor told us we had until Dec. 26th to obtain financing and give a copy of the commitment to the seller.

This is irrelevant.

Tell us EXACTLY what your written contract said.


Orwigsburg? Sounds horrible!

Let me re-phrase:

Tell us EXACTLY what your written contract said if you did not get this financing by Dec. 26, 2005?

You said in your reply post: "If we didn't both buyer and seller agree to extend the date until we could...." Thus, since you did not do that, then you are in default and the seller can keep the dough.

But tell me if your contract says something different.

[daisyyvette]

Originally Posted by seniorjudge

Let me re-phrase:

Tell us EXACTLY what your written contract said if you did not get this financing by Dec. 26, 2005?

You said in your reply post: "If we didn't both buyer and seller agree to extend the date until we could...." Thus, since you did not do that, then you are in default and the seller can keep the dough.

But tell me if your contract says something different.

Okay, here is what I sent my realtor regarding what the contract reads:

First, per the contract under the Mortgage
> > contingency, it reads that while the mortgage commitment date is December
> 26th,
> > if a mortgage commitment is not presented to the seller by that time, the
> buyer
> > and seller agree to extend the mortgage commitment date until seller
> terminates
> > with a written notice. > > Secondly, per the terms of the financing, the loan we are to receive has to be
> a
> > conventional 30 yr loan on one mortgage. The documents that Helene sent me
> were
> > a 2 loan deal (80/20 loan), therefore, because we were unable to secure the
> > terms on the contract, we were able to go to a responsible lender of our
> choice (per the contract).
> > When we did, we received a loan denial which can be used. Finally, the contract reads that if the agreement is
> > terminated pursuant to the above guidelines, or a mortgage can not be
> obtained,
> > we are receive ALL of our deposit monies and the contract is VOID.
> >

> > I hope this helps with your help for me******************************************....

[Ohiogal]

Originally Posted by daisyyvette

Okay, here is what I sent my realtor regarding what the contract reads:

First, per the contract under the Mortgage
> > contingency, it reads that while the mortgage commitment date is December
> 26th,
> > if a mortgage commitment is not presented to the seller by that time, the
> buyer
> > and seller agree to extend the mortgage commitment date until seller
> terminates
> > with a written notice. > > Secondly, per the terms of the financing, the loan we are to receive has to be
> a
> > conventional 30 yr loan on one mortgage. The documents that Helene sent me
> were
> > a 2 loan deal (80/20 loan), therefore, because we were unable to secure the
> > terms on the contract, we were able to go to a responsible lender of our
> choice (per the contract).
> > When we did, we received a loan denial which can be used. Finally, the contract reads that if the agreement is
> > terminated pursuant to the above guidelines, or a mortgage can not be
> obtained,
> > we are receive ALL of our deposit monies and the contract is VOID.
> >

> > I hope this helps with your help for me******************************************....

WEll that is paraphrased and paraphrasing does not help. Exact language is necessary. Based on what you printed exactly, you didn't extend, therefore as you were told by Seniorjudge you breached. Unless your contract specifically states a conventional mortgage, you said you received paperwork on an 80/20 which may have been a commitment. You were able to get financing, just not financing of your choice. So you now need to extend the date until you get a commitment or you breach. You don't just walk away with your money.

[daisyyvette]

Originally Posted by Ohiogal

WEll that is paraphrased and paraphrasing does not help. Exact language is necessary. Based on what you printed exactly, you didn't extend, therefore as you were told by Seniorjudge you breached. Unless your contract specifically states a conventional mortgage, you said you received paperwork on an 80/20 which may have been a commitment. You were able to get financing, just not financing of your choice. So you now need to extend the date until you get a commitment or you breach. You don't just walk away with your money.

The contract did specify a conventional 30 year mortgage on one loan**************......