What is the name of your state (only U.S. law)? GA
We purchased a house in April for build. We submitted our incomplete loan applictaion to the builder's loan officer, thinking that was just a preliminary collecting information. But they claim they approved our appliction soon. We ignored that and later found another loan officer who gave us better terms. Unfortunately our loan application was denied due to the series financial disasters happend after the purchase. However, the builder refused to refund our earnest money saying that only if the builder's loan officer denies our application, then we can get our earnest money back. But the federal law specifically states that consumer has the right to shop around and choose whatever loan officer he/she prefers and nobody can deny that right. Isn't the builder's claim in violation of this federal law? Also in the purchase contract it only says that in the event that our mortgage application is denied, we can get our full earnest money refund, nowhere in the contract says that our mortgage application must be denied by the builder's loan officer.
Do you think we're entitled to our refund? What's the chance of getting it back? Can we get it back from small claim court? Do we need to hire a laywer?
We purchased a house in April for build. We submitted our incomplete loan applictaion to the builder's loan officer, thinking that was just a preliminary collecting information. But they claim they approved our appliction soon. We ignored that and later found another loan officer who gave us better terms. Unfortunately our loan application was denied due to the series financial disasters happend after the purchase. However, the builder refused to refund our earnest money saying that only if the builder's loan officer denies our application, then we can get our earnest money back. But the federal law specifically states that consumer has the right to shop around and choose whatever loan officer he/she prefers and nobody can deny that right. Isn't the builder's claim in violation of this federal law? Also in the purchase contract it only says that in the event that our mortgage application is denied, we can get our full earnest money refund, nowhere in the contract says that our mortgage application must be denied by the builder's loan officer.
Do you think we're entitled to our refund? What's the chance of getting it back? Can we get it back from small claim court? Do we need to hire a laywer?
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