 Getting Deposit Back?
What is the name of your state?FL
Due to a condo conversion, my apartment(1BR/1BA) was offered to me at $140,900 requiring a 5% deposit($7,045) with sale agreement. After deposit made and agreement was signed, I was told that I had 15 days to be able to withdraw from contract or would forfeit deposit by withdrawing after 15 days(7/15/05). I contacted a mortgage broker, told him of deposit and conversion, whom pre-qualified me by phone, but needed income docs and credit report to be sure there would be NO problems with mortgage going through. I provided such documents and was told it would be NO PROBLEM. I was mailed a letter of pre-approval and application, which was completed and returned with other necessary documents(bank statements, SS#, etc). Scheduled closing was set for 8/10/05. On 8/4/05, mortgage broker contacts me stating that my app was under the banks review due to my 2003 income($9,000), which was from unemployment. I had already explained this, and provided such docs prior to 7/15/05(deposit deadline). On 8/8/05, the mortgage broker tells me that the bank has given me 3 options to be able to proceed with the mortgage, #1 Co-Signer, #2 10% down payment($14,090), #3 hold 'til Jan.(incurring $100 a day fees, approx $15,000). NONE of these options are possible for me, and my development has reminded me that I will forfeit my deposit if I withdraw from the contract, and do not purchase my unit.
What can I do, if anything?
Is this legal? | 
08-10-2005, 06:25 AM
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