Getting Deposit Back

[playagirl]

I live in New York and my friend has a brother that works in a mortgage company in Orlando, florida.

He had what was supposed to be a good deal on some condos that he said would be flipped. So my friend and two family members and I decided to purchase condos. I sent $10,900.00 deposit in May 2005.

Nothing was happening and then finally in Oct. I got mortgage papers from the bank. When I started thinking about the monthly payments in case this didn't sell, I decided to back out. I couldn't afford to pay that and live here, and they seemed so disorganized. Then two days later I was denied the mortgage.

At that time, I was told in Oct, it would take 8 - 10 weeks to get my money back. It is now over 13 weeks.

I am told the condo people are having a cash flow problem due to them refurbishing the condo complex. They are waiting for some closings.

What can I do? Am I legally entitled to get my money back?

Any suggestions would be appreciated. It is hard not living in the same state.

[HomeGuru]

Originally Posted by playagirl

I live in New York and my friend has a brother that works in a mortgage company in Orlando, florida.

He had what was supposed to be a good deal on some condos that he said would be flipped. So my friend and two family members and I decided to purchase condos. I sent $10,900.00 deposit in May 2005.

Nothing was happening and then finally in Oct. I got mortgage papers from the bank. When I started thinking about the monthly payments in case this didn't sell, I decided to back out. I couldn't afford to pay that and live here, and they seemed so disorganized. Then two days later I was denied the mortgage.

At that time, I was told in Oct, it would take 8 - 10 weeks to get my money back. It is now over 13 weeks.

I am told the condo people are having a cash flow problem due to them refurbishing the condo complex. They are waiting for some closings.

What can I do? Am I legally entitled to get my money back?

Any suggestions would be appreciated. It is hard not living in the same state.

**A: you are going to need to sue for breach of contract.