• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Escrow Deposit Refund

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

P

pmurph

Guest
I had an escrow fall through because of some credit conerns that did not meet FHA lending criteria. I was prequalified but a later credit check revealed some credit questions the first one didn't. These credit issues were the result of a third parties failure to do "their part". The seller is now threatening to sue me unless he can keep the deposit. I (and my lender and agent) see no reason for him to keep the deposit since I did meet FHA guidelines (which inturn would nullify the escrow instructions) and since I did not "back out" or cancel just for any reason. Any ideas or thoughts on this? Thanks
 


B

BettyB

Guest
Sure. The agreement you signed with the escrow contained conditions -- probably stating you could get the money back if you report that you could not get a mortgage within 60 days. If you didn't, and did report, you're entitled to the money back. If you told him on day 61, you have a problem....
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top