What is the name of your state? FLORIDA
We gave a home builder (a large national company) a deposit and one way we're entitled to getting it back is if we don't qualify for the mortgage. Well, I am a stay at home mom and my husband was out of work for over 3 months, he is going to start a new job at the beginning of next month. The house was supposed to be ready in January, and now they're telling us it will be ready by early October.
There's no way we can come up with the closing costs, let alone the down payment, having gone through most of that money. We were pre-qualified, based on a large savings account and a nice salaried job - both are no longer applicable.
We called the builder - tried to do the right thing b/c we chose certain upgrades so now they wouldn't have to add those - to tell them we want out. Well, they said it doesn't matter b/c we won't get our deposit back! I said the contract says if we won't qualify for the loan we are entitled to get it back. They said we WERE approved for the loan. BUT even the loan papers read "this is not a loan approval. Loans are based on supplemental documents (ie financials, pay stubs, etc).
So they are keeping our deposit, which I think is a crock. What do YOU think? Do we have any recourse??? We've dealt with customer service and the mortgage loan office.
-LK
We gave a home builder (a large national company) a deposit and one way we're entitled to getting it back is if we don't qualify for the mortgage. Well, I am a stay at home mom and my husband was out of work for over 3 months, he is going to start a new job at the beginning of next month. The house was supposed to be ready in January, and now they're telling us it will be ready by early October.
There's no way we can come up with the closing costs, let alone the down payment, having gone through most of that money. We were pre-qualified, based on a large savings account and a nice salaried job - both are no longer applicable.
We called the builder - tried to do the right thing b/c we chose certain upgrades so now they wouldn't have to add those - to tell them we want out. Well, they said it doesn't matter b/c we won't get our deposit back! I said the contract says if we won't qualify for the loan we are entitled to get it back. They said we WERE approved for the loan. BUT even the loan papers read "this is not a loan approval. Loans are based on supplemental documents (ie financials, pay stubs, etc).
So they are keeping our deposit, which I think is a crock. What do YOU think? Do we have any recourse??? We've dealt with customer service and the mortgage loan office.
-LK