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Lender Backed Out |
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I deposited $15,000 toward purchase of new home with the acceptence of a mortgage lender. Lender backed out because of no more 100% loans and now the builder refuses to return my deposit. What are my options? |
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If "with the acceptance of a mortgage lender" means that your contract was contingent upon your receiving financing, you may be entitled to the return of your deposit. It probably depends on how that contingency was worded, whether, for example, it specified 100 percent financing. At any rate, it's worth taking the contract to your own real estate lawyer to find out. |
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Edith
Originally published on September 28, 2007 |
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