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deposit money

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chiefron Guest	Posted: Fri Apr 15, 2011 6:06 am    Post subject: deposit money Like 0 Dislike 0 3 DAYS AFTER SIGNING A SALES AGREEMENT WITH A CONTINGENCIE CLAUSE INCLUDED, MY MORTGAGE APPLICATION WAS DENIED. I SIGNED A RELEASE FORM, BUT THE SELLER REFUSE TO SIGN IT BECAUSE HE WANTS THE DEPOSIT AS DAMAGES DUE TO MY FAILURE TO GET PRE-APPOVAL FOR THE MORTGAGE BEFORE I SIGNED THE AGREEMENT. I SAY NO, DUE TO THE CONTINGENCIE CLAUSE, BUT HE INSISTS ON MEDIATION???? IT DOES HAVE A MEDIATION CLAUSE, BUT THE SELLERS REASON FOR DISPUTE IS NOT WITHIN THE AGREEMENT PARAMETERS. HE INSISTS I SHOULD HAVE HAD A PREAPPOVED LOAN BEFORE I SIGNED THE AGREEMENT, BUT THERE IS NO BASIS OR AGREEMENT FOR THAT STIPALATION. I LIVE IN SOUTHERN MARYLAND AND THIS IS OVER 25O MILES AWAY AND WOULD BE A BURDEN TO US, WE ARE BOTH OVER 60 WITH HEALTH PROBLEMS. THIS IS CASE OF THE SELLER TRYING TO PUNISH US FOR FAILURE TO GET A LOAN. WE WERE AS SHOCKED AS ANYBODY AND I EVEN APPEALED THE MORTGAGE WITH MY CREDIT UNION TO NO AVAIL. I HAVE OWNED MY CURRENT HOME FOR OVER 13YRS WITH NOT PROBLEMS. CAN I BE COMPELLED TO MEDIATE?? THIS MEDIATION IS BY A CONSORTIUM OF REAL ESTATE ARENCYS?/ _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Apr 15, 2011 8:08 am    Post subject: Like 0 Dislike 0 Chiefron, do you have an attorney to whom you can pose this question? That's your best bet to come to a resolution, I believe. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
jimgilly Community Expert Joined: 28 Jan 2010 Posts: 145 Location: USA 36.21 Dollars($)	Posted: Sun Apr 17, 2011 2:38 am    Post subject: Like 0 Dislike 0 George is right. This is a legal question that requires professional legal advice and not the opinion of someone who may be unqualified to provide you with the correct answer. However, if you are still interested in purchasing another property, provide more details regarding the reason why you didn't get approved for the loan and maybe we can help you in this area.

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