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November 24, 2007
Litigation...my mortgage clause expired and now I am screwed!!
I did not get a mortgage in time as the whole mortgage bust happened, but I have been pulled along by my mortgage broker thinking it would happen...now 3 months later I am being told that my mortgage clause expired and I will lose my downpayment unless I get a mortgage. I had been thinking that I could pull out as I had not gotten a mortage...any advice?
Comments
call more brokers
Posted by: guest at November 24, 2007 5:28 PM
So what is your question? Are you being denied a mortgage? Do you WANT to back out of the deal?
Posted by: guest at November 24, 2007 5:34 PM
So you're saying that you screwed over the sellers by dragging your feet into the end of the year and now you want your money back? Good luck.
Posted by: guest at November 24, 2007 5:52 PM
My advice is get a mortgage.
Posted by: guest at November 24, 2007 9:49 PM
Didn't your lawyer have a mortgage contingency put into the contract???? You should check this out, since it's my impression that it's pretty common for buyers to insist on having one of these in the contract.
Posted by: guest at November 24, 2007 10:08 PM
10:08 read the OP. The mortgage contingency period has EXPIRED.
Posted by: guest at November 24, 2007 10:14 PM
don't be a nasty prick. my bad. *sshole.
Posted by: guest at November 24, 2007 10:19 PM
don't be a nasty pr!ck. my bad. @ssh0le.
Posted by: guest at November 24, 2007 10:20 PM
wow.uncalled for.
Posted by: guest at November 24, 2007 10:24 PM
My understanding is that, if you make a "good faith effort" to get a mortgage, you should be able to get your deposit back.
Of course, it depends on the terms.
Posted by: slick at November 25, 2007 3:44 AM
Maybe you can get a co-signor?
Posted by: BedStuyGal at November 25, 2007 9:45 AM
talk to the sellers, you know what your situation is. if you truly cannot get a mortgage you are going to need a co-signer or a lot more money to bring to the table - otherwise there is a real good chance that you will lose your deposit.
at the very least your lawyer could possibly negoiate and get some part of your deposit back.
good luck. and try as many angles as you can.
Posted by: guest at November 26, 2007 3:33 AM
Were you dealing with Wells Fargo?
Posted by: guest at November 26, 2007 1:33 PM
The seller is probably NOT going to want to lose you, in this marketplace. So they'll probably want you to get a mortgage.
Our mortgage broker, Wendy Williams at NY Mortgage Co (Tel: 212-634-9423) was able to help us with some creative number crunching. It takes FOREVER though.
There's got to be someone out there who'll give you a mortgage. What about LendingTree.com or something? Less than ideal, but you're in a bind now....
Posted by: guest at November 27, 2007 5:18 PM
Do your self a favor and call a bank directly.. Call this guy Brian cohen at 646 584 8009
Posted by: guest at January 6, 2008 10:59 AM
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