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My home purcahse deal fell off of the Escrow due to non-approval of the loan, however I was pre qualified before I placed an offer. Now escrow company is saying that they will minus $750 from the original good faith deposit for their services as they completed their job. Are they allowed to do that? Additionally the mortgage company also charged $475 for the loan application and it was non refunadable in the event if I back out or cancel the loan before it closes. They were the one who pre-approved the loan and later denied it, are they eligible to retain the fee?
State/Country relating to Question: California Already Tried: Nothing
This issue will turn on the agreement you had with the escrow company and the mortgage company. Check your agreements and determine if it allows the retention of these amounts. You should demand an itemized list of services performed by these companies. Specifically, obtain copies of the work product as you allegedly paid for this work. If they cannot produce the work performed, then demand the full amount refunded.Thank youPlease click on the ACCEPT button for my answer so that I receive credit for assisting you. You may continue to ask follow-up questions after accepting. If the information is helpful, I would very much appreciate positive feedback. Bonuses are also appreciated. The responses do not create an attorney-client relationship and are informational only.
I did not sign an agreement with the mortgage company and neither the escrow company, can they say that a contract was formed when they started to process the loan requests. Thanks again
You signed a financing application which should contain an agreement. Demand an accounting of charges in response to the action of these companies. The financing application fee retention is typical. You should be able to negotiate with the escrow company here depending on what work occurred.Thank youPlease click on the ACCEPT button for my answer so that I receive credit for assisting you. You may continue to ask follow-up questions after accepting. If the information is helpful, I would very much appreciate positive feedback. Bonuses are also appreciated. The responses do not create an attorney-client relationship and are informational only.
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