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KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 3750
Experience:  13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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i have just been denied for a usda loan so i have to end the

Resolved Question:

i have just been denied for a usda loan so i have to end the deal since i have no financing.now the realator is saying i wont get my earnest money back.she said because i have other options but all of these require money down which i cant afford.is this true that i cant get my money back?
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  KimberlyLaw replied 3 years ago.
Hello, I am happy to assist you today.

Yes, it is correct, if you signed a contract of sale, and it does not have a mortgage contingency in it, then you don't get your deposit back if you walk away. Even if there is a mortgage contingency, you have to show that you tried as many as possible banks and situations in order to try to get it back.

Check your contract for the details on the mortgage contingency. If you weren't sure you could get a mortgage, actually if you didn't already have a guaranteed loan, you should have definitely included that in the contract before giving them a deposit.

Kimberly
Customer: replied 3 years ago.
i got pre approved for this goverment usda loan which is 100%loanwhich now in the final process is denied.my agent never told me if this loan doesnt go threw that i would have to get another type of loan which would require money down i dont have.and i do have a financing contigencey.does she not have some responsability.if i new this detail i would not have proceeded.i asumed if i didnt get approved i get my money back and the deal is over.
Expert:  KimberlyLaw replied 3 years ago.
No, she doesn't have any responsibility. This is something your lawyer should have told you.

If you have the contingency, then you are going to have to keep trying to get a mortgage, and will have to prove that you did that in order to ask the escrow agent to release the funds to you. You might end up in court over this, because they expect you to make this work, even if you have trouble.
Customer: replied 3 years ago.
so basically hiring an attorney to get money back wont help i either accept the loss because i will probably get approved for another type of loan but it will require a large down payment (i cant afford)so no other avenues you could suggest
Expert:  KimberlyLaw replied 3 years ago.
Yes, basically that's the situation. Even if you have to put down a downpayment that you can't afford, you have the obligation to do that or else you will lose the deposit. Or you can walk away and lose the deposit.

If you want to hire a lawyer to help you, you can try to fight this, but you will still have to prove that every major bank denied you a loan.
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 3750
Experience: 13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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