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Old 03-31-2010, 10:16 PM
 
3 posts, read 2,716 times
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Hi all. I'm new here and almost in the same situation as all of you. My mortgage was decline by Alambry Funding a year ago and I have been trying to get my earnest money back. Is there anyone kind enough to list names of attorneys in the Charlotte area that can help? Thanks.

Moderator note: Posted in response to this thread in the Raleigh forum.

Last edited by Green Irish Eyes; 03-31-2010 at 10:30 PM..
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Old 04-01-2010, 07:50 AM
 
169 posts, read 274,969 times
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Never put down earnest money before being approved for a mortgage. You lost and an attorney would cause you to lose more.
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Old 04-01-2010, 09:11 AM
 
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Was escrow opened? If it was, I am assuming no one has access to the money and it is still in escrow?
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Old 04-02-2010, 01:44 PM
 
48 posts, read 161,239 times
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Save your money. Usually earnest funds are only 1% of the purchase price and an attorney would ask for more than that just for a retainer. Take them to small claims court. Let a judge hash it out.
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Old 04-04-2010, 10:53 PM
 
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Quote:
Originally Posted by golden phoenix View Post
Never put down earnest money before being approved for a mortgage. You lost and an attorney would cause you to lose more.

I was approved for the mortgage. Five months prior to closing I had some financial hardship and my credit score dropped some points. I was then disapproved for the loan.
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Old 04-05-2010, 09:14 AM
 
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You should have known that if a collection or lates were added to your report that your score would have fallen. 5 months is a long time in FICO realm. As I said have your ducks in a row which you didn't. Don't waste more of your money.
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Old 04-05-2010, 09:24 AM
 
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Quote:
Originally Posted by needmoneyback View Post
Five months prior to closing
Most closing are only a month long. If you tied up the property for five months, then maybe you owe them the earnest money.
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Old 04-05-2010, 09:57 AM
 
3 posts, read 2,716 times
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Quote:
Originally Posted by golden phoenix View Post
You should have known that if a collection or lates were added to your report that your score would have fallen. 5 months is a long time in FICO realm. As I said have your ducks in a row which you didn't. Don't waste more of your money.
Well, this was for a new home. The house was not finished yet. Contract was signed in Sept. and I was disapproved in Feb. The house was to be finished in June. Since I was disapproved by the lender the house has been sold to another buyer.

So from what you're saying, I have no rights to my earnest money?
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Old 04-05-2010, 11:24 AM
 
Location: Huntersville
1,852 posts, read 4,587,870 times
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It all depends on the how the contract was written. An attorney might be able to help with the interpretation of the contract. If it states that you being able to or not being able to get a mortage allows you to get out of the contract than yes you have rights to those monies. Otherwise, youl could try elsewhere for a loan. At worst work with the home builder and see if something can be worked out. They may have costs to recoup themselves.
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Old 04-05-2010, 04:57 PM
 
169 posts, read 274,969 times
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Most contracts are written that will void contracts after home inspection, but the customer should have known if he had bad things happen to his credit that the odds are he should have pulled out beforehand not wait and then be rejected. I am 100% certain that is a disqualification since everyone should be pre-qualified when they sign and fork over escrow doesn't matter if there was a delay in finishing the home. It is the customers responsibilty to keep track of his credit history not anyone else. When someone tries to game the system it turns out that they lose.
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