Q: process of purchasing a home ater giving us a conditional letter lender backed out, can escrow be refunded
Our contract was executed on January 19 to close in 45 days March 17. We had a conditional letter on 15 March and extend it to close on the 31st. We had a contingency on loan commitment FHA. They backed out on the 31st. Conditional letter stated that certain conditions need to be met in order for them to lend. does this mean we can still get escrow back?keep in mind our mortgage broker was a totally clueless that The first lender didn't fall through since the reason why we had to push for another lender and extend to close on the 31st. Mortgage broker had no idea that the first lender would put notes on file attached to the house and the second lender would see the attempt on the first lender. Now we may lose our deposit which was 4K. Some guidance please
A: Typically, the issue of whether you get a refund has to do with your contract with the seller and not necessarily with the lender. Whether you can get a refund will be dependent upon the wording of your contract. I suggest that you need to meet with a real estate attorney to get an evaluation after he or she reads your contract. I cannot venture a guess without reading the document.
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