Question:

Real Estate fraud?

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A few months ago I was trying to buy a home but the lender could'nt come thru with my loan in time ant now I'm out of my 2000.00 deposit.I think this is fraud. What government agency do I call for help?

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  1. Consult a lawyer first.  If you couldn't obtain financing then your earnest money should be returned provided that you had a contingency clause in your purchase offer to that effect.  Even your realtor should be able to tell you that.  Why was it not returned?  No contract?  Or it isn't in your contract?  Ouch!  Talk to a lawyer.  There really isn't an agency you can go to because this is a civil matter and not criminal.  Did you exceed the time limit for obtaining financing?  And you did not cancel the contract?

    Too much info is missing here.  Start with your realtor and then go see a lawyer.


  2. Their  are lot of online agencies offering legal help , you can try them . following is the link for one

  3. Contact a lawyer right away and sue you can get the house for free

  4. Was the contract contingent on you getting financing?

    Our contract is written that it is contingent on buyer receiving a loan approval.  However, if they fail to settle for any reason, they lose their deposit.

    I would talk with a lawyer.

  5. There is no fraud involved here.  The lender inability to get the loan approved has nothing to do with your real estate contract to purchase.  You should have allowed yourself more time to close than you did.  Apparently you cut that time frame too short in your purchase contract, and then could not fulfill what you signed.

    Sorry, but that's the way it works.

  6. You can file a complaint with the Federal Trade Commission.

  7. The answer would depend on why the loan couldn’t be processed in time.

  8. assuming you used a Realtor to prepare your purchase agreement, you should have been protected in this eventuality. You did use a Realtor, right?  

    Write a letter to the brokerage and ask for a written explanation of how your Earnest Money was left at risk to forfeiture.  ask them to detail a time line of their actions or in-actions and their "Written Warning" to you that YOUR lack of action would place your deposit in jeopardy.  

    With this you should have a paper trail for your next stop, the R.E. Attorney's office.

  9. here is YOUR problem -- you did not make final approval from underwriting as a contingency of sale. A pre approval in this market says nothing as yo may have been pr-approved and that program changed before the loan officer could submit the file. Look at your pre-approval letter and see if the loan officer didn't protect himself with wording of final underwriting approval. If that is the case yo can ask him to refund but you haven't a leg to stand on in court
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