06 Nov 09 Would I be in default if I haven’t secured a mortgage commitment yet? (for legal professionals to answer)?
Tags: Bankruptcy Chapter, Banks, Legal Professionals, Mortgage Commitment, New York State, Real Estate Sale, State Contract
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have not been able to, as in didn’t try? or tried and were turned down? if you tried, just contact the lender that turned you down and get a letter faxed to the seller that confirms it. keep a copy for yourself as well, so you can use it to claim the deposit.
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You will certainly lose your deposit. Securing financing should have been your first step. You can’t be in default, because you haven’t purchased anything yet. But that’s what the deposit is for, so that the seller gets something for the trouble of having to put the home back on the market.
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Regardless if it is a New York State contract, what was being written and signed by both Buyer and Seller is bindable by law.
In your agreement, it would clearly stipulate when is the day of the contract’s expiration for you to acquire a mortgage.
And yes, you are certainly well to lose your deposit.
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From what you say, the contract gave you 30 days to either find financing, or notify them in writing that you have not been able to do so. If that is a correct understanding of the language, then you are in default.
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if you don’t understand the terms of a contract you signed, then hire an attorney to tell you.
no one here can offer you what you ask, which is real legal advice you can rely on. we can give general advice and discuss topics in general, that is all.
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