Legal Question in Real Estate Law in North Carolina

Buyer needs to end contract

Hi I am a buyer and due to

complications with my mortgage

broker, i have decided to try and

leave the purchase contract.

Although my mortgage broker,

without my consent continues to run

my application for a loan. I found

out through the bank that the first

loan ran was declined, but i was

never informed of this. --name removed--another

loan was run through, and it seems

as though my mortgage broker will

not take NO for an answer. Is this

an illegal act my mortgage broker is

committing? Is my purchase

contract void due to the fact that the

first and second loan were declined,

even if the third (an unauthorized)

loan is approved? Please HELP!! I am

a first time home buyer and terrified

out of my wits now.


Asked on 6/01/07, 7:21 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: Buyer needs to end contract

Whether or not you can get out of the purchase contract is independent of your mortgage broker.

I would send your mortgage broker a letter demanding he stop and return any information he has to you. There may be agencies that have oversight that you can report him to as well.

The contract itself is between you and the Seller. It is extremely unlikely that you would ever be forced to buy a house. However, you could lose your earnest money and if the Seller was inclined, they might sue you for damages. Do you have a Buyer's Real Estate Agent you were working with? You should try to address any termination with him or her. If you have a closing attorney, he or she might be able to help you as well.

- Jeff

Read more
Answered on 6/04/07, 1:10 pm


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