Legal Question in Real Estate Law in Arizona
legal recourse against finance company
My husband and I packed up our lives, horse and home to move from Vancouver, WA to Arizona on the premise that we were 100% financed for buying a house. We signed and the finance paperwork and also signed a purchase contract and returned via fax before we left. We were guaranteed to sign as soon as we got here. Before we ever left Washington I talked to the finance company to verify that and they said yes. When we got down here they said they needed additional papers, which we had already provided before we left. We also signed the title papers but then they told us we were denied. Do we have any legal recourse to take against the mortgage company? My husband cashed out his 401k for the move. Since we did not get the property, our horse was boarded at the vet's property and since it was not a regular boarding stable we were not able to exercise her on a regular basis and yestersday had to put her down because she developed a severe case of colic and we could not afford the surgery. What recourse do we have against the finance company.
2 Answers from Attorneys
Re: legal recourse against finance company
Your message says you were guaranteed to be able to sign papers when you got here, but does not state that you ever received a formal approval of your application, and apparently you received no written approval. Therefore, there are not enough facts here to give an opinion as to recourse. Perhaps you should seek an in-person consultation with an attorney familiar with real estate financing procedures.
If you were here, why were you not able to exercise your horse?
Good luck,
James D. Jenkins
Re: legal recourse against finance company
You have not provided enough information to render an opinion about your rights against the mortgage company. First, I do not know if you were dealing with the actual lender or if you were dealing with a mortgage broker. Second, I don't know if you had received a written loan committment from the lender. You may have a claim for breach of contract or you may have a claim for negligence or you may have relied upon what you thought was a guarantee, but in fact, there was none.
Your loss of your horse does not appear to be the direct result of your loss of the mortgage, so you would not be able to recover those damages in your claim against the mortgage company.
If you would like, I would meet with you for a consultation, to review your paperwork and to learn the chronology of what transpired, who the various people were that were involved in this case and to learn what guaranty you received and from whom. My fee for the consultation is $200, the consultation usually takes one to two hours.
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