Legal Question in Real Estate Law in Massachusetts

How long can a bank legally hold on to money for services not rendered? My husband and I had gone into agreement with a bank to carry our home mortgage. We ended up dissolving this agreement because they could no longer provide the services we were requesting and went with another bank. We had already given the original bank for a home appraisal which never took place. They had told us in the beginning of February they would refund this money to us but we still do not have it. Is it legal for the bank to hold our money this long?


Asked on 4/16/10, 7:18 am

1 Answer from Attorneys
Jonas Jacobson Law Offices of Jonas Jacobson

The bank should return the money in a reasonable time, if your agreement does not deal with dissolution. Obviously, you should look at your agreement and see what is says about any deposits following dissolution.

I am happy to discuss this problem with you, feel free to call my office: 617-230-2779

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Answered on 4/21/10, 10:13 am


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