Legal Question in Real Estate Law in Massachusetts

loss of deposit?

I have a tax extension filed for 08. the underwriters for a home loan want me to file the 08 returns in order to qualify for a loan. I do not want to file yet. the broker is saying I am losing my deposit because the loan is considered withdrawn. I believe its denied since I cannot meet requirements of 08 being filed. Who is right? I'm not legally required to file until Oct 08 and I have 10G deposit down.


Asked on 6/30/09, 7:32 pm

2 Answers from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: loss of deposit?

I assume that this was not a condition of the offer or P&S. I may be wrong. You should have somebody contact the underwrites, and review the signed documents.

If you need assistance, contact me.

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Answered on 7/02/09, 2:23 pm
Christopher Vaughn-Martel Charles River Law Partners, LLC

Re: loss of deposit?

You should probably speak with a lawyer immediately before you further jeopardize your deposits under the Purchase and Sale Agreement. Whether you have met the conditions of your mortgage financing contingency will take a reading of the documents.

Don't hesitate to contact my office. We charge a flat fee to represent buyers in a real estate transaction.

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Answered on 7/01/09, 12:53 pm


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