Legal Question in Real Estate Law in New Jersey
Unable to obtain mortgage
Due to the credit standards, i could not get a mortgage. My wife and i were in contract to buy a house but nobody would by the loan. The seller is being a real pain an not releasing the money. We followed the contract to the tee.
They never received the mortgage commitment from us and never extended the commitment date, my real estate guy said the contract was null and void. Also, we did not get approved so that falls into the contract of the mortgage contingency. Also, they re-listed the house and in the description is states that its back up because the seller could not obtain financing. Is this a defamation of character?
What actions should i take? Should i go after the buyer for not following the contract? Should i go after the broker for defamation of character?
1 Answer from Attorneys
Re: Unable to obtain mortgage
Who is holding the deposit, the seller or an escrow agent? Did you provide written notice that you could not meet the mortgage contingency? The end result may be that you have to file suit for the return of your money, but you should first see a lawyer to review how the Contract is actually worded. Perhaps a letter from an attorney may get it back.
I don't see any defamation claim here.
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