How do I recover an escrow deposit on a defaulted real estate contract?
I had put down $55,000 on a condo in a Manahawkin, NJ developement by Kara Homes. Kara Homes went into bankruptcy and since they were unable to close on the unit they defaulted on the contract and I requested my escrow deposit back. This has been going on since March of 2007 and the local lawyer has yet to get any response from the escrow lawyer. How do I go about getting my esrow deposit back?
Many home buyers were stung when Kara went belly up. Unfortunately, we can't give you any better advice than your attorney.
Laura Giannotta
Keller Williams Realty - Atlantic Shore
When a company files bankruptcy like Kara did, all funds are frozen. Stay on top of things to make sure your request was submitted, but there is no guarantee. Good luck,
William F. Troy
Realtor Associate SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
1012 Cox Cro Rd.
Toms River, NJ 08755
Direct Dial (732)281-3067
Cell- (732)600-1570
Home- (732)961-0079
Fax- (732)557-6425
Home Fax- (732)961-0089
wtroy@veltrirealtors.com
http://www.veltrirealtors.com
"When only the very best will do!"
It may take you awhile to get your money back if at all. Once a corporation or business (in this case the developer) files for bankruptcy, all assets are frozen. The courts will decide how the money, if any, left in the company will be distributed.
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