Home Buying in 07514>Question Details

Connie, Home Buyer in 07514

My contract does have a mortage contigency clause. However I have tried several time asking my attorney what the cancellation fees are for and have

Asked by Connie, 07514 Tue Sep 15, 2009

response from him. I can't get a loan unless I have a co-signer which I don't. I don't know what else to do since I'm not getting no help from my attorney.

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Your attorney shold answer what this cancellation fee is.. I would not assume that the attorney means that your deposit is to be retained as a cancellation fee.

You should call your attorney again and again and agin if necessary and get an answer to whom this fee is going to, how much and why if you have a mortgage contigency clause in your contract.
1 vote Thank Flag Link Tue Sep 15, 2009
Connie,

I would ask . . . . (1) were you pre-approved or pre-qualifed before signing a contract for sale? (2) were you represented by an agent before signing a contract and did that agent review/solidify the preapp/prequal and advise you of the pro and cons of entering into such a contract based upon the approval (devoid of the non-existent co-signer?

I'd have to agree with the previous posters that at this point, it is a matter better addressed by an attorney. If your attorney is non-responsive, then send him/her a letter stating such and exercise your rights to seek alternative counsel without obligation and your need to receive an immediate response. If he/she continues to be non-responsive, then with this documented correspondence/coupled with his/her lack of response should warrant the need to seek alternative counsel devoid of financial obligation to your current counsel.

I apologize for any inconvenince this experience may have caused you.

Love and Peace,
Francesca, ePro, SRES
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Thu Sep 17, 2009
Connie, when you say cancellation fee, are you asking about your attorney's fee or your deposit? If you have the mortgage contingency clause, your attorney sedns a letter to other side saying that you are canceling the contract because you are unable to obtain financing and all deposit monies should be returned to you.
0 votes Thank Flag Link Tue Sep 15, 2009
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