Linda, Home Buyer in 11971

want to know if i have legal recourse to sue mortgage broker who lost me my house by not asking for enough time for extension of contract...

Asked by Linda, 11971 Wed Dec 23, 2009

this foreclosure property we have a contract on and today it expires. our original contract was back in september and whatever could go wrong did. we have had several extensions. we are only days away from closing. our broker asked the asset mgr for a week extension...ending today.. I learned from my realtor she was offered more time but agent didnt think necessary. now we learn it is...we are going to lose house that is in contract for $140,000. the title co. has $40,000 of our money since september and now new listing mgt co. has a cash offer of $95,000 - an investor - and i'm told the bank will not give an extension to end of december but will take cash offer of $55,000 less when they know we can get the loan. would a lawyer be helpful at this point...maybe arbitrate with bank?

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Linda,

By all means get a attorney. But will this help you get the house? Will this help you? Once the house is sold to someone else, will you be able to get it because of your Mortgage Broker's error? Do what is in your best interests. Going after this could prolong the grief. I am not in your shoes, so I can't pretend to understand your anger and frustration. I know I would be pretty ticked off. Make sure you get your money back and then do what is in your best interests. If you can change the situation, by all means go for it, but do what will cause you the least grief in the long run.

Good Luck and hope things turn out right for you.

Genevieve Ramachandran
Punta Gorda Realty
http://www.puntagordarealty.com
0 votes Thank Flag Link Wed Dec 23, 2009
Linda-
If you have legal questions, you should contact an attorney. In many areas, they will not charge for a consultation and if they do, it is usually reasonable and worth the advice.
Best of luck to you,
Tracy Dougherty
0 votes Thank Flag Link Wed Dec 23, 2009
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