Home purchase did not go through because loan denied, did not keep bank denial letter. Seller now trying to keep buyers deposit. What steps does?

Asked by Anthony, Westchester County, NY Sun Aug 7, 2011

seller need to take? I am the buyer?

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5
Annette Levi…, , New York, NY
Sun Aug 7, 2011
As everyone said you can get another copy from the lender.
The correct procedure is for you to go to your real estate lawyer with the denial letter. They contact the seller's lawyer, who will ask for a copy of the denial. If you had a mortgage contingency in your contract, the seller's lawyer would then issue a check to you.
0 votes
RPN New York…, Agent, New York, NY
Sun Aug 7, 2011
Speak to your lawyer. There may be specific notification requirements that must be followed in order to obtain return of your deposit. You certainly do not want to give seller any excuses to try to withhold your deposit. In this regard, even the date of the denial letter may have a bearing on your ability to get deposit back. Speak to your lawyer-that's what the lawyer is there for.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sun Aug 7, 2011
Like the others have stated, you need to request another copy of the denial letter.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
0 votes
Shanna Rogers, Agent, Murrieta, CA
Sun Aug 7, 2011
Hi Anthony,

Contact the lender you were using and request another copy of the denial letter. Have your Realtor forward this to the seller's agent and you should get your deposit back - as long as the financing contingency was still in effect.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun Aug 7, 2011
You nee dto get a new copy of that denial letter, contact your loan officer for another copy. WIthout it, there is no proof you were denied and teh seller can keep the deposit.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog for tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
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