Megan asked:
My boyfriend and I could not get approved for a loan on a home together so we decided not to go through with buying a home just yet. We put a stop payment on our check for the earnest money because the contract we signed saying we wanted to build a home (not a final paper or anything) had both of our names on it and we told them he had bad credit and they insisted that we put both names on it and if things didnt go thru we would sign again w/o him. So my question is, it has been 4 months and I have not heard from them, are they going to sue me because I cancelled that check? I told the lender, who is contracted thru them that we wanted to back out since we could not both be on it. She told them. I dont want to call them cuz I dont want them calling everyday or try to get me into a house by myself. Thanks for any knowledge.
bad credit lenders
My boyfriend and I could not get approved for a loan on a home together so we decided not to go through with buying a home just yet. We put a stop payment on our check for the earnest money because the contract we signed saying we wanted to build a home (not a final paper or anything) had both of our names on it and we told them he had bad credit and they insisted that we put both names on it and if things didnt go thru we would sign again w/o him. So my question is, it has been 4 months and I have not heard from them, are they going to sue me because I cancelled that check? I told the lender, who is contracted thru them that we wanted to back out since we could not both be on it. She told them. I dont want to call them cuz I dont want them calling everyday or try to get me into a house by myself. Thanks for any knowledge.
bad credit lenders
#1 by Landlord on January 2, 2010 - 3:55 pm
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The earnest money is theirs to keep. You gave it to show that you were “earnest” in your desire to purchase. In exchange they have not been trying to sell the house for the last 4 months.
Expect a law suit and possible criminal charges for fraud as you canceled the check without legal cause.
#2 by P J on January 3, 2010 - 9:20 am
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Create a video blog…instantly.
Without seeing the exact wording on your contract none of us can tell you if you illegally put a stop pay on the check or not. It directly depends on what contingencies were put into your contract.
#3 by Chuck92121 on January 5, 2010 - 7:43 am
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bad credit lenders
They will probably not sue you, since it is not worth the attorney fees for the small amount involved. If you were unable to get financing the check would have to be returned anyway. More than likely they have moved on and are trying to sell the house to some one how wants it and can get their loan approved.
#4 by newmexicorealestateforms on January 6, 2010 - 8:05 am
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bad credit lenders
I can’t tell you what is legal or not since chances are Im not licensed to practice law in your state so get an attorney in your state to help you. Usually nothing happens but if they incurred expenses due to the promises that you made and then broke you might be hearing from their legal counsel first.
If you can not afford an attorney you might want to check out this link
Free legal aid search for all states:
#5 by Katie M on January 6, 2010 - 11:07 am
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What state are you in? I’m in Texas, the way it works here is as long as you have a denial letter from your lender you should be able to get your money back.