Your Questions About Check My Mortgage Loan

Richard asks…

Buyers paid earnest money with stopped check, held the property for 2.5 months and now they are walking away?

I had buyers to a property I was preparing to sell. They signed an agreement and they begged me not to cash the earnest check because they were getting mortgage for the full amount. I did hold the earnest check for 2 months.

Everything passed, inspection, appraisal, their loan, everything was set.

5 days before closing they informed me that the closing company has a problem with the title and it will be fixed in couple of weeks (the closing was scheduled for June 24th). Two days later they asked to move at once to my property before closing. I said while I am not obligated to do so, give me a week and I will be glad to help.

Note.. all communication were documented

The buyers a day later said they will postpone the closing for a month, to which I agreed. but then a day later they sent a message stating they are walking away from the deal because of the delay

When I tried to cash the earnest check it bounced back

The closing company informed me that they worked out the problem and they are ready to close. Only problem is that the buyers changed their mind and don’t want to close fr no reason.

The sales agreement states that I have 30 days to cure any problem with the title, and it was cured in under a week ( a typo on my deed), yet the buyers are insisting that they will walk away

The buyers spray painted my front steps without my knowledge when they were scheduled to close on the property and now I have spray paint all over my brick wall and steps and rail.

The buyers paid the earnest money ($2000 with a stopped check) thinking it will allow them to walk when ever they feel like it

The buyers held the property for close to three months and now they don’t want to close because their own closing company delayed the process by two weeks

Am I entitled to sue them over the earnest money, damages to the property and bank fees for the bounced check?

Thank you greatly for your help
They were approved. The house was appraised for much more than I was asking for. We were 4 days from closing when they informed me that there was a typo on my original deed and that their closing company was working on it. The closing company fixed the problem in under 2 weeks. Yet they just want to walk away now and since they paid the earnest with a stopped check they thing they can get out of the deal easily. The sales agreement states that if there were a problem with the title I have 30 days to cure it. The typo took less than two weeks to cure. Now that they damaged the property, held it for almost 3 months they want to walk away. Please help.. I am both shocked and desperate for answers. What to do
I wanted to add that the buyer was a former student of mine, that is why I trusted them with the check thing. I was not being stupid. I was getting ready to list it when they came to me and said they want to buy it (she and her fiancee). I really was not being cheap.. Just too trusting I think 🙁

admin answers:

I’m truly sorry this has happened to you and just know that there are a lot of Sellers this is happening to as well. But as usual, it is not only “Buyer Beware” but a very much needed “Seller Beware” when it comes to a For Sale By Owner such as this. If you had an agent, then there is more to this than meets the eye.

Although you had a signed contract, the Earnest Money Deposit should have been put into an Escrow Account. Second, it is not a good idea to let a buyer move into the property that you still own. In your case, you were being very nice but the buyer ran all over you in the process. When a Buyer wants to run the transaction, Sellers really need to be on their toes and figure out why. Usually a Buyer who does that has an ulterior motive even when they seem to be the nicest.

You can take them to Small Claims Court and not only sue for the $2,000 Earnest Money Deposit (which would be considered Liquidated Damages) but also for the three months they lived there rent free and for property damage. You can also ask for court costs. Make sure that when you go to file at the courts you have all the documentation including phone calls, dates, times, who you spoke with, emails, notes, requests made,etc. This will help you prove your case.

If there were any agents, Realtors involved you can also sue them for damages but make sure you send a Certified Letter to all parties involved so they will have to sign saying they had received. You can sue the Buyers agent/Realtor and Buyers Broker, send a certified letter to the Board of Realtors which will also investigate and if they find something they can either put a complaint in each of the agent and brokers files, fine both the agent and broker, suspend the license of the agent and or broker or even revoke licenses. This is considered fraud so be very aware of what you are getting into. You can ask the paralegal in the self help division of the court where you live if you can not afford a real estate attorney.

Both parties (Buyers and Sellers) entered into a legal and binding contract.

Paul asks…

NEED SOME HELP WITH A loan modification fraud CALLED PARADIGM PROPERTY?

MY MOTHER RECENTLY PAID A loan modification COMPANY 2.500$ TO HAVE HER HOUSE PAYMENT REDUCED AND THEY NOT ONLY TOOK HER MONEY BUT THEY ALSO MESSED UP HER CREDIT AND I CHECKED IN WITH MORTGAGE COMPANY AND IN THE 3 MONTHS THEY NEVER CALLED OR EVER CONTACTED HER MORTGAGE COMPANY TO ATEMP A SETTLEMENT … WE JUST NEED TO KNOW WHO DO WE CONTACT FOR HELP WE WENT TO A LAWYER BUT HIS CHARGEING 2.200$ WERE IN LAS VEGAS NEVADA …

admin answers:

Try the state Atty’ generals office

Charles asks…

using fake check stubs and w2?

my friend used fake check stubs and w2 to get a 40,000 loan from a mortgage company to buy a house,and did not get caught,just wondering how this got thru the cracks,also he did not have someone on the inside to help him

admin answers:

Oh don’t you love dishonest people? It makes it harder for those that are honest to get anything.

I don’t know how he did it..but it will catch up with him….things like this do. It is called FRAUD! It is punishable by fines and jail.

I hope you have more character than your “friend”…..he doesn’t’ sound like he could be trusted with much…….once a liar and thief….always one.

Chris asks…

Approved mortgage but afraid i will get turned down now.?

ok well they know it is on my credit but for some reason they reposted it after i applied for a mortgage. my income has not changed and i have not opened any new line of credit. i even gave them a letter of why it got repoed (they wanted that.). but now my score dropped to below 600. I should still get the loan if they already approved me correct even if they check my credit befor closing again.

admin answers:

No, with your score below 600 you aren’t getting a loan.

They keep checking, up until closing. Your drop disqualifies you.

Donna asks…

My family was cheated by an asuran .We mortgage our property and get from him four lakhs and five times regist?

My family was cheated by an asuran .We mortgage our property and get from him four lakhs and five times registered mortgage loan.2001-2003. In addition we gave him power of attorney,and a sale deed for 4 lacks to his wife on the same date as wellas security five blank cheque also. He misuse his power to transfer the property to his wife31/3/2003 and filed a criminal case against my brother with the five blank cheques. We cancelled the sale deed on the date 21/5/2003 in between he pay the full stamp duty sec 47a at 3/9/2003. Is the sale deed valid? He had no right to pay the incomplete stamp duty. Is the sale deed valid? We published it in a newspaper and send him lawyer notice also. We filed against him a civil suit of fradulent transaction in 2003. Since 2003 my young brother has been suffering with the cheque case which he gave on behalf of my family. He is innocent. He is suffering in the hands of law for the past nine years. The additional sub court enquired the civil case and gave verdict in favour of the asuran. Innocent people and those who unaware of the law and it loopholes suffering like me. Now I have appealed to the District Court against the lower court judgement. I ask the entire Indian Law community to answer my question.
I want to get back my property. I want my brother come out from the iron chain of sec 138 negotiable act dishonour of cheque case. I want the asuran must be punished by law and his criminal business to steal others property with the help of law loopholes must be stopped.
what should I do?

admin answers:

Civil suit to be filed paying court fee, which may be huge sum, for getting annulled the sale deed. Your lawyer will advise, if evidence with you is sufficient to successfully pursue a case like this.
Section 138 NI Act cases are to be defended. You may take the contention of ‘lack of consideration’ as defence, while cross examining the complainant’s witness but you should also be able to lead evidence on behalf of the accused.
From the language and drafting of your questions, and panic perceptible in repeating the same matter umpteen times, you do not appear to be capable of being a witness for the accused. If necessary, get yourself evaluated by your lawyer as to your capability of withstanding cross examination.

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