will i get my earnest money back if my mortgage fails?

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1st time homebuyer..went to mortgage co.(had the “good Faith”) found a house, put my earnest money down. Now the mortgage co needs 3 lines of credit on my husband. if he dont have it, and the contract fails to go thru, will we get our money back? He has 3 lines of credit (barely), but having trouble getting the payment history. We were late on our cell phone pymt a couple times. Will that effect our mortgage loan too? so i guess i have more than one question for you. We are getting so frustrated.we want this house so bad. They are not doing it in my name because i am unemployeed at the moment. (had back surgery). we paid off all my husbands old debts, I think mine are to much for us to pay right now…if you can understand all this and answer all my Q, i would feel so much better..sorry we have alot of Q. thanks for taking the time to read all this, and any answers would really help…

  1. Reply
    santhosh k
    February 18, 2011 at 10:22 am

    I think no

  2. Reply
    February 18, 2011 at 10:48 am

    Your agreement of sale should specify under what conditions you would get your deposit back. If that does not clarify this for you….. then at some point (at least in New Jersey) you will need to consult an Attorney as it is a Legal Question and real estate practitioners are forbidden to “practice law without a license in the State of New Jersey.”

    Good Luck though!!!


  3. Reply
    February 18, 2011 at 11:13 am

    As to your earnest deposit: The ability to get the money back is found on your offer to purchase agreement language. Obviously your agent made the purchase contingent on financing (or it should of been done that way) which means that if you do not get the required financing you will get your deposit back and the contract to purchase becomes extinguished or if you will voidable.
    As to the loan process: Each lender’s requirement is different so don’t give up if one turns you down. However know that each time a lender requests your credit report your credit score goes down so you might want to go to the link provided and get your own reports to provide to other lenders just in case.
    Once per year free credit report from all three credit reporting agencies:
    Just to be on the safe side here are some links you should have
    Credit Dispute Reporting forms: http://www.gpoaccess.gov/cfr/index.html
    Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
    FDIC Consumers links for real estate and other information http://www.fdic.gov/quicklinks/consumers.html
    Buena Suerte

  4. Reply
    February 18, 2011 at 12:12 pm

    New Mexico answered the P&S part of it. You should have a financing contigency on it and you will get money back. As for your trade lines, it sound like they are asking for Alternitive trades. They can not have late payments on them so the one you mentioned will not work if you have been late in the last 12 months. Try daycare payments, utility bills, auto insurance payments, anything you may have auto deducted from your account….there are a lot of alternatives…dont give up!

  5. Reply
    February 18, 2011 at 1:00 pm

    You should be able to get the money back since everything is contingent on the financing. I don’t require 3 tradelines. Give me a call at 1-866-597-2968 x11 and I’ll see if I can beat the other guy.

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