Posted on: 18th Dec, 2008 04:06 pm
We found a home that had been foreclosed on by countrywide, we want to buy it, made an offer and they accepted, we gave them a deposit and paid to have an inspection done, we secured our own financing and now countrywide tells us we have to apply through them even though this would be a cash deal since our investor has the money, has anyone ever heard of such a thing?
Is this legal? can they keep my deposit if i refuse to fill out an application with countrywide?
Is this legal? can they keep my deposit if i refuse to fill out an application with countrywide?
Hi kenandlisa!
Welcome to forums!
As far as I know, there is no such rule that you will have to take the mortgage from Countrywide. You can take mortgage from other lenders as well. But it may the policy of Countrywide due to which you will have to take mortgage from them.
Did you signed an agreement with Countrywide when you gave the deposit to them? If yes, then check out the terms and clauses of the agreement and see what steps they can take if you refuse to fill out an application with countrywide.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, there is no such rule that you will have to take the mortgage from Countrywide. You can take mortgage from other lenders as well. But it may the policy of Countrywide due to which you will have to take mortgage from them.
Did you signed an agreement with Countrywide when you gave the deposit to them? If yes, then check out the terms and clauses of the agreement and see what steps they can take if you refuse to fill out an application with countrywide.
Feel free to ask if you have further queries.
Sussane