Legal Question in Real Estate Law in Illinois
I provided a down payment to a hard money lender to start the process of appraising a home and qualifying me for a loan. I was originally quoted a close date of June 11. I didn't hear anything from them until 7/2. They don't want to give me my money back if I cancel this transaction. I should be able to get my money back because they didn't deliver as promised and I've lost the house. I'm just looking to see what my options are now.
2 Answers from Attorneys
No clue. There will be a lot of paperwork to review and a lot of questions. For an attorney to review the situation could easily be $500, and that's just for starters. Think about the application and any non-refundable fees. If you had a house under contract and lost out, you need to have an attorney review that situation as well. If you had no attorney helping you with the process, and/or real estate broker, that could have been part of the problem.
Your only other option if you've lost the house and the loan hasn't been approved, start over. Find a house, work with a broker, hire an attorney, work with a mortgage lender that has a good track record.
Have an attorney review your documents.
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