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.

Asked on 7/05/13, 1:52 pm

2 Answers from Attorneys

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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.

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Answered on 7/05/13, 2:40 pm
Sal Sheikh www.BetterCallSal.com
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Have an attorney review your documents.

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Answered on 7/06/13, 12:38 pm

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