QUESTION
My attorney never informed me that I had a mortgage contingency deadline date. How do I get back my down Payment of $31,000?
Asked on Nov 19th, 2011 on Real Estate - New York
More details to this question:
Was purchasing a property that did not appraise, so I was denied the mortgage. I Did not think there was a problem, until my attorney informed me that he forgot to advise me that there was a mortgage contingency dead line date for me to receive the mortgage commitment and we had gone over that date and he did not file for an extention.
He never informed me at the time of my signing of the contract that there was any such clause in the contract. This is a new condo and the attorney for the seller is not willing to negotiate. I would have to pay an additioonal $51,000 over the appraised value in addition to the down payment. This property would not be worth it. How should I go about getting back my money???
2 ANSWERS
General Practice Attorney serving New York, NY
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The Law Office of Walter Jennings, P.C.
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You need a new attorney. The contracts will have to be reviewed.I would need more informaiton including copies of contracts to be able to tell you if there is a possibility to recover or resolve this issue. I suggues that you do not wait any longer and find out what your attorney is willing to do with regard to the fact that he did not inform you. Put everything in writing, and keep copies. Send a letter to your attorney and ask him how he is going to make your "whole" under these circumstances, do not let him drag it out. If he doesnt come up with a good solution for you then seek other counsel.
Walter Jennings, Esq.
Law Office of Walter Jennings P.C.
Answered on Dec 02nd, 2011 at 1:19 PM
Matrimonial Law Attorney serving New York, NY
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Law Office of Gerry Wendrovsky
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It sounds like you will have to litigate to get same returned. The problem is that your attorney may have committed 'malpractice', in failing to request and obtain an extension to for you to obtain a mortgage commitment. You may consider advising your attorney to notify his malpractice insurance company of this issue, in writing.
Gerry Wendrovsky, Esq.- Upper West Side Attorney
www.upperwestsidelawyer.com
Answered on Nov 24th, 2011 at 8:25 AM