Need some help/info

[NMiller]

We applied for a VA loan and were pre-approved. We put an offer on a foreclosed house but the listing agent said we had to go through Countrywide. We got pre-approved again but then the agent said we had to get the loan through Countrywide. We did everything they asked for, but after two months of waiting (we were renting a house and the landlord went into bankruptcy, so there was some urgency) we were not approved (I am a 1099 employee with under 2 years). My question is, how do we get the bank to sign the escrow paper releasing our good-faith deposit money. About all I know is the owner is Bank of New York. Any help would be appreciated. FYI, the house now has another offer on it and it's been almost two months since we got the rejection letter.

[Moe Bedard]

I am so sorry for what you are going through.........

but, you would need to have your agent take care of that for you............we really don't have any information for something like this........we provide assistance on loan modifcations.

[Janeen]

First, you will definitely need to read your contract to determine if your deposit is refundable and under what terms does the deposit qualify to be refunded. If you truely qualify for the refund, you should provide the proper documentation in writing to the builder/lender or whatever company that is holding the funds & be sure to keep a copy for yourself. It's hard to advise you on exactly what to do because it is really based on the terms of your contract.

[Deforest Cooper]

NMiller,
That is really terrible that you are in this situation... but your realtor should be able to tell you right away if you get your money back or not, they are the one that had you sign the purchase contract. THey are the ones that are going to know the contigencies and the clauses in the contract. Usually there are boxes that you check one the contract that say whether or not you get your deposit back, and in what time frame. Usually you do not get your money back, but it depends what you signed?