Does a lender have the right to keep good faith deposit regarding a refinace, if you back out because they are taking too long?

Asked on September 11, 2012 under Real Estate Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Whether one loses his or her good faith deposit with respect to a refinance depends upon what the refinance agreement state son the subject and the reasons why the borrower decides to not go through with the contract.

Typically, a borrower cannot lose his or her good faith deposit on a refinace due to the lender's delay. I suggest that you carefully read your paperwork on the subject. Most likely the answer to your question will be there.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.