Can we get our earnest money back if denied for loan due to job loss?
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Can we get our earnest money back if denied for loan due to job loss?
There is a contingency for the loan on
the contract, and the time has passed.
Husband lost job and he wont have 30
days of paystubs to give.
Asked on October 3, 2018 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, if the time for the loan contingency has passed, you can't get your earnest money back. Once you sign the contract, you are held to it except if there is a contingency allowing you to terminate it and get your money back and you 100% comply with that contingency's terms. Once a finance or loan contingency has expired, a failure to get a loan is not grounds to recover your earnest money.
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