Is there any way to get my money back?

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Is there any way to get my money back?

Since I had about a 9 month gap between graduating from college and getting a stable job in my field, I was concerned that this would be a problem for a lender. Logan McLoud reassured me that as long as I had a stable job with at least 30 days of pay stubs and meet the other requirements, which I do that it wouldn’t be a problem. Everything went smoothly from there found a house, made an offer, appraised and inspected. No problems. Then 3 days before closing Logan tells me they are denying my loan because of the aforementioned employment gap. Now my wife and I are out nearly $3000 in earnest money, inspection and appraisal fees. On top of that, we have to move out at the end of March, and now have nowhere to go. Logan admitted to me that they should have caught the issue early in the process but they overlooked it. I understand that they have the right to deny my loan but the timing makes me feel like they took advantage of me. Is there anything I can do to recoup the money I spent already?

Asked on March 14, 2018 under Real Estate Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

No, there is not. Because they had the right to deny you and you had no right to a loan, they could legally do this; you can't recover compensation from people or businesses doing what they are allowed to do. Further, you were aware that credit was an issue for you; therefore, it was not reasonable for you to rely or count on getting a loan, but should have waited to buy a home until you had a stable job and/or more savings. Because you acted knowing that you were a credit risk, they are not liable for the consequences.


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