4 Closure Ranch Escape Routes?

[patientlywaiting]

As always, good advice, Bugs.

He should contact a lawyer and try to get the deposit back. If not, he should feel fortunate to get out of an albatross so cheaply.

[patientlywaiting]

As always, good advice, Bugs.

He should contact a lawyer and try to get the deposit back. If not, he should feel fortunate to get out of an albatross so cheaply.

[patientlywaiting]

As always, good advice, Bugs.

He should contact a lawyer and try to get the deposit back. If not, he should feel fortunate to get out of an albatross so cheaply.

[carlover]

We purchased a home in 4S Ranch in August and are closing next month. In our contract the loan contingency clearly specified that if we no longer qualified for the loan then we could cancel AND get our deposit back. Why people enter into this contracts without reading COMPLETELY through them is beyond me. Yeah they are boring, but spending a few hours bored to death is worth the understanding.

[carlover]

We purchased a home in 4S Ranch in August and are closing next month. In our contract the loan contingency clearly specified that if we no longer qualified for the loan then we could cancel AND get our deposit back. Why people enter into this contracts without reading COMPLETELY through them is beyond me. Yeah they are boring, but spending a few hours bored to death is worth the understanding.

[carlover]

We purchased a home in 4S Ranch in August and are closing next month. In our contract the loan contingency clearly specified that if we no longer qualified for the loan then we could cancel AND get our deposit back. Why people enter into this contracts without reading COMPLETELY through them is beyond me. Yeah they are boring, but spending a few hours bored to death is worth the understanding.

[carlover]

We purchased a home in 4S Ranch in August and are closing next month. In our contract the loan contingency clearly specified that if we no longer qualified for the loan then we could cancel AND get our deposit back. Why people enter into this contracts without reading COMPLETELY through them is beyond me. Yeah they are boring, but spending a few hours bored to death is worth the understanding.

[carlover]

We purchased a home in 4S Ranch in August and are closing next month. In our contract the loan contingency clearly specified that if we no longer qualified for the loan then we could cancel AND get our deposit back. Why people enter into this contracts without reading COMPLETELY through them is beyond me. Yeah they are boring, but spending a few hours bored to death is worth the understanding.

[temeculaguy]

Sure the right to a lawyer is a good one, but free speach is a better one. Since the wife lost her job, she has some time on her hands. She needs to make a big sign that says “I signed a contract, lost my job and they are keeping the deposit, don’t give them any money!” or something to that effect, maybe even just say, “didn’t qualify for the loan and they are keeping the deposit” or something generic but true. Then stand in front of the models on the sidewalk(not blocking access), holding or wearing that sign on weekends. After a few hours, if they approach her, have her tell them that by returning her deposit she will stop, but next wekend she will be notifying local media, they love that stuff and that picture will be in the paper. There is no way they can get a restraining order and the cops will let her be, it has been court tested by the labor unions. I bet they have the money back in a week.

[temeculaguy]

Sure the right to a lawyer is a good one, but free speach is a better one. Since the wife lost her job, she has some time on her hands. She needs to make a big sign that says “I signed a contract, lost my job and they are keeping the deposit, don’t give them any money!” or something to that effect, maybe even just say, “didn’t qualify for the loan and they are keeping the deposit” or something generic but true. Then stand in front of the models on the sidewalk(not blocking access), holding or wearing that sign on weekends. After a few hours, if they approach her, have her tell them that by returning her deposit she will stop, but next wekend she will be notifying local media, they love that stuff and that picture will be in the paper. There is no way they can get a restraining order and the cops will let her be, it has been court tested by the labor unions. I bet they have the money back in a week.

[temeculaguy]

Sure the right to a lawyer is a good one, but free speach is a better one. Since the wife lost her job, she has some time on her hands. She needs to make a big sign that says “I signed a contract, lost my job and they are keeping the deposit, don’t give them any money!” or something to that effect, maybe even just say, “didn’t qualify for the loan and they are keeping the deposit” or something generic but true. Then stand in front of the models on the sidewalk(not blocking access), holding or wearing that sign on weekends. After a few hours, if they approach her, have her tell them that by returning her deposit she will stop, but next wekend she will be notifying local media, they love that stuff and that picture will be in the paper. There is no way they can get a restraining order and the cops will let her be, it has been court tested by the labor unions. I bet they have the money back in a week.

[temeculaguy]

Sure the right to a lawyer is a good one, but free speach is a better one. Since the wife lost her job, she has some time on her hands. She needs to make a big sign that says “I signed a contract, lost my job and they are keeping the deposit, don’t give them any money!” or something to that effect, maybe even just say, “didn’t qualify for the loan and they are keeping the deposit” or something generic but true. Then stand in front of the models on the sidewalk(not blocking access), holding or wearing that sign on weekends. After a few hours, if they approach her, have her tell them that by returning her deposit she will stop, but next wekend she will be notifying local media, they love that stuff and that picture will be in the paper. There is no way they can get a restraining order and the cops will let her be, it has been court tested by the labor unions. I bet they have the money back in a week.

[temeculaguy]

Sure the right to a lawyer is a good one, but free speach is a better one. Since the wife lost her job, she has some time on her hands. She needs to make a big sign that says “I signed a contract, lost my job and they are keeping the deposit, don’t give them any money!” or something to that effect, maybe even just say, “didn’t qualify for the loan and they are keeping the deposit” or something generic but true. Then stand in front of the models on the sidewalk(not blocking access), holding or wearing that sign on weekends. After a few hours, if they approach her, have her tell them that by returning her deposit she will stop, but next wekend she will be notifying local media, they love that stuff and that picture will be in the paper. There is no way they can get a restraining order and the cops will let her be, it has been court tested by the labor unions. I bet they have the money back in a week.

[SD Realtor]

Actually I think your friend will be okay. While the developers (and lenders) are heartless, if there is a valid hardship and the buyers no longer qualify then getting the deposit back should be a pretty seamless exercise. I do not believe you will need an attorney. I am assuming that in order to qualify for the loan, your friends wife’s income was most likely used. Now that this income is gone then there is most likely no way they can qualify for the loan.

Ask your friend to do the following. Do not sign anything that would mean you forfeit the deposit. If they do ask to sign a valid cancellation then make sure that the cancellation does indeed spell out that his deposit will be 100% refunded. Call the loan officer you have been working with and inform him/her of what has gone on with the his wife. Let him know that the income has been drastically reduced. Let him tell you that you no longer qualify. Ask him to call the sales officer and let that person know. Have him do that immediately. Then call the sales office and have another chat with the salesperson you have been dealing with. Firmly request that the escrow be cancelled AND you want your full deposit refunded. If they give you some slack let him/her know you will need to speak to someone at the corporate office. If that does not work then let them know you will be consulting with an attorney.

You can send him my email address if he needs help with the sales office. I know of a good real estate attorney but he should not need one.

SD Realtor

[SD Realtor]

Actually I think your friend will be okay. While the developers (and lenders) are heartless, if there is a valid hardship and the buyers no longer qualify then getting the deposit back should be a pretty seamless exercise. I do not believe you will need an attorney. I am assuming that in order to qualify for the loan, your friends wife’s income was most likely used. Now that this income is gone then there is most likely no way they can qualify for the loan.

Ask your friend to do the following. Do not sign anything that would mean you forfeit the deposit. If they do ask to sign a valid cancellation then make sure that the cancellation does indeed spell out that his deposit will be 100% refunded. Call the loan officer you have been working with and inform him/her of what has gone on with the his wife. Let him know that the income has been drastically reduced. Let him tell you that you no longer qualify. Ask him to call the sales officer and let that person know. Have him do that immediately. Then call the sales office and have another chat with the salesperson you have been dealing with. Firmly request that the escrow be cancelled AND you want your full deposit refunded. If they give you some slack let him/her know you will need to speak to someone at the corporate office. If that does not work then let them know you will be consulting with an attorney.

You can send him my email address if he needs help with the sales office. I know of a good real estate attorney but he should not need one.

SD Realtor

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