Can I loose my Initial deposit if my loan doesn't close?

[Matt Jesse]

Let's say I remove all my contingencies. My lender tells me we are ready to rock & roll.

Then something unexpected happens. I loose my job, my credit score dips, or my lender denies my loan for some other reason.

Do I loose my initial deposit, or is the seller required to show "damages" to claim it? Can I make a case to the escrow company that I acted in good faith and still get it back?

Thanks,

[Joel Owens]

Usually it's an either or.So one should be checked if there is a dispute over the earnest money.

If both parties do not agree to the reasoning of the escrow company holding the money and how they want to dispurse then in the contract go to a mediator or go to court should have been checked.

Hard to say without the full contract to review what the remedies are.In any case you will need legal to look at it.

How much money are we talking here??

No legal advice