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Old 08-28-2010, 01:35 PM
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Default How can 2 mortgage companies back out of a...

...purchase agreement in a foreclosure and demand more money? I am a cancer patient and because of the treatments I need, I must purchase a home. I went after a foreclosure in my budget that meets my needs. The day I was set to close, it was discovered that the listing agent did not complete his paperwork with both mortgage companies. There is both a first and second mortgage on the home. I have a purchase agreement. I have HUD sign-off documents and other legally binding papers.Both mortgage companies involved agreed to the terms but backed out demanding more money. The appraised value is $95,000 but in order to close both mortgage companies are demanding that I pay $150,000 as the combined total.What can I do to get this deal back on track? My funds are sitting in a title company account as they had to be wired. I have been informed that I can't even get my money back. Why doesn't the purchase hold any weight? What legal recourse do I have against the mortgage companies involved, which are PNC and Chase?"Both mortgage companies signed the purchase agreement. Isn't that a legal agreement? What legal documents do I need to file to get my funds back from the title company? Both mortgage companies will not sign the final papers unless I pay more funds. I can't pay or get financing over the appraised value of the house. Do I need a Real Estate lawyer? How do I find one?
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