4 Jun, 2020 → by ClaimboUser995851
Do not refund deposit after not qualify for loan
1
signed purchase agreement with Lennar by 9/15/2019, paid $20000 deposit, and paid another deposit $22100 at 10/17/2019. Total I paid for $42100.00 The home delivery by April. Delaying for 5/21/2020. Delaying again for June 2020. On 4/6/2020, I got denied letter from lender because I lost my job due to COVID-19, then I sent this letter to Lennar request deposit back. 4/11/2020 Lennar sale manager referral me another lender with 8.99% rate and 32% Down Payment, this is a 7 year balloon, which is I can not afford it. 4/13/2020 Lennar manager replied me: The mortgage contingency has expired 30 days after contract signed. A refund will not be processed. Monies will be kept as damages for default. This is a very important point to stress to our customers because the terms of a solution seems better than the alternative. User's recommendation: Pay maximum $1000 if you must buy. Of just never buy.