Define the concept of mortgage rejection notice

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Reference no: EM131471690

Question: On June 14, Ronald and Barbara Ouellette applied for a loan at Park Square Credit Union. Park denied a loan because a real estate mortgage of the Ouellettes had been foreclosed, and Park could not find out if they still owed any money. On July 6, the Ouellettes contracted to buy Bruce Filippone's house, making a down payment of $8,400. The contract stated: "If, despite Buyers' diligent efforts to obtain . . . a loan commitment, they are unable to do so by August 1.

Buyers may terminate this Agreement." Without any formal applications, Ronald attempted to get loans from three other banks but was denied for the same reason. Filippone extended the deadline to September 1. Ronald did not file any loan applications during the extension. On September 9, the Ouellettes requested return of their down payment and included a copy of a mortgage rejection notice from Park dated September 7. Do the Ouellettes get the $8,400 back?

Reference no: EM131471690

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