The bank does not return my deposit from an REO transaction?

I was in contract to purchase a bank owned property, I cancelled the contract due to some geologic hazards on the sixth day during the contingency period (the contingency period was 10 days as specified in the contract). It has been a month since I signed the cancellation form, but I haven’t received my deposit back yet. I am in Northern Califonia, but the mortgage company (who owns the property) is in Arkansas. What is the time frame that the mortgage company is supposed to return a buyer’s deposit? What can I do to speed up the process of getting my deposit back? I heard that the mortgage company is now in contract with another buyer. Is it illegal to be in two contracts at the same time? Since I have signed the mediation/arbitration clause on the contract, how do I go about resolving the issue through mediation if I have to?

7 months ago - 1 answers