Can I file claim against bank for tortuous interference with contract to purchase real estate ?

Asked about 1 year ago - Warren, MI

I am doing a short sale with a seller that has a mortgage with Chase. We signed PA four months ago. Chase and/or seller is/are dragging their feet. My wife is 8 months pregnant and is dead set on this house.

I would like to light a fire under their @#$. I am considering a letter from an attorney threatening to sue, but am concerned that may actually make it worse. I recognize that I probably do not have a strong legal claim, but would like any advice, insight or shared experiences to move the process along quickly.

Please do not give the one line "talk to a lawyer" answer to generate points, either. You know who you are :)

Attorney answers (4)

  1. Timothy J. Klisz

    Pro

    Contributor Level 18

    7

    Lawyers agree

    Answered . You don't need a lawyer and your threats would be just as hollow as a lawsuit. The short sale process is slow and 6 months is "normal." Just keep checking with the realtors, title company, whoever to make sure things are on track. Good luck.

    My answer to you question does not constitute legal advice. Only an in person or telephone consultation will... more
  2. John F. Brennan

    Contributor Level 18

    6

    Lawyers agree

    Answered . Your answer in is the PA, if it was with the seller, contingent upon approval of the short sale by Chase, then that is exactly what it is. Chase can either approve or disprove the deal, and if they do not approve it your offer and the contingent sale fails.
    You have no contractual with Chase and most probable any right or cause of action against them.
    Now, the normal advise, a firm legal opinion can only be rendered based on all of the information and therefore if you desire to procure on, you will have to take the actual paperwork to an attorney for review.

    To the PROSPECTIVE client, please call myself or another attorney for your choice with more detaiils and an... more
  3. James P. Frederick

    Contributor Level 20

    4

    Lawyers agree

    Answered . I agree with my colleagues and Mr. Brennan, in particular. Chase owes you nothing. They have the right to either approve the sale or not. They are not responsible for your damages. Your remedy would be to walk away. This is a case where a lawyer might actually not be able to benefit you very much. Threatening to sue is unlikely to help, either. Mr. Klisz is also correct in saying that the wheels turn very slowly with banks. I have a colleague who was in negotiations with his bank for 18 months, before a deal finally went through. He threatened to sue MANY times. He also threatened to walk away MANY times. It did not seem to make much difference to the bank. In the end, he got his deal. I am still not sure if it was worth it or not.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more
  4. Lindsay James

    Contributor Level 10

    2

    Lawyers agree

    Answered . You have no claim for tortious interference.

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