Contracts—Purchasers Entitled to Return of Down Payment—Purchasers Timely Applied for Mortgage from Institutional Lender and Did Not Deliberately Undermine Such Obligation
The husband-and-wife plaintiffs (purchasers) had contracted to purchase a home on Long Island. When the contract was signed, they had not known that the seller was in foreclosure. After the purchasers were denied a mortgage upon the grounds of “insufficient income,” they sought, among other things, return of their down payment. The seller asserted that the purchasers breached the contract by failing to promptly apply for the mortgage, lying on their mortgage application and by not applying to an approved institutional lender. Following a trial, the court directed that the sellers return the down payment, plus interest.
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