Time is of the Essence Clause

[littlebear]

undefinedWhat is the name of your state?NJ. My husband and I are in the process of purchasing a home in Kinnelon NJ. At the time we signed the purchased contract the language for the closing was "closing will take place on or about 7/30/2004". A mortgage commitment letter was obtained from Flagstar Bank on 7/09/2004. However, since then we were not able to close on 7/30/04 and the sellers have serviced us with "Time is of the Essence" clause with the deadline of 8/06/04. The manner in which the clause was received is still questionable. My attorney never notified us on the day of receipt nor has he shown me this fax or else we would never have agreed to it. Anyway, he signed off on our behalf roughly 8/02/04, and now Flagstar Bank is also telling me they will have trouble closing in time because their underwriting office will not be able to process this and wire the money in time for the deadline even though they are fully aware of the clause (I called them on the day I found out to tell them they must expedite the process). If we don't close on 8/06/04 due to our attorney & bank's fault we will lose $73,500 of our deposit.

My question is if that is to happen, who can I sue ? Flagstar Bank gave me the commitment letter almost 3 weeks prior to the day in which "time is of the essence" clause was serviced to us, how can they not commit to the mortgage now or tell me they cannot process it in time ? Don't they have any legal obligations ? On the other end, we never consent to "Time is of the Essence", our attorney made that decision independently on his own, shouldn't he be liable too ?

This is a lot of our money at stake, and from the look of things, we are on the verge of losing it. Please let me know who can I sue and what documentation will I need to successfully win the lawsuit.
littlebear

 

[HomeGuru]

undefinedWhat is the name of your state?NJ. My husband and I are in the process of purchasing a home in Kinnelon NJ. At the time we signed the purchased contract the language for the closing was "closing will take place on or about 7/30/2004". A mortgage commitment letter was obtained from Flagstar Bank on 7/09/2004. However, since then we were not able to close on 7/30/04 and the sellers have serviced us with "Time is of the Essence" clause with the deadline of 8/06/04. The manner in which the clause was received is still questionable. My attorney never notified us on the day of receipt nor has he shown me this fax or else we would never have agreed to it. Anyway, he signed off on our behalf roughly 8/02/04, and now Flagstar Bank is also telling me they will have trouble closing in time because their underwriting office will not be able to process this and wire the money in time for the deadline even though they are fully aware of the clause (I called them on the day I found out to tell them they must expedite the process). If we don't close on 8/06/04 due to our attorney & bank's fault we will lose $73,500 of our deposit.

My question is if that is to happen, who can I sue ? Flagstar Bank gave me the commitment letter almost 3 weeks prior to the day in which "time is of the essence" clause was serviced to us, how can they not commit to the mortgage now or tell me they cannot process it in time ? Don't they have any legal obligations ? On the other end, we never consent to "Time is of the Essence", our attorney made that decision independently on his own, shouldn't he be liable too ?

This is a lot of our money at stake, and from the look of things, we are on the verge of losing it. Please let me know who can I sue and what documentation will I need to successfully win the lawsuit.
littlebear

**A: see my response to your other post.