Toll Mortgage Commitment Clause

My wife and I have an agreement to purchase a home from Toll Brothers that we thought was contingent on a mortgage. Toll says it is contingent on getting a commitment up to the dollar amount in the contract. We got a commitment for $33k less than we needed from TBI (the Toll mortgage company). They now say we are in default and they want $90k of our hard earned money. Is anybody else in a similar situation or have they ever been?

Make sure that TBI is licensed to give mortgages at one time I read an article that I believe stated that they were not licensed or something like that. I could be wrong but check with the better business and the banking industry to make sure at the time of application that they were licensed to give you that commitment or even licensed to write mortgages.

Deceived by Toll wrote:

My wife and I have an agreement to purchase a home from Toll Brothers that we thought was contingent on a mortgage. Toll says it is contingent on getting a commitment up to the dollar amount in the contract. We got a commitment for $33k less than we needed from TBI (the Toll mortgage company). They now say we are in default and they want $90k of our hard earned money. Is anybody else in a similar situation or have they ever been?

Or search news articles on Toll, they may have had to pay a fine/fee

Deceived by Toll wrote:

My wife and I have an agreement to purchase a home from Toll Brothers that we thought was contingent on a mortgage. Toll says it is contingent on getting a commitment up to the dollar amount in the contract. We got a commitment for $33k less than we needed from TBI (the Toll mortgage company). They now say we are in default and they want $90k of our hard earned money. Is anybody else in a similar situation or have they ever been?

Here's an article where Toll Brothers and Lender were permit not to disclose the amount of money that Toll is paying them in a settlement. It must be a lot.

Home Builders to Settle Las Vegas Land Dispute - WSJ.com
Jun 17, 2011 – A group of home builders including KB Home, Beazer Homes USA and Toll Brothers has agreed to pay lenders more than $250 million to settle ...
online.wsj.com/.../SB100014240527023034992045... . html -

Deceived by Toll wrote:

My wife and I have an agreement to purchase a home from Toll Brothers that we thought was contingent on a mortgage. Toll says it is contingent on getting a commitment up to the dollar amount in the contract. We got a commitment for $33k less than we needed from TBI (the Toll mortgage company). They now say we are in default and they want $90k of our hard earned money. Is anybody else in a similar situation or have they ever been?

Same thing happened to me...they will make you pay a certain amount and then tell you if you sign a paper saying that they will settle for that if you sign this note saying that you won't talk publicly or to legal help ever! They are horrible...just horrible.

So you can't join us in the action?

Deceived by Toll wrote:

So you can't join us in the action?

Not unless I can figure an out clause.

Did you sign the commitment letter?

Yes and no. Toll told us that if we didn't sign it we would be in default, though we knew that we couldn't uphold the conditions in the commitment. We gave Toll a signed copy, but never sent one to TBI.

At this point we are moving forward with a case against Toll and want to publicize it in the media. We have talked to a few reporters and they want to know that there are others out there like us before they continue with the story. Any takers who want to make this public?

Of course we want to win, but more than anything I want to make sure that Toll can't prey on other people like us in the future.

I have put together most of the documentation that I promised, and will get it off to you by week's send. I agree that it is necessary to spread the word about Toll Brothers so they cannot do to others what they have already done to thousands.