Request an extension with an addendum.
60 days escrow usually mean you need to close the deal within 60 days. You should have a financial contigency period. if you cannot get the mortgage, your lender should issue a letter specifying why your application is declined within the contigency period. You send this letter to the seller and can terminate the contract and get your deposit back. If you don't do anything during this time, you will not be able to use the financial contigency to terminate your contract.
If you do nothing and wait until the 60th day without settlement, then the seller would have the right to take you deposit and then sell the house to someone else.
