Compare Mortgage Quotes

Posted: Tue Oct 20, 2009 2:15 pm Post subject:

is marriage separation a matter/reason the law protects for backing out of purchasing a home prior to closing?

jameshogg · Posted: Tue Oct 20, 2009 11:30 pm Post subject:

Hi Guest,

You can definitely back out from your loan transaction prior to closing. However, once you do so, you will not be compensated for any money you've paid out to the lender.

Thanks

gmakerley · Posted: Fri Oct 23, 2009 6:04 pm Post subject:

it's a pretty good reason, but i agree that you better not expect to get any money back - from bank or seller...and that probably includes your earnest money deposit. you'd better fight for it. better that you not back out, but advise your lender and see if they'll subsequently deny the loan request. that way, you'll stand a better chance of getting a deposit back.

Guest

want to buy house but want to change mortgage brockers to someone we know better. we need to know if the credit union we started with would charge a fee for starting our paper work but being cancled before closing

Posted: Mon May 31, 2010 12:06 am Post subject:

As far as I know, you will be able to change the mortgage companies but as you would be canceling the paperwork just prior to the closing, I guess the credit union may charge you fees. You should get in touch with your credit union and negotiate with them in this regard.

Guest

My husband and I decided to buy our first home a couple months ago. After looking for a while we found one. Since we were pre-approved for a mortgage it was fairly easy getting the ball rolling. The sellers accepted our offer, (which included them paying for a termite inspection) and we set a closing date. In that time frame my husband lost his job and had to seek new employment. This changed our loan approval and the deal fell through. Now the seller is wanting the earnest money, money for the termite inspection, and the abstract. Our real estate agent said the earnest money is ours but since the seller is a lawyer she is worried he might sue us for the rest. Can he do that? We didn't back out of the sale, it fell through due to no fault of ours.

gmakerley · Posted: Sat Jul 31, 2010 8:03 am Post subject:

Anyone can sue anyone else at any time for any reason - that doesn't mean that the lawsuit will be successful, however. You need to be aware that the lawyer/seller is probably simply trying to scare you into paying more than you ought to pay. If you were denied your loan due to your husband's job situation, you ought to get your earnest money back. The rest of the money is up in the air, but I suspect you won't have to be responsible for that either (simply my opinion, and not a statement based on legal knowledge, mind you).

Guest

if the points for a loan that I requested have since dropped whereas the cost of the interest rate is now $2,000 less than I locked, can I cancel the loan? any costs or fees that I may incur? Smile

jameshogg · Posted: Wed Sep 21, 2011 9:43 pm Post subject:

Hi Mike,

You can cancel the locked rates. However, you may lose the amount that you may have paid for rate lock. The lender may not return that price to you.

Thanks

Guest

we have put down a deposit on the home but are loan has not been all the way approved yet but now not sure if we want it can we back out and get are money back we have paid for an apprasial on the home thanks

jameshogg · Posted: Fri Jan 06, 2012 12:02 am Post subject:

Hi nicole,

You should contact your lender and inform him that you want to back out from the deal. It will be the lender's discretion whether or not he will refund the money you've paid him.

Thanks

Guest

hi we are in the process of buying a home its in escrow we applied for 2 credit cards but was declined will are house loan still go through

jameshogg · Posted: Mon Jan 09, 2012 12:01 am Post subject:

Hi bre,

When you had already applied for the house loan, you shouldn't have taken the risk of applying for credit cards. You could have applied for credit cards after the loan closing. There is a still a chance that you may qualify for the loan as your application for credit cards have been declined.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours
Previous 1, 2
Page 2 of 2

Compare Mortgage Quotes

Backing out b4 closing?