back out after closing on primary mortgage

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My husband wants us to back out after signing closing papers on our home.He wants downpmt back and separate. I want the home for myself and our kids.what protects me?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Felicia,

Welcome to the forum.

I think this needs mutual negotiation. I think you should talk to your husband first and if you can pay him the amount that he has given for the down payment. And if possible take a mortgage to buy the house on your own. But question is will approved for the mortgage? We need more information about you like your credit score, monthly income, appraised value of the property etc.

Thanks,
Larry

adonis · Posted: Tue Feb 19, 2008 4:47 am Post subject:

You mean he's not willing to continue with the loan? but you do want to pay for it. Now this should be something that you both need to decide. I suppose the house is in both of your names. So, a joint decision is necessary.

Now as a borrower you do have the right to cancel the loan within 3 business days of the closing. That's the right of rescission. Therefore decide amongst yourselves and then talk to the lender.

gmakerley · Posted: Tue Feb 19, 2008 11:34 am Post subject:

adonis, purchases are not rescindable. the right of rescission applies only in situations where the property is already owned by the borrower(s).

in this situation, it is not feasible to back out of the purchase transaction. once the home has been bought, it is yours (jointly, it appears). as noted above by larry, you and your husband need to negotiate to figure out how you are about to handle this situation.

one of the things you need to ask yourself is if you will be able to handle payments on your own. if the two of you split, what will be the resolution concerning child support, separate maintenance, alimony, etc.; and will the result allow you to maintain the household and keep the home without issues...all these questions need to be settled.

if you have not yet received counsel regarding your options, you ought to do so quickly. the worst thing you could do is to fall into a situation that causes the mortgage to be unpaid.

act quickly - time is your friend if you use it properly.

charlesarmbruster · Posted: Wed Feb 20, 2008 12:23 pm Post subject:

Certainly, make the payments.

If you decide to separate, simply inquire of your lawyer how best to handle his needs and your needs. If you can afford to make the payments, ask his permission to remove him from the Deed. Also, check to see if the contract is assumable.

If he wants his down payment back, he may have to settle for a monthly payment from you. If you retain ownership in the home, this would be a good deal for you, no matter what.

If you can find a lawyer through friends, you may not have to pay him/her throughout the process -- just at the end, giving you time to find out where the funds will come from....family, credit cards, savings, etc.

charlesarmbruster · Posted: Wed Feb 20, 2008 12:24 pm Post subject:

Certainly, make the payments.

If you decide to separate, simply inquire of your lawyer how best to handle his needs and your needs. If you can afford to make the payments, ask his permission to remove him from the Deed. Also, check to see if the contract is assumable.

If he wants his down payment back, he may have to settle for a monthly payment from you. If you retain ownership in the home, this would be a good deal for you, no matter what.

If you can find a lawyer through friends, you may not have to pay him/her throughout the process -- just at the end, giving you time to find out where the funds will come from....family, credit cards, savings, etc.

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

Only if it was a refinance is he able to cancel the loan. If it was a purchase then there is no option to do so. I would work out something that is satisfactory to the both of you. Hope you find a compromise to your situation.

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