---

Backing out of a mortage contract

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
chawiegabe6160@sbcglobal. Guest	Posted: Fri Oct 03, 2008 4:44 pm    Post subject: Backing out of a mortage contract Like 0 Dislike 0 question: I applied for a mortage loan to purchase an exisitng house, the reality company and I signed the contract and submitted the earnest money and agreed on a closing date. I then proceeded to get a mortage loan and was approved and provided the money for the appraisal and survey etc. During this process the appriaser did not signed off on tghe apprisal due to a problem with the electrical serivce entrance. by this time we went beyond the clsing date to get this fix. then the seller has some legal issues with deal with an ex-spouse in order to close. I was then called to come in and close on the purchase.During my signing I notced that this was an FHA loan and I could not rent the property. That same night I sent an e-mail to the title compnay to stop the paper work so I may discuss this with the loan officer.So we decided to try a conventional loan. However, I could not afford the down pymt. So we opted to getg out of the contract. Broker is telling us that the seller ina perdicament. What alternatives do I have.. appreciate your assistance.. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Fri Oct 03, 2008 10:04 pm    Post subject: Like 0 Dislike 0 how did you get that far without knowing? Sounds like you are legally obligated at this point to buy as far as the seller is concerned once you signed the papers you bought the home that is a legally binding contract. On top of that you had better move into it Otherwise you have comitted fraud........ Good Luck sounds ugly to me I am sorry I dont have any words of encouragement or help but that sounds like a MAJOR mistake _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com
lisascherzer Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)	Posted: Sat Oct 04, 2008 9:27 pm    Post subject: Like 0 Dislike 0 It is likely that you are able to get out of the contract if there is a financing clause. Most of them have this. As far as the seller being in a predicament, there is not much you can do about that. _________________ Lisa Scherzer Allpointe Mortgage Expert Mortgage Broker 440-521-7060 Free Mortgage Quotes Get Mortgage Information Search Real Estate Agents Here

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0