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leaving the country. backout options

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epuri5 Joined: 15 May 2010 Posts: 4 2.11 Dollars($)	Posted: Sat May 15, 2010 7:58 pm    Post subject: leaving the country. backout options Like 0 Dislike 0 We had a purchase agreement signed on 27th April and we need to close the house here in Indiana on 15th June. I just came to know that my company is going to transfer me different location. there is no official note yet but will happen soon. I contacted the realtor (Unfortunately I didn't choose my realtor. I choose the same seller's realtor. they are threatening me will sue in the court if I don't close the home. I just locked the rates but didn't even apply for my mortgage application, with not much of penalties at this points? Under what circumstances will the lender reject my loan? If I just tell I am moving out side country in August,2010 then lender will reject the loan. Can I still back out at this point? What are my options, and the possible legal implications for this? will it be a problem when I return the country at the port of entry? Thanks for all of your advise!
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon May 17, 2010 1:09 am    Post subject: Like 0 Dislike 0 Welcome epuri, You can contact the lender and inform him about your job situation. If the lender finds that you are moving out the state for your job, the lender may cancel your loan application. However, you may not get back the lock rate fees or any other fees that you've paid to the lender/seller. _________________ Procrastination is the enemy of your financial success
epuri5 Joined: 15 May 2010 Posts: 4 2.11 Dollars($)	Posted: Mon May 17, 2010 4:31 am    Post subject: Like 0 Dislike 0 Adonis, Thanks for the reply. I want my loan application to be declined. the loan officer will just decline based on my words or do we need to provide proof? I don't have any proof that I will be transfereed at this time. thanks epuri
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue May 18, 2010 3:02 am    Post subject: Like 0 Dislike 0 Hi epuri! Welcome to forums! Your query has been replied to in the given page: http://www.mortgagefit.com/loantalk/homerepairs-buy.html#165331 Take a look at it. Hope it helps you. Feel free to ask if you've further queries. Sussane

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