Posted: Thu Jun 10, 2010 12:12 pm Post subject: back out from the loan
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Actually we are allready approved for the loan,and only thing we have to do is closing. But we are not satisfied with the way this happens, so we need to backout before the closing. what kind of charges we have to pay if we did so? does seller has the right to sue us on this? please help.
actually first we(my wife and me) tried to get the loan by ourselves, and then found out we don't have enough credit to do so,so my realtor said to ask from my sister to add my name and my wife's name to her credit card and in that we way he said we can get better credit history,she did that and I got the credit history but not my wife, So realtor conviced me and my sister to sign papers as borrowers.and everything was happend as well and we got the approval too.but before few hours of the closing time lender call us back and said they need my sister's husband signature to complete the loan.actually they were seperated so I didn't like it at all. but however our realtor convinced my sister again to talk with her husband and she did,but he said he can't sign it due to the responsibilities.and this thing cause problem between my sister and her husband,So I talk to our lender and said to terminate the loan,he said ok and call me back next day and said they don't want my brother in law signature, so they said my sisters signature would enough, that grow my suspect, however becouse of this things my sister said she can't handle this anymore and she need to back out, I said that to the lender and said to terminate the thing for 2nd time, they said ok and call me again after 2 hours with telling me they got my wife's credit and they don't want my sister anymore for this, Though that was what I needed at the first place,I don't like to do this becuase of the mislead during this process day by day. So I decided to back out from this at all and my realtor said seller going to sue us specially my sister due to specific performances. So please give better advice about what I should do and how much money should I pay at the end to back out. SOrry for the long explanation,but that will help you to answer.
any and all answers will be helpfull.
If you have signed an agreement with the seller regarding the purchase of the property, then there are chances that the seller may sue you. However, you can contact the seller and explain your situation to him. May be you can look for another lender in order to purchase the same property. If you get better terms and conditions from the other lenders, then you may go ahead with the deal.
Feel free to ask if you've further queries.
Sussane
malithds@gmail.com Guest
Posted: Thu Jun 10, 2010 10:19 pm Post subject: back out from the loan
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Thank you for quick responce. actually we only signed to our offer papers and loan application. Is that what you mean as a agriment?
As you've signed the offer papers and the loan application doc, it can be considered as an agreement by the seller and the lender. _________________ Procrastination is the enemy of your financial success
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malithds
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