Re: Getting out of a house contract before closing - Posted by River City
Posted by River City on March 21, 2006 at 09:48:56:
If your name is on the contract, and the deal is contingent on financing, the mortgage lender has a business purpose to pull your credit. There was probably something “wrong” with either your credit or source of income or both and that is the reason the lender decided to not use you on the loan, as you could have killed the deal. If your name is on the contract and the loan cannot be done with you on the loan, then this might be your out.
If the contract states that the deal is contingent on loan approval, and the other party does not qualify alone, he also may be released from the contract.
As far as retrieving your earnest money deposit, you need someone to review the contract for you.
First, find out why the lender deleted you from the loan application. Then, take your contract to an attorney and ask if there is any way YOU can be removed from the contract based on the lender’s reasoning for removing you from the loan application.
One question, did you have all of these objections to the way the loan application was being handled before your relationship went sour?
Dealmaker was giving you some good advice. Get out of this before going through closing. If you think you are miserable now, you will be even more miserable if you close. And, never, NEVER purchase a home with someone you are not married to. Someone most always gets burned.