She cosigned on my loan and now we are broken up. I still want the house but can bearly afford it on my own.
2006-11-06 08:27:27 · 8 answers · asked by Brad W 1 in Business & Finance ➔ Renting & Real Estate
You will have to read the Purchase Agreement carefully in order to answer this question. The chances are that the only contingency in the Purchase Agreement is financing. That is, the only way you could get your deposit back is if you were turned down by the bank. You have a few options. First, if you decide to back out, you may be able to get some of your deposit back from the seller if you negotiate with the seller. Second, if your girlfriend is no longer going to participate, the bank may turn you down, which might enable you to back out using your finance contingency, but that's getting complicated and you should consult a laywer before trying that. Finally, consider buying the house and getting a roommate who will pay rent to you and make the place affordable. You don't have to give up your house just because your relationship is over. I've had good luck finding roommates on roommates.com. Maybe you'll even find a new girlfriend :)
2006-11-06 08:40:54 · answer #1 · answered by matthew s 2 · 0⤊ 0⤋
Talk to your realtor about canceling the deal. Home sales fall through all the time. There is likely to be some kind of penalty, like losing earnest money, but there are ways to get out of it.
2006-11-06 08:34:59 · answer #2 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
If she signed with you as tenent in common, you are stuck and both of you are on the hook if you default. If it is still in the 3 day buyers remorse window, take it and get out of the loan. otherwise, the two of you are financially joined at the hip.
2006-11-06 08:36:27 · answer #3 · answered by Tim 6 · 0⤊ 0⤋
the acquisition of the home is a business enterprise partnership, and could be taken care of as such. you ought to have written agreements on each and every little thing, which includes what happens in case you destroy up. talk with an lawyer.
2016-12-28 14:38:49 · answer #4 · answered by jamila 3 · 0⤊ 0⤋
If you both signed for the loan, you are probably stuck. I doubt the sellers will cancel the sale, I know I wouldn't.
2006-11-06 08:30:20 · answer #5 · answered by Have gun, will travel. 4 · 0⤊ 0⤋
Speak to your lender. You will need to change the contract details anyway. Any contribution she made will have to be repaid. Act quickly as you only have a certain cool off period on purchases.
2006-11-06 14:47:31 · answer #6 · answered by auntynoall 4 · 0⤊ 0⤋
Ha. No. Hopefully you can use your inspection contigency as a loop hole and get out.
Otherwise the seller gets to keep your earnest money in order for you to back out.
2006-11-06 08:47:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Did you sign contracts already? Talk to you lawyer, that is the only person that will know how to get you out of it.
2006-11-06 08:36:25 · answer #8 · answered by strtat2 5 · 1⤊ 0⤋