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Home > Money & Services > Mortgages   »   Getting out of a Mortgage contract legally!

 
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Old Apr 7, 2007, 06:25 PM
simpleone
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Getting out of a Mortgage contract legally!

I have put Ernest money down and signed a contract to buy a house, since then (being Active duty they have changed my orders which will be 50 miles down the road and in a different school district for my daughter). Also, the builder has not kept up on the promise of being done by the end of June. Although it is not stated in my contract to have the house done no later than, we have a verbal agreement between the builder, realtor and myself that it will be done at that time. In the process I have been looking in the area that I will be transferred to. I don't want to breach the contract that would cause me to lose the Ernest money of $1000.00's. What are my legal rights? I need a house closer to my new duty station, but need to get out of original contract to pursue something closer. Can someone give me some advice on the legalities. Thank you.

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Old Apr 7, 2007, 08:50 PM   #2  
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Regretably, only what is written in the purchase contact has any validity. Any verbal representations made by anyone carry no weight, by virtue of "The Statute of Frauds"; a misnomer, because it addresses those contract which MUST be in writing. Read you contract with care. to see if you have an out. Most likely you will lose your earnest money, unless you can implore the builder to take pity on a serviceman who is serving his country, and had no control over a change in orders. I wish you the best, and you have my respect for your service.
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Old Apr 8, 2007, 05:29 AM   #3  
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Check with your community lesion [sp] officer. I am betting that all involved on the civilian side will want the stay in good standing with the military base. -- Savage
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Old Apr 8, 2007, 06:16 AM   #4  
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There are some laws that give active duty members of the armed forces some leeway when there is a change of orders. So I agree with what TheSavage said. Speak to your Liason officer to see what legal options you have.
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