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    rapsak's Avatar
    rapsak Posts: 2, Reputation: 1
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    #1

    Mar 7, 2008, 09:59 PM
    Getting out of a mortgage w/ a high debt to income ratio
    Hi.
    My husband and I are in the process of buying a house. I want out. We have signed some papers. I know our debt to income ratio is too high and yet the mortgage company still is going through with it. I would love to get the house, but, if we do our TOTAL savings is wipped out. I just started w/ a new job, straight commission and his work has been slow. I am very concerned because now we will have no savings, no money to buy a refrigerator (there is none), no money to paint or get the house ready for us to move in. Not to mention no money to actually move. All of our money is wrapped up in this house and now our cars need some serious repair.

    I talked to my realtor about getting out of the mortgage, and she said that if we say ANYTHING to the mortgage people, then we will be sued. If I don't get my vehicle fixxed then I will not be able to work to keep my house and in addition if I do get my vehicle fixxed, that's part of the downpayment for my house.

    What are my rights, what should I do?
    I live in Shreveport, Louisiana.
    Please help,
    rapsak
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 7, 2008, 10:09 PM
    Ok, YOUR real estate agent does not want to lose their commission, remember they work for the seller not you,
    So you back out on the sale contract, you lose the deposit money you have put up and you lose any money you have paid so far.

    Read what you have signed, if you have some doubt, hire a real estate attorney by the hour to read over the paper work and give you a formal opinoin. ** YOUR state has some laws that are different from any other state in the US because of the way your laws were set up.
    rapsak's Avatar
    rapsak Posts: 2, Reputation: 1
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    #3

    Mar 7, 2008, 10:40 PM
    Thank you.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Mar 8, 2008, 08:44 AM
    Quote Originally Posted by Fr_Chuck
    Ok, YOUR real estate agent does not want to lose thier commission, remember they work for the seller not you,
    So you back out on the sale contract, you lose the deposit money you have put up and you lose any money you have paid so far.

    Read what you have signed, if you have some doubt, hire a real estate attorney by the hour to read over the paper work and give you a formal opinoin. ** YOUR state has some laws that are different from any other state in the US because of the way your laws were set up.


    Absolutely - and depending on how much time the bank has put into the mortgage application you may also have to pay those expenses. It'll be a harsh lesson but you'll be able to sleep at night!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Mar 8, 2008, 09:33 AM
    As a house seller, I have had two people back out this year on a very very large house purchase, was I mad, yep, was my realitor really mad, you bet, Did I keep their deposit money, you bet I did, and did not lose one minute of sleep over it.

    If you hired the mortgage broker your agreement with him, may or may not have to be paid for time invested, but most only work on a percentage fee paid when mortgage is done.

    But it is far better to fight a few extra bills on stoping this than to end up with a foreclosure in a few years.
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