There is no way to opine on your current obligation without seeing your mtg. comm. and contract of sale.

However, it would not be wise for a buyer to "willfully" cause the bank to revoke their Mtg. Comm.

You should consult with your attorney. There may be other ways to get you out of your deal.

All the best,

Robbie L. Vaughn, Esq. (Robbie Vaughn)
http://www.Rlvaughnlaw.com
http://www.Bayviewestatesrealty.com

Disclaimer:
No Attorney-Client or Broker-Client relationship is formed until we have a signed agreement. This is not intended as legal advice. Please verify any and all information provided to you.

Hi Scottg

Please note that any legal questions should be answered by an attorney.

That being said, all mortgage commitments have terms attached. You cannot arbitrarily decide not to comply with the terms of your mortgage commitment. You may be considered in breach of your contract if you do not act in good faith and fulfill those terms.

Do you think it would be fair to the seller if you just decided to "opt out" at any time? In my opinion, yes, the sellers would be able to oursue you legally if you decide to act in that manner.

Best wishes
Debbie Rose
Prudential NJ Properties

You would be in default and could lose your deposit monies, can further be sued for specific performance, huge legal fees, damages, etc. which would be much more than deposit monies. What is wrong w/the terms of the commitment that are bothering you?

Jo-Ellen Ashby
Broker
Weichert, Realtors