Asked by barrspamela  |  Submitted December 20, 2017

Can we back out of our mortgage before closing without losing all the money we've invested so far?

We were suppose to close on our new home tomorrow, 12/21/1017. But because the VA is dragging their feet, we don't know when that will happen. We have probably close to $3 or 4K tied up in this deal. It just been one issue after another. Can we pull out and not lose all the money?

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  Answers  |  2

December 20, 2017

It all depends on what your purchase contract says. I would consult with an attorney on something like this.

$commenter.renderDisplayableName() | 09.18.19 @ 09:59

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December 21, 2017

It depends on many factors, you will likely need to pay for any cost items that have been incurred (appraisal/credit report/inspections). If you have an earnest money deposit you have paid- you will likely lose this as well. I hope this helps.

$commenter.renderDisplayableName() | 09.18.19 @ 09:59

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