Profile picture for danka58

I just learned I 'm unemployed. Is it legal reason to default the sales contact?

  • December 08 2012 - Erlanger
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Answers (5)

I looked at the site and read the article you are for relying on.  I suggest that you talk to your loan officer about your situation.
  • December 08 2012
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Profile picture for Cindy Quinton
Hopefully your contract has a loan contingency, and it should be as simple as getting your loan officer to verify that you are no longer employed....and they can't write the loan. Sorry you are facing such difficulty.
  • December 08 2012
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Profile picture for danka58
I have the answer here. Thanks to everyone who responded and read this post.
  • December 08 2012
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Profile picture for danka58
Thanks for your response. I did ask my agent was told that I may be in breach of the contract although I think he's trying to be optimistic by offering an ARM 3/1 until I do find work. I need to prepare for the worst and getting any loan seems risky. However, I saw somewhere in the past 3 months of research that there are conditions where the buyer can be automatically exempt. Serious illness , disqualified for mortgage loan for example. It seems that not having an income would fit that list though I can't find it.
  • December 08 2012
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Im so sorry to hear you lost your job, times are very tough. Regarding your question though please consult a real estate attorney and ask him to look over your contract.  Best Wishes
  • December 08 2012
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