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Old 04-15-2008, 06:31 PM
1 posts, read 2,200 times
Reputation: 10


We signed a contract to build a new house - then the loan payment came in higher than quoted then the date the house would be complete came in over a month later. We won't have a place to live for a month so we told C P Morgan we wanted out of the contract since they haven't even broken ground yet. The said we couldn't get out of the contract. Does any one know if there is a way out?
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Old 04-16-2008, 05:50 AM
Location: Bloomington IN
8,590 posts, read 12,377,946 times
Reputation: 24251
The terms of the contract dictate causes for voiding the contract. If the loan terms and/or completion date are definitively stated in the contract, you might be able to terminate. You will have more of a problem if those items are "fuzzy" ie house will be completed about "xyz" date or within so many days. It's best to seek live legal council as no one can truly answer your question without seeing the contract and most lawyers would be hesitant to give legal advice over the internet without reading the contract.

Of course they said you can't terminate it....
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