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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 10-22-2008, 05:03 PM
 
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Is there anyway to take out earnest deposit from Pulte? I had to backoff due to the current economic crisis.
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Old 10-22-2008, 05:21 PM
 
Location: Virginia (again)
2,697 posts, read 8,212,180 times
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Does your contract say you can cancel due to economic crisis and get your deposit back? I doubt it. I don't mean to make light of your situation, but I don't think you'll get a dime back.

BTW, wasn't the economy in crisis when you signed the contract?
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Old 10-22-2008, 05:26 PM
 
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You need to talk to your RE attorney for help on stuff like this.

Good Luck!
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Old 10-22-2008, 06:24 PM
 
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If your mortgage falls through perhaps you can get out of the contract with an escape clause.

Check your contract. If so, pass any new info to the lender to see if they no longer want to finance you.
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Old 10-22-2008, 11:28 PM
 
Location: Cary, NC
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First talk to your real estate agent, then, if need be, your real estate attorney. It will depend on the contingencies written into your purchase contract.
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Old 10-23-2008, 01:42 AM
 
Location: Durham, NC
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Looks pretty clear what your next plan of attack will be. Get informed by RE Agent and/or Attorney. But let us know what comes about, Aries.
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Old 10-23-2008, 09:17 AM
 
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What is it about the "economic crisis" that is wanting you to get your money back? BTW, the more people start backing away, the more it will lead to an "economic crisis".
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Old 10-23-2008, 09:52 AM
 
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Its the HIGH interest rate and fear of recessions. With that high intetest rate 7%, when I was signing the contract it was 5.5, I cant keep up my monthly payments. I will try to contact RE attorney, does anyone know any good attorney?
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Old 10-23-2008, 12:14 PM
 
Location: Cary, NC
2,407 posts, read 10,235,073 times
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Quote:
Originally Posted by aries786 View Post
Its the HIGH interest rate and fear of recessions. With that high intetest rate 7%, when I was signing the contract it was 5.5, I cant keep up my monthly payments. I will try to contact RE attorney, does anyone know any good attorney?
Was there a rate cap contingency in your purchase contract?
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Old 10-23-2008, 12:53 PM
 
Location: Durham, NC
1,364 posts, read 5,765,490 times
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Quote:
Originally Posted by aries786 View Post
Its the HIGH interest rate and fear of recessions. With that high intetest rate 7%, when I was signing the contract it was 5.5, I cant keep up my monthly payments. I will try to contact RE attorney, does anyone know any good attorney?
What are you talking about? Today's rate is around 5.75% on a 30 year fixed...
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