Building Contract...not making the money

**ohlurdy** · 01-17-2009, 04:36 PM

1. you sign a contract to build a house in a neighborhood

2. put down $1000 escrow fee and they start building

3. you start making only $600-$800 per month on your job
during the three month building process...now they want
to close and do the loan....

4. what happens now...do you not qualify based on your income
and if that is the case...why do the loan application?

thank you very much for your assistance

**ohlurdy** · 01-18-2009, 12:34 PM

just wanted to mention that this contract was signed without
the use of a realtor being involved.

**donrock** · 01-18-2009, 11:01 PM

What exactly was the $1,000 for? If it was a deposit see if they will give it back although its a slim chance. Talk to your loan officer to see if he has any ideas. See if you can find someone to take over your position although with prices going down you'd be lucky. Talk to the builders and tell them your problem they may work with you instead of being stuck with the house.
Good luck,
donrock

**Mike Taylor** · 01-20-2009, 04:08 AM

have you talked to the builder to see if they are willing to work with you? How long ago was this? How long is your financing clause? You will need to seek some professional advice if the builder is not willing to work with you.