Difficulties with mortgage - please help

[ssmarius]

Hello everybody,

If I have an agreement for a new home with deposit paid, could be a way to get it back if new circumstances make it impossible for me to get the mortgage?

Thank you!

[newhomeowner]

I'm pretty sure that if you cannot get the mortgage you will not receive your deposit back. It is better to see if you qualify for the amount you need before the finalizing the agreement.....if you can't close your home because the bank won't give you the money, you will loose any money you have already given mattamy.

[K.C.]

With the way house prices are going if there's any way you can hang in there and close on the house and sell right away it would be much better for you. Maybe your situation will change as you get closer to closing. Otherwise you're looking at huge losses. Mattamy will have no problem selling your house if you walk away from your deposit. In fact they'd probably like it if you walked away because they could sell the house for even more than what you paid.

This situation calls for a creative solution but I don't know what that would be.

What model is it?

[ssmarius]

Thank you for the reply.

I have the preaproval but something changed in a bad way after... I was thinking about transfering the agreement somehow...

It is a Hillcrest on a premium lot (not very big, only 10,000 cad plus) and only the corner fireplace + bow window as upgrade.

[jrb]

I agree with K.C. If you can hang on to it then do that and sell it after closing if you need to.

If that isint an option for you, then you could contact a lawyer and see if they have any creative ways out without loosing a lot of money.

I really hope things work out for you.

[ssmarius]

Thank you everybody. I really want the home, I still have hope I can buy it. The only thing I wanted to know was an alternative for worst....

[cheilo]

I hope everything works out for you because in the end Mattamy just wants to be paid, much like any business, and when I asked them about worst case scenarios they basically told me we are S.O.L. if you need to back out of the purchase. Good luck!

[fugee]

hey just give me a shout if you want to discuss your situation and explore different options.

cheers,
mat