getting out of a new house contract due to loss of job

Missouri-My husband put a contract on a house under construction about 2 months ago. everything was fine until he lost his job. We can no longer afford the house. we spoke to the developer about this situation and they said that we had to buy the house or they would bring a lawsuit against us. The other problem is that we have already gotten approved for the loan, so I'm not sure if we can go back to the finance clause in our contract. We cannot afford the house and really need to get out of it asap. Yet the developer has said that they really don't care if we no longer have the job or income anymore. The house will be ready in a few weeks. What can we do to get out of this contract??

[I AM ALWAYS LIABLE]

Originally Posted by istawanbli

Missouri-My husband put a contract on a house under construction about 2 months ago. everything was fine until he lost his job. We can no longer afford the house. we spoke to the developer about this situation and they said that we had to buy the house or they would bring a lawsuit against us. The other problem is that we have already gotten approved for the loan, so I'm not sure if we can go back to the finance clause in our contract. We cannot afford the house and really need to get out of it asap. Yet the developer has said that they really don't care if we no longer have the job or income anymore. The house will be ready in a few weeks. What can we do to get out of this contract??

My response:

Sounds like one or both of you had better get a job - - fast!

IAAL

[nextwife]

You may wish to speak with your LO. I am fairly certain that one of the lender closing documents is a certification that nothing in the application has changed since the ap. Such as having taken on additional debt, etc. The lender approved the loan on the basis of what was on the application. Might be you are not entitled to close on that loan under your present circumstances.

[HomeGuru]

Notify the mortgage company right away and have them do an updated VOE.