parent involvement in mortgage

new jersey
i am trying to get out of buying a house for reasons that are still being argued. my parents were going to give me $100,000, but because of the issues, and because my father is worried about the tax consequences of the necessary "gift letter", they don't want to be involved anymore. when I suggested to my attorney that an alternative to the current debate be that I'm now having trouble with the mortgage, he says that the seller's can claim conspiracy and that we shouldn't go that route. to me that's essentially saying my parents don't have control of their own money...is my lawyer correct?

[HomeGuru]

The bottom line is that you can get out of the contract because you do not have the downpayment. Which in turn makes you not qualified for the mortgage intended. Period, end of story.

[Edited by HomeGuru on 07-27-2001 at 01:55 PM]

even if the 100,000 was already desposited into my account (but my parents want it back), and even if they've already signed the gift letter (my mortgage guy said he would claim they never got it)?
Thanks so much for your help

[HomeGuru]

Why didn't you say that in the first place instead of all that other stuff that has no bearing on your situation?
Since you have not provided the pertinent facts, I have no response for you.
Your parents do not have control of the $100K because it is sitting in your bank account.

[Edited by HomeGuru on 07-27-2001 at 02:04 PM]