Legal Question in Real Estate Law in Georgia
I currently have a signed contract to by a house. The house is bank owned. I changed lenders & was going to do an addendum to add my dad. Since he had to cosigner with me as a coborrower on the loan. My dad use to own the house & went through bankruptcy and forclosure in 2010. He has met all requirements to qualify on the loan. my lender also contacted hud to make sure everything would be fine with him co signing with me since he use to own the home.HUD said everything should be fine since disclosure was 2010.The bank is wanting to terminate the contract.I was suppose to meet my agent friday to sign the addendums to add my dad & change the lenders name I am going to use & she informed me that they want to terminate our contract. They wanted my agent to do the termination letter & have me sign it & send it to them to put a reason & sign it. I refused to sign it because the did not put there reasoning nor did they sign it. I've asked my agent and they still have not done a term. Letter. Can they do this?
2 Answers from Attorneys
Maybe. maybe not. No one here has read the contract. The one person who can answer is you is your lawyer. Why have you not called him or her? (If you don't have a lawter and are trying to buy bank owned property you are makimng a potentially catastrophic mistake; never do that without your own lawyer. You CANNOT make the seller accept an extra buyer, as I am sure your lawyer warned you. And you may or may not be able to change lenders depending on the contract terms. On your next HUD purchase, get a lawyer to review your contracts before signing.
Let me add: your agent cannot answer your legal question unless he/she is also a lawyer.
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