Legal Question in Real Estate Law in Wisconsin

Not having seen your accepted offer to purchase, I would not be able to comment on what your rights may be once you lose the ability to come up with the down payment which you apparently promised to pay. Despite the fact that this contract probably contains at least five pages of small print, all of it matters, so read it carefully. However, what would most commonly occur in this situation is that the seller would agree to settle for the earnest money on deposit, with all parties signing a cancelation and release agreement. Technically, the seller can sue for specific performance to attempt to force the deal, but with a financing contingency the purchase becomes impossible for you as a practical matter. Furthermore, all of your liabilities in this matter would probably be easy to discharge in bankruptcy at minimal expense, so you definitely owe it to yourself to schedule a consultation with an experienced bankruptcy lawyer if this matter cannot be worked out. Please be aware that my responses to you in the public web forum do not make me your attorney and that I am not representing you or taking any action on your case. These answers are intended for public educational use only. Regardless of this, however, you are still welcome to contact me during business hours at my in Racine if you still have questions.