I haven't sign my loan can I still walk away

[ferdie1]

Hello,

I just have a question. My Friend both a house and he encourage me to get the second loan. Right now it's been about a month and I am about to tell out agent that I don't want it anymore. Can I still get out of this second mortgage loan even I haven't sign the final contract? Or do I get penalized for walking away. Please kindly give me your thoughts.

Thanks,

F

Welcome to the forum and thank you for joining....

If you have not signed final loan documents you do not have to take the loan, you do not owe anything except for the Appraisal and Credit Report and those fees should have already been paid at the time they were done.

You are not required to sign anything and you are not required to pay anything except for the appraisal and credit report. The reason that you pay these is that some did do the work and they do have to be paid. The fees are minimal.

You never have to take a loan that you do not want, that is the way it is. If anyone tries to say anthing differently, report them to the State Agencies that regulate them.

No there is no penalty for not signing and if someone tells you that, it is wrong.

[ferdie1]

Thanks Poppy. Now I can breath a lot easier because they were telling me that I can not get out of this contract. Now I know what is the next step. Thanks for the info.

F

The loan side, I have had borrower's walk away from the table, that is their prerogative...I can not force them to sign loan documents.......


The loan side, no one can force you to sign for money that you do not want.