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Wife Got Sick Before Closing

by Fred
(Rochester, NY)



I am buying a house out of state, closing is coming up soon. My wife just got back surgery and still needs months of treatments here. When we move we lose all medical coverage since it does not follow us.

This is a VA home loan. What is best to do? I can not leave my wife behind. So do I go ahead with the closing and leave the house alone for 3-4 months or more? Will that be okay to do?

I am just worried about paying mortgage and rent and the extra bills. I was told that I would be sued if I back out now, what do I do? Closing is soon.

=====ANSWER=====

Hello Fred,

Thank you for coming by the website and asking your questions.

You have a very unusual situation here. Now I certainly cannot tell you what to do. All I can say is what I would do if I were in your shoes.

Rather than worrying about being sued for backing out of the closing, I would write a nice letter explaining what has happened to your wife. Her health is far more important that buying a house and putting yourself under financial stress.

You are correct in being concerned about the bills that would come your way trying to pay rent and a mortgage. In fact, if your lender found out you were going to try to do this they would disqualify you for the loan anyway since this would destroy your Debt to Income ratio.

So write the letter of explanation to your lender, tell your mortgage loan officer and real estate person what is going on and take care of your wife.

When she recovers, you can always go back into the market for another home.

Besides that, very few if any sellers would sue people for backing out of a deal since it would costs them more money and time that it would be worth. Often times this is a threat to try and get the deal to complete.

I wish you and your wife the best.

Kind Regards,

Jeffrey Ragan


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