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Payments scare home buyers into canceling deal

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: Can a home builder force us to buy the home? We have reached our boiling points with our builder. The mortgage monthly payments are too high and we decided not to purchase the home --Chandra K. DEAR CHANDRA: Of course, you can't be "forced" to buy a house you don't want. Purchase Bob Bruss reports online. However, if you signed a valid purchase contract that was accepted by the home builder, you can be held liable to the builder for monetary damages due to your unjustified breach-of-contract damages. Surely, before you signed a purchase contract with the builder you knew what your monthly mortgage payments would be. If you got "cold feet" while waiting for your new home to be completed and changed your mind about completing the purchase, you can be held liable to the builder for damages due to your cancellation of the purchase contract. Before defaulting, I suggest you consult a local real estate attorney to discuss your choices. HOW TO KNOW IF YOUR DEED WAS RECORDED ...