contract issue

[chamshv]

I recently purchashed a home about 6 days ago. The payment was more than i expected. I was somewhat pressured to sign the paper or i faced getting sued by the seller. I haven't moved in the houe yet and i was wondering do i have a residing or a number of days in which i can back out of this loan? Will i be penalized or can i legally back out? Please help!!!

 

[Michael Wechsler]

Originally posted by chamshv
I recently purchashed a home about 6 days ago. The payment was more than i expected. I was somewhat pressured to sign the paper or i faced getting sued by the seller. I haven't moved in the houe yet and i was wondering do i have a residing or a number of days in which i can back out of this loan? Will i be penalized or can i legally back out? Please help!!!

This would seem to be your problem as you have signed the deal and perhaps title has already passed to you. The risk of not going through with a contract of sale does present a potential risk of suit but that was the time to back out, not now. There is no law regarding sales of homes like there is with a 'cooling off period' proscribed by law concerning pressure sales that you may be alluding to. Additionally, you had a long time to think about whether or not you should go through with the purchase.