Is it possible to get a new mortgage if we already have one? And can we get out of a new home contract?

Question

We put money down on a new home and don't know if we can get out of it without losing the money we put down in escrow. Also someone told us we will have to pay for the upgrades we added to the house. Is there any way to get out of the contract without losing money. And if not, is it possible to get a new mortgage when we already have one? We are trying to sell our home but the market is really slow. Any help is greatly appreciated.

Answer 1

READ your contract, carefully

Have an attorney read your contract on your behalf, and advise you

We can't do it with this amount of info

Depends on contingencies, how much time has passed, etc.

Answer 2

You may lose your upgrade money and your deposit. That is sad because you didn't intend to back out..   You can have 4 mortgages at the same time.