Getting un approved for a home loan?

my husband and I signed a contract to build a tract home and we no longer want to purchase the house. The house is under construction and we have advised the builder that we do not want the house anymr. We told them that they can keep the earnest money (12k) as we would rather cut our losses there - they will not... show more my husband and I signed a contract to build a tract home and we no longer want to purchase the house. The house is under construction and we have advised the builder that we do not want the house anymr. We told them that they can keep the earnest money (12k) as we would rather cut our losses there - they will not let us out of the contract and said they will sue for specific performance. The only way we can get out of the contract is if we are not approved come closing. Unfortunately we will be. How can I make it so that we arenot approved without sabatoging our credit? I was wondering if we can purchase another house ( that we really want instead) and close 2 weeks befoe closing on the new house so that we will not be approved for the original loan because we will have two mortgage payments. Is that cheating the system?And can they come after us?
8 answers 8