help-somen=body suing me for breaching contract to purchase a

I need help.
I got a small claim cout letter and said somebody is suing me becuase I breach the contract to purchase his house.

The story is that I had a financial letter to approve I have under $700,000.00 buying power. The signed purchase is $70,5000.00. Before signing the contract, he told me we could get interest rate as low as 4.35% from a local bank. He told me the bank name. The sceond day after signed the contract to purchase, I checked the bank he mentioned and other banks, the rate is much higher and we are going to hit jumb loan which is $417,000.00 and which would result much higher monthly payments. So I called him and emailed him we can't get the reasonable rate and consern that we can't afford to buy the house. He said letting me email him the reason and he will refund the deposit check which is $1000.00. SO I did email him the reason and told him that due to financial reason and jumb loan, we like to cancel the contract and asked him to send me the check back. Then he said he can't return my check since I breach the contract. So I called my bank to stop the check(I think I did worng here). Now I got the letter from the small claim court for his suing me.

What I should do now? Thanks for your great help.

所有跟帖： 

• correction: help-somebody suing me for breaching contract to pur -amyli- ♀ (0 bytes) () 08/05/2009 postreply 16:16:08

• here are emails related to this purchase -amyli- ♀ (1119 bytes) () 08/05/2009 postreply 16:39:05

• This thing would not have happened if you had hired an agent -xxhhwxc- ♂ (266 bytes) () 08/05/2009 postreply 17:51:20

• 回複：This thing would not have happened if you had hired an agent -amyli- ♀ (154 bytes) () 08/05/2009 postreply 18:41:42

• No, because you knew it better than the buyer. and you still sig -farmerabc- ♂ (0 bytes) () 08/05/2009 postreply 19:15:37

• 單身老貓, can you help? -amyli- ♀ (0 bytes) () 08/05/2009 postreply 16:17:35

• I personally don't see there is any way by which you can walk -EastLily- ♀ (25 bytes) () 08/05/2009 postreply 21:04:08

• The financial letter is irrelevant here -CyberCat- ♂ (893 bytes) () 08/06/2009 postreply 08:02:27