financing falls threw

hello all
Im am new to this game and got a simple but important question.
You, me, anbody has a house under a signed contract and the financing fall threw, theres no way to keep up my end of the bargain. What happens? :-[

Howdy jlsj:

Both buyer and seller have to sign a release of earnest money agreement giving you back the earnest money and the contract will become null and void.

This is true.

Most contracts, at least the one I use as a Realtor(R) has a mortgage contingency clause. If you can’t get the mortgage (or even a mortgage at the rate you want), you can get out of the contract.