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sej011655 · Joined: 19 Dec 2008 Posts: 1 1.54 Dollars($)

My credit is bad, so when I wanted to purchase the house I was renting, the owner was willing to "owner-finance" it. In effect, I was making her payments for her.....she just wanted out from under it. We had a contract drawn up by an attorney who filed it at the courthouse in Sept. 2007. In Aug. of 2008, I found out that the "owner" had not been paying the mortgage company and the loan was going into default. When I contacted her, she said she had had to file bankruptcy, and was letting the house go to forclosure, but I was welcome to see if I could keep it. The mortgage company then informed me that they could do nothing until the bankruptcy discharged, so I should just stay put and do nothing. Two weeks ago, I was served Forclosure documents which listed me along with the current owner and her husband. I have been told that her loan is un-assumable. The mortgage company just gives me the runaround, and I don't know what to do next. Time is running out, but I don't want to lose my home much less have a forclosure on my credit report! Help!

smithsussane · Posted: Fri Dec 19, 2008 9:49 pm Post subject:

Hi sej!

Welcome to forums!

I can understand that you are going through a tough time. In my opinion, you should immediately contact a lawyer and show him the owner financing agreement that you have with the owner of the property. The lawyer should also speak to the mortgage lender as well in order to check if you have a way out from this situation.

Feel free to ask if you have further queries.

Sussane

Guest

I talked with 2 lawyers as soon as I found out about the bankruptcy. They both said it would cost me several thousand dollars to hire an attorney to handle this situation. That's several thousand I don't have.

Guest

You can check out the federally funded programs wherein you can find national network of legal services offices which receive federal funds to provide free legal help in civil cases to low-income people. You will also find county courthouses which have facilitators to help people in dealing with their legal claims. Check with your local bar association or courthouse to see if you can avail this plan.

Guest

Buying home on Contract since July of 2008. Making owners payments to the bank never late or missed. Put $ down and $ on repair before moving in. We have done extreme landscaping. We where to assume a loan if possible if not we would start paying $ for interest a month. We could not get a loan and are paying the difference (I+P) Now owner wants out of contact and has said his friend the Realtor forged his signature. He also said this contact has expired. We are getting hit with all these different stories from him. We said that any problem he has with his friend is between them. We entered into the contract legally and have done nothing wrong. The contract was an open dated contract (that is why we started paying interest). He called and said he was putting it back on the mark after 2yrs of paying him $ and he will not give us any $ we paid down or into it. Limited on legal $ to fight this guy. What should we do? We have not broke any part of the agreement. We also told him that we all signed the contract. He just wants out from under it is what he keeps saying to us.

jerry · Posted: Wed Jun 30, 2010 2:42 am Post subject:

Hi sadavis,

I hope you have the documents related to the agreement which you signed with the owner. You need to contact an attorney with all these documents and take his opinion in this regard. If you haven't broken the terms and clauses of the agreement, then he cannot ask you to leave the property. You can even take legal actions against him.

Thanks,

Jerry

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Buying house on contract with current owner who filed bankruptcy. What do I do now?