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hollylarson17 · Joined: 09 May 2011 Posts: 1 1.38 Dollars($)

I am facing default on mortgage if we do not close within the next week. Can the buyer pull some shady stuff and keep putting it off till my mortgage guy (deed of trust) puts me in default to foreclose....then sneakily get it cheaper from him?
This has been my fear since we have been involved in this contract. All he gave me was $50 deposit. He keeps blaming it on the bank for taking so long,...but I think he wants me backed into the corner of default.
What do you advise?

chrisgummerson · Posted: Mon May 09, 2011 4:07 pm Post subject:

Did you sign a real estate sales contract? There should be contingencies that must be completed or the deal is voidable. A 50.00 deposit, should have been a red flag. If you have equity in the house and the buyer thinks he can get a better deal, he might have something up his sleeve. Working with a private lender is hard, I have seen many bad deals with Hard Money. You need to have your contract reviewed by RE attorney and see if you can get out of the contract, start over, or sue the buyer for breach of contract. Please consult an attorney for this matter and good luck

Guest

No real estate contract. I am selling it myself to him. We have a purchase agreement. He has done inspections, surveys,etc. and every week he still claims he hasn't gotten approval yet or no closing date set. He knows they are going to put me in default within a week. I just think he is stringing me along until I end up losing the house to default, rather than us closing beforehand. My mortgage lender has been very patient the last 6 weeks waiting for his $, but said he will default me for missed payment if we have not closed and paid him within the week.

smithsussane · Posted: Mon May 09, 2011 9:01 pm Post subject:

Hi hollylarson!

Welcome to forums!

I agree with what Chris has said. You should contact a real estate attorney and show him the required document so that he can go through it and let you know what steps you need to take in this regard.

Feel free to ask if you've further queries.

Sussane

chrisgummerson · Posted: Tue May 10, 2011 8:32 am Post subject:

You can also file for a BK that stops any collection of debt, exluding IRS and State taxes. If it comes down to it, to save your self from default you can always file. Do you know if you have any right of redeptption or reinstatement along with your lender? On general deed of trust, you to default for 90 days, then a NOD is filed, then no less than 21 days later can they start a trustee sale. You need to go over your original note and loan terms to see what you are exposed to. Can you refer the buyer to another bank? Have him send you a copy of his lenders approval. If he cant supply you a copy, then you should contact an attorney.

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I am selling my house. We have a purchase contract that says we both can back out at anytime. It has been almost 6 weeks still no close

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