How do I get out of a Owner Finance contract?

ivytrinidad · Joined: 25 Aug 2008 Posts: 1 1.32 Dollars($)

My ex-boyfriend and I are going through a break-up and we want out of our "Owner Finance" contract. How do I get out of this? The realtor says I am obligated to pay for the "mortgage" until he has found another interested party to take over the house? I need help. I feel like he's not being truthful. I cannot afford to pay for my new apartment in addition to a house that I no longer live in.

adonis · Posted: Mon Aug 25, 2008 9:53 pm Post subject:

Welcome Ivytrinidad,

I suppose the realtor is quite justified in asking you to pay till he finds a new party to take over the house. It's better that you have a straightforward talk with your ex-boyfriend and then decide about the payments till the realtor finds a potential buyer.

jheard · Posted: Tue Aug 26, 2008 8:55 am Post subject:

You can't "get out" of a contract to purchase a house. You are liable on the contract unless you sell the house, or the owner finds someone to assume the contract.

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