How do I get out of a Owner Finance contract?

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Icon Mini Profile ivytrinidad

Joined: 25 Aug 2008

Posts: 1

1.32 Dollars($)
Post Posted: Mon Aug 25, 2008 1:02 pm    Post subject: How do I get out of a Owner Finance contract?

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.
Icon Mini Profile adonis

Joined: 22 Oct 2005

Posts: 12179
Location: ALASKA
1313.94 Dollars($)
Post 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.

Procrastination is the enemy of your financial success
Icon Mini Profile jheard

Joined: 12 Dec 2007

Posts: 856
Location: Houston, TX
133.99 Dollars($)
Post 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.
Disclaimer: This is not legal advice and I am not your lawyer. The information provided here is for educational purposes only, and is not a substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
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