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I have a owner finance house that I am purchasing. I pay 650.00 a month, so much of that goes towards the purchase of the house the rest of that money goes towards the taxes and the insurance. Two weeks ago I had an electrical fire, and it did some damage but the house was not a total loss, the adjuster said it was repairable. The people I am doing the owner finace with told me they were gona keep the insurance money and have Century 21 sale whats left of the house and the land. What are my options I have been paying on time every month for a year and ahalf. They are just trying to take the house from me and leave me with nothing. What are my options?

brian1 · Posted: Wed Feb 23, 2011 9:17 pm Post subject:

What does your contract say about this? You should have a legal document/agreement between you and the sellers if you do you have rights (most likely) if not you may be out of luck.

jameshogg · Posted: Thu Feb 24, 2011 12:53 am Post subject:

Hi Guest,

You must have signed an owner finance agreement with the buyers. You can take actions against the buyers as per the owner financing contract. You can even contact an attorney and check out if you can take legal actions against the buyers.

Thanks

jveenstra · Posted: Thu Feb 24, 2011 3:42 pm Post subject: Burned

Is there a mortgage on the property?

If there is a mortgage on the property, I would think the insurance check would be written to the owners and the people who did the repairs.

If there is no mortgage, I guess they could try to do what they are doing if you are not proetecd by any contract.

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owner financed house then house burned

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