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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.

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Mon, 08/25/2008 - 21:53 | Post subject:

jheard's picture
jheard | Joined: December 12, 2007 08:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Tue, 08/26/2008 - 08:55 | Post subject:

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