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Old 05-19-2014, 10:32 AM
 
3 posts, read 3,489 times
Reputation: 15

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I owner financed my home with the original home owner in Texas 2009. I have paid all this time, last August it became very hard and have been late several times, however have paid with in the month plus all of the late fees adding up sometimes to almost 400.00 dollars. My job was cut and I am a single woman. I have paid $650.00 of this months payment only because I had lost my breaks on my car. I showed the owner why I could not pay the whole house payment. My balance is $475.00 plus late fees. I am a stylist, and business has not been very good I also teach but hours at the college were cut to half my pay. I got a text from him Sunday night saying he was filing eviction notice on me because he didn't get the rest of his money. Understand I have kept in touch with him on this matter and he knows I am paying him at the end of the week. now he is throwing this at me even though I have told him. I am also getting an inheritance check in another month and I will have the ability to pay him off totally. Remaining balance of 71,000.00, I have paid him over 88,000.00 over the last years. He also knows this is going to take place. I have remodeled the home with improvements. he wants the house back to resale, told me this himself...I had it sold and he refused to let me out of my contract, said he deserved more money in his equity for letting me be late so many times. He offered me $5,000.00 to walk away and he would sell it himself. Now here comes the interesting part in our conversations he left it out that the money I gave him in the beginning to purchase the home ($10,000.00) down, he has said he still has a mortgage on this house and never paid it off as he claimed he was going to. What can I do to delay this matter, i do not want to lose my home, but he knows the value has went up and wants me out. What are my rights. I am seeking advice in this situation. Please!!
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Old 05-19-2014, 12:24 PM
 
3,805 posts, read 9,302,051 times
Reputation: 4978
It is difficult to give meaningful advice without having your contract with him. I don't suppose you can mark out the address and names and post it?

I would say: find a way to get him the cash right now, meet with him, cry, convince him to allow you to remain. Again, tough to advise without knowing the contract particulars.
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Old 05-19-2014, 12:38 PM
 
988 posts, read 1,735,470 times
Reputation: 1078
Well, for starters, he can't just evict you. That's a legal process that needs to play out in the courts, and even though it's an owner-financed situation, you still have rights as a "tenant."
As for the rest of the dispute, without knowing the details of your contract with him, it would be tough for anyone to advise you of your rights. I'll be the first (and presumably not the last) to say this:
GET YOURSELF AN ATTORNEY ASAP!
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Old 05-19-2014, 01:28 PM
 
Location: Austin
7,244 posts, read 21,755,019 times
Reputation: 10014
I'm not an attorney, and you need to speak with one immediately. Preferably, you should speak with the attorney who drew up the owner finance contract? Basically, if he wants you out, he has to go through foreclosure proceedings just like any "bank". He can't evict you, if you actually used a legal document. If you have chicken scratch on a napkin, who knows what your actual contract states. Get an attorney.
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Old 05-19-2014, 01:44 PM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,707,643 times
Reputation: 6945
Contact your local bar association (Houston? www.hba.org) and see if they can help you find an attorney who can assist you at no charge..."pro bono".
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Old 05-20-2014, 12:28 PM
 
Location: New York
2,251 posts, read 4,906,781 times
Reputation: 1617
Quote:
Originally Posted by shirley60 View Post
I owner financed my home with the original home owner in Texas 2009. ...got a text from him Sunday night saying he was filing eviction notice on me ...... told me this himself...I had it sold and he refused to let me out of my contract, said he deserved more money in his equity for letting me be late so many times.....I gave him in the beginning to purchase the home ($10,000.00) down, he has said he still has a mortgage on this house and never paid it off as he claimed he was going to. What can I do to delay this matter, i do not want to lose my home,... I am seeking advice in this situation. Please!!
  • You said in 2009 purchased your home putting down $10,000 with the original homeowner and did owner-financing. The previous owner now said he still has a mortgage and never paid it off as he claimed he was going to. He texted you he was filing eviction notice. Then says...had it sold and he refused to let out of contract?
  • Said he still has a mortgage and never paid it. Do you have a title with your name listed, as the former owner the lien holder?
  • To evict a homeowner - the lien holder has to follow a foreclosure process, followed by a court approved sate date. Texas is normally the 1st Tuesday of the following month.
  • Your story has conflicting information, this sounds you leased the home?
  • The first thing you need to examine is the original purchase agreement. This should contain information about the terms of your loan, including the action for non payment.
My firm is part of a Mortgage Attorney Network dealing with loss mitigation. I cant help you directly since I am in New York. Feel you need a local attorney specializing in realstate or mortgages to represent you. If you cannot find one, I can connect you with our Texas Attorney specializing in this type of litigation. If you need someone to look at your paper work, send me a PM...

.

Last edited by Modification Specialist; 05-20-2014 at 01:09 PM..
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Old 05-20-2014, 12:37 PM
 
16,715 posts, read 19,355,889 times
Reputation: 41482
Quote:
Originally Posted by shirley60 View Post
I owner financed my home
I can't say for sure, and I'm no attorney, but my husband explained owner financing to our daughter when she was thinking about it, and from what I understand, you can never be late, any money you have given the owner is theirs, they don't have to give you back anything, and they can make you leave if you default (as you say you have). Now I don't know how much of that was scare tactic for her or what, but it certainly isn't something I would ever consider no matter how bad my credit is.
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Old 05-20-2014, 02:50 PM
 
Location: Austin
7,244 posts, read 21,755,019 times
Reputation: 10014
Quote:
Originally Posted by convextech View Post
I can't say for sure, and I'm no attorney, but my husband explained owner financing to our daughter when she was thinking about it, and from what I understand, you can never be late, any money you have given the owner is theirs, they don't have to give you back anything, and they can make you leave if you default (as you say you have). Now I don't know how much of that was scare tactic for her or what, but it certainly isn't something I would ever consider no matter how bad my credit is.
If you do a true owner finance, the above is not true. It's a scare tactic. The "owner" would have to foreclose like a bank as they funded the loan for ownership. The above is more true for a lease/rent to own situation because you don't have any title or ownership during the leasing part.
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