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Old 04-23-2019, 11:55 AM
 
8 posts, read 3,342 times
Reputation: 15

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I did an owner finance & sales contract recorded with the county on my house in 2014. The plan was for traditional financing in 5yrs. April 25,2019. I have been working on it since July 2018.
Anyhow it has not gone thru yet due to credit issues but I'm very close. The Seller(owner) is threatening to start foreclosure measures if not.
I have never been late on my mortgage pymnts (maybe 1 or 2x's in 5yrs) We take very well care of the property and actually enhanced it. I requested 30 to 60 days extenstion but he says Ive had long enough.
I need advice on whats the worse that can happen? How fast? How can I stop it? I don't want to lose my house.
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Old 04-23-2019, 02:28 PM
 
14,394 posts, read 11,252,791 times
Reputation: 14163
The worse that can happen? The seller sends you a letter in 2 days via registered mail that requests full payment for the home, and thereafter starts foreclosure proceedings, you get evicted, losing your equity, and he sues for damages.

For financing to take close to a year, and for you to have any late payments means he thinks you are a big risk, which I’d agree with.

When you say you are “very close” what does that mean? Has the underwriter even approved the loan? Or are you still trying to get approval from a lender?
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Old 04-23-2019, 02:43 PM
 
Location: Ono Island, Orange Beach, AL
10,743 posts, read 13,390,202 times
Reputation: 7183
You should contact Atlanta Legal Aid.
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Old 04-23-2019, 02:58 PM
 
17,314 posts, read 22,056,580 times
Reputation: 29673
Quote:
Originally Posted by AnsleyPark View Post
You should contact Atlanta Legal Aid.
Why?

Contract says to get traditional financing within 5 years. Buyer started 8 months ago, seller just wants to get paid and move on like the contract states!
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Old 04-23-2019, 03:02 PM
 
Location: Ono Island, Orange Beach, AL
10,743 posts, read 13,390,202 times
Reputation: 7183
Quote:
Originally Posted by City Guy997S View Post
Why?

Contract says to get traditional financing within 5 years. Buyer started 8 months ago, seller just wants to get paid and move on like the contract states!
Of course the seller wants to do that. Who wouldn't? But, the OP asked for help. So, instead of berating her, I gave her sound advice. That is why.
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Old 04-23-2019, 06:52 PM
 
14,394 posts, read 11,252,791 times
Reputation: 14163
Quote:
Originally Posted by AnsleyPark View Post
Of course the seller wants to do that. Who wouldn't? But, the OP asked for help. So, instead of berating her, I gave her sound advice. That is why.
I agree with seeking legal advice and having them review the contract. I worry about the statement “has not gone thru yet due to credit issues” - I wonder if the seller ran a credit check first (likely) and accepted the contract with a higher interest rate.
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Old 04-23-2019, 09:48 PM
 
1,709 posts, read 3,426,322 times
Reputation: 1343
The seller just had you pay them interest while the value of the home skyrocketed in this market. He doesn't want the money and move on. He wants the real estate where he can really profit.

You agreed to a 5 yr note. If you don't pay off the note, the original seller can and will take back the real estate if there is equity there. You making improvements is not helping your cause.

There are laws about lenders pocketing proceeds above and beyond what they are owed under a note. If your property is sold to recover a debt you may have an interest in the equity.
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Old 04-24-2019, 02:31 AM
 
Location: Atlanta's Castleberry Hill
4,768 posts, read 5,442,323 times
Reputation: 5161
I feel like enough facts are not present. Please seek contact Atlanta legal aid. You may be able to get free legal assistance.
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Old 04-24-2019, 06:26 AM
 
2,289 posts, read 2,947,032 times
Reputation: 2286
Quote:
Originally Posted by AnsleyPark View Post
You should contact Atlanta Legal Aid.
This, this, and this.

OP, they will give you basic legal advice for free, and help you chart a course forward.
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Old 04-24-2019, 06:53 AM
 
17,314 posts, read 22,056,580 times
Reputation: 29673
Does everyone realize the deadline is tomorrow?

I'd guess hard lending is the answer for the short term but the interest rate is going to be deep into the double digits.
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