Question
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Aug 2, 2007, 06:38 AM
| | New Member  | | Join Date: Aug 2007
Posts: 2
| | | Rental/Purchase contract!
I live in Ohio, and am in a rental/purchase contract for a home. The contract specifies that I get a loan for purchase after 12 mos. at 8%or less.
I cannot get a loan under 11% due to my credit issues, which I outlined to the landlord at the time I first met him. I put down a very large down payment as he assured me that I should be able to secure financing at 12 months, or I'd get my deposit back, and only forfeit the 'monies' he would be setting aside out of my rental payments each month.
Now he tells me that I have to take whatever loan I can get regardless of the rate,(which I negotiated into the contract), or lose my down payment and leave.
What recourse do I have??? Isn't this a 'predatory lending' situation?
I cant afford for my monthly rent/payment to rise from $850 to $1350 with the 11% loan, and have no savings to go anywhere else! Help!!
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Answers
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Aug 2, 2007, 07:58 AM
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#2
| | | Computer Expert
Join Date: Jan 2003 Location: LI, NY - USA
Posts: 23,733
Pay to call ScottGem for advice ($.75/min) | What does the contract say about your not being able to get a loan for 8%? The seller can't change the terms of the contract at will. |
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Aug 2, 2007, 08:07 AM
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#3
| | Home Repair & Remodeling Expert
Join Date: Dec 2006 Location: Wheaton, Illinois, USA
Posts: 9,617
| Scott is on the right track here. The terms can not be changed unless both parties agree. The seller may jerk you around and attempt to hold your momey but you would stand a good chance of recovery if you have to sue. | |
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Aug 2, 2007, 12:47 PM
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#4
| | | Christianity Expert
Join Date: Nov 2005 Location: Atlanta GA
Posts: 26,077
| He can not change the terms of the contract, period, | |
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Aug 2, 2007, 05:49 PM
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#5
| | New Member
Join Date: Aug 2007
Posts: 2
| The contract says that I will secure financing of 8% or less by July 01, 2007,or if unable to do so, the owner will extend the contract for up to 90 days with no penalty. The landlord now says that the 90 days was to get 8%, but after that time I have to take any loan I can get, or lose everything, and get out.
This is how 'regular' people end up homeless and on the street. | |
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Aug 2, 2007, 06:08 PM
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#6
| | Expert
Join Date: Aug 2005 Location: On the outside
Posts: 8,795
| Quote: |
Originally Posted by ohiogirl This is how 'regular' people end up homeless and on the street. | Hello ohio:
No, this is how people who enter into contracts WITHOUT a lawyer end up on the street. All the 'regular' people I know, use attorney's when necessary.
excon | |
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Aug 2, 2007, 06:13 PM
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#7
| | | Computer Expert
Join Date: Jan 2003 Location: LI, NY - USA
Posts: 23,733
Pay to call ScottGem for advice ($.75/min) | Based on what you are saying, I'm afraid he's right. It sounds like the contract states that you have to obtain financing or the contract is terminated. I would get an attorney to look over the contract to make sure. But if that's the case you can't change the terms of the contract either. | |
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