jan50fresher
Jan 23, 2009, 09:57 PM
Hi, my name is jan. I am writing to receive an answer to the following questions
I purchased a house in 2001 under a contract for deed from a private seller. Because I had never thought about purchasing a home and the house the seller was considering selling the house, therefore he offered me to buy it under contract for deed for $55,000.00, at 10% interest rate with a 30 years fixed rate.
At the time, it sound very good to me because I did not want to move. I loved the house.
Since I have now actually lived in the house for 13 years with great payment history and my credit is much better, I am now wanting to refinance at a lower interest rate and borrow against the equity.
I received information that I am only entitled to half the equity, but I feel I should be entitled to receive the full amount, due to everything is in my name. Property taxes, insurance, etc. The seller is only considered as the lender, just in case I ever default.
I am from Oklahoma city. Would you provided a direct answer for me, regarding the laws on equity and contract for deeds.
Thank you,
ms. Jan
I purchased a house in 2001 under a contract for deed from a private seller. Because I had never thought about purchasing a home and the house the seller was considering selling the house, therefore he offered me to buy it under contract for deed for $55,000.00, at 10% interest rate with a 30 years fixed rate.
At the time, it sound very good to me because I did not want to move. I loved the house.
Since I have now actually lived in the house for 13 years with great payment history and my credit is much better, I am now wanting to refinance at a lower interest rate and borrow against the equity.
I received information that I am only entitled to half the equity, but I feel I should be entitled to receive the full amount, due to everything is in my name. Property taxes, insurance, etc. The seller is only considered as the lender, just in case I ever default.
I am from Oklahoma city. Would you provided a direct answer for me, regarding the laws on equity and contract for deeds.
Thank you,
ms. Jan