Please help... I have contract for deed... I am buyer... the person I am buying from has not made mortgage payment in 6 months now the bank is going to forclose on him... what is my recourse I have paid all of my payments totaling 18,000.00 and only owe 8,000 more can bank take my property also... please help... the guy had enough nerve to ask me for another payment today even though he is not making payments and doesn't plan to, do I have to give him my money... I have children and can not be homeless.The property is located in clay county in Alabama... please please help

Is the contract registered with the county?

You need to immediately talk to the bank and see what you can work out with them. You may be able to sue the seller to recover what you paid, however, if he can't pay the mortgage, he may not have money to pay a judgment.

You also need to read the contract and see what the contract says about a breach by the seller. But your best bet is to work out something with the bank.

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Originally Posted by ScottGem

Is the contract registered with the county?

You need to immediately talk to the bank and see what you can work out with them. You may be able to sue the seller to recover what you paid, however, if he can't pay the mortgage, he may not have money to pay a judgment.

You also need to read the contract and see what the contract says about a breach by the seller. But your best bet is to work out something with the bank.

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I have already talked to bank and they can not help until the foreclosure goes into newpaper I did not register with county as they said I did not need to in this county... do I have to continue with my payments with him even though he has defaulted... I have called attorney but don't have the money for one... I am going to use my payment to him to pay for lawyer

He took out a reverse mortgage on his property plus 5 acres... he still owes bank 53,000.00 for my house and 2 cabins and 23 acres can I attach lien on other property?

Again, you need to read the contract. You will have to sue him and obtain a judgement before you can place a lien. However, as soon as file suit, you can file a lis pendens against the property.

I would not make any further payment to him, but I WOULD put your payments into a separate account so you can pay them if a court orders it.

Thank you so much I am just so stressed over this... waiting for lawyer to call me back man I hope she hurries