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    ttownhawk's Avatar
    ttownhawk Posts: 2, Reputation: 1
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    #1

    Sep 10, 2008, 11:52 AM
    Contract for Deed
    My husband and I entered into a contract for deed with a man who had a short term loan on the house in question. We put up a small down payment of $2000 and have made monthly payments of $885 on a house that would rent for about $650-700 for the past 4 years. Now we are informed that his short term loan has come due and the bank is refusing to renew his loan. My contract states monthly payments at 10% int. for 30 years. He expects to loose the house. I guess my question is what are our rights? Do we loose everything we have invested and need to move, and if we move, can he claim that we defaulted? He is in default, right? And if so what do we do now?

    Thank you in advance,
    ttownhawk
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Sep 10, 2008, 01:37 PM
    You will have to not move out till the home is actually foreclosed on. ** also talk to the lender to see if they will finance it for you.

    But if it is foreclosed he has then defaulted in his obligation and you can sue him for all of your loses.
    * that is assuming he has money to pay you when you win in court.
    ttownhawk's Avatar
    ttownhawk Posts: 2, Reputation: 1
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    #3

    Sep 10, 2008, 03:05 PM
    Do I continue to pay the $885 monthly payment (over priced rent) until they boot me out?
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