[jan50fresher]

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

[Fr_Chuck]

The owner is not really a "lender" they are still the owner, the title or deed of the property has never changed.

It is done several ways, first full payments to be made, so there is no "early payoff" if you were to make 360 payments, that many payments have to be made,

In others there is a payoff schedule according to the interest, most of which comes first.

So a home bought 8 years ago, would have very little equity in a 30 year loan, Most of the first several years payments woul have mostly been interest