Posted on: 05th Aug, 2014 09:51 am
I did a owner contract 8 years ago with $ 35,000 down and have made improvements of $ 20,000. He owed $ 10,000 to a mortgage company. We had a private contract made up with no attorney's involved. Mine was notarized, his wasn't.. Just 2 pieces were involved. He after 18 months spent 5 of the house payments that I would send to him and the house went into foreclosure. I only found this out by notice to this address. I contacted him and he had the missed payments and fees put on the contract so now I owe an additional $ 3,500.00 and it's been 6 and a half years later and no attempt to pay that off. Property values here have never recovered and with the new fema insurance in place ( I'm in a high flood zone ) it doesn't make sense to stay here. My question is... since he broke our contract twice and I leave can he come after me for the balance ?There were no attorney's involved, am not anywhere on anything, just papers between us. any information will be helpful
The rule of the thumb for me is if there is no papers signed by authority, both of you have no right to come after each other. That is the risk of not getting everything clear on paper.