Posted on: 13th Jul, 2010 06:27 pm
Your advice is greatly needed! Here is our situation: 2 years ago my husband and I entered into a verbal agreement/owner financing with our neighbors/friends. They own the piece of land next to us that we want to buy. Our poor credit is preventing us from being financed. So, for the past 2 years we have been making monthly payments and the tax payments. We have no paper work. We do not know the loan balance, the interest rate, the payoff, who owns the loan, etc. We are blindly doing this! I have several problems with this! I have asked for paperwork on the land several times with the answer their printer does not work! We have already paid over $8500 with nothing to show for it. We are in the process of improving our credit so we can get financing, but in the meantime, I feel as if we are getting screwed! What should I do??? Please help! My husband does not want to start any kind of "fight".
Hi ajsmth,
It is quite surprising that you do not have a paperwork for the owner financing. On her other hand, you are paying the loan dues without knowing the loan amount or other details.
I would suggest you to get in touch with an attorney and get the owner financing agreement drafted from him. This agreement should be signed by you as well as the seller. This will make the verbal owner financing between both of you legal.
Thanks
It is quite surprising that you do not have a paperwork for the owner financing. On her other hand, you are paying the loan dues without knowing the loan amount or other details.
I would suggest you to get in touch with an attorney and get the owner financing agreement drafted from him. This agreement should be signed by you as well as the seller. This will make the verbal owner financing between both of you legal.
Thanks