Posted on: 09th Mar, 2009 07:47 am
we signed a contact to purchase property from an individual that did not disclose that he had financed the property through a lending institution. he stated he owned the property and come to find out he had a mortgage on the property. we lived on the site for 3 years and made the payments to him. then also found out that he did a second mortgage on the property without telling us about it. we received notice in the mail of foreclosure on the property and called the individual. he stated he did not need to show us payoff on the property.
we have left the home and he would like us to do a quitclaim to release the property back to him. what are your thoughts???
we have left the home and he would like us to do a quitclaim to release the property back to him. what are your thoughts???
i think you've been had.
I"m confused. So far you have only signed a contract to purchase the property right?
How are you on the deed and he is taking out mortgages on your property?
How are you on the deed and he is taking out mortgages on your property?
we are not on the deed just through the recorder as having an interest in the property. We talked to the company that held the lean and they stated that we should not have even lived in the home and have no leg to stand on
"through the recorder" - what's that mean?
i agree with "the company that held the lien" - sad to say.
i agree with "the company that held the lien" - sad to say.
the county recorder. We had to record the contract with our county
okay this is starting to sound like maybe you had a recorded land contract better knows as lease purchase or rent to own.
You don't actually own the property until you exersize your right to purchase and get your own financing on the property.
You probably did give him some money upfront on the lease purchase agreement. Now he is in foreclosure and he's not able to sell you the home at the agreed upon price because he mortgaged it to the hilt.
Does this pretty much accurately depict your situation?
If so you are in a difficult position. It's possible that you could sue him for breach of contract since he is unable to perform the contract as it was agreed upon for several reasons (too much mortgage + in foreclosure).
I suggest contact an attorney to help you find out what your rights are. If they foreclose on the home you will have to vacate the premisis since you don't legally own it.
At the same time you may be able to go after hte guy you did the lease purchase with for compensation (assuming he has any).
Does that help?
You don't actually own the property until you exersize your right to purchase and get your own financing on the property.
You probably did give him some money upfront on the lease purchase agreement. Now he is in foreclosure and he's not able to sell you the home at the agreed upon price because he mortgaged it to the hilt.
Does this pretty much accurately depict your situation?
If so you are in a difficult position. It's possible that you could sue him for breach of contract since he is unable to perform the contract as it was agreed upon for several reasons (too much mortgage + in foreclosure).
I suggest contact an attorney to help you find out what your rights are. If they foreclose on the home you will have to vacate the premisis since you don't legally own it.
At the same time you may be able to go after hte guy you did the lease purchase with for compensation (assuming he has any).
Does that help?
we actually left the property since he would not update us on how much he owed on the property
but you left your money behind, right?
Yeah if you had given him money upfront and he was not able to fulfill his part of the agreement then you can sue him to get your money back plus losses & damages..
Incredible
