I "sold" my house to an investor in 2006. I was verbally told that the house would be "re-financed" within 2 years. However, since the market has taken a turn for the worse, and I believe the people in the home are having trouble refinancing. I was assured by the investor that all payments would be made on time. I have received no late pays to date. However, I recieved a call from my mortgage company stating that this months payment is already 10 days past due. I am getting really concerned. I am planning on contacting an attorney in the morning, but wondered if any of you have had any similar dealings. I just wonder what my rights are and if I am protected in any way incase the investor defaults on our deal.
2007-09-11 10:24:45 · 2 answers · asked by THE RESCUE LLAMA!!! 3 in Business & Finance ➔ Renting & Real Estate
you are correct in that I did not "sell" my house. The investors are now on the deed and I can't do anything without their approval. They do have tenants living in the house that are on a contract deed type of arrangement. I do not have a formal contract with the investor. However, I do have a HUD-1 and I signed some seller certifications. There were no buyer certifications included. I was in a rush when I agreed to the transaction. Now I am wondering if I have any recourse.
2007-09-11 10:44:52 · update #1
This sounds like one of the very flakey types of transactions a number of real estate "gurus" sell in their seminars.
These are always complicated arrangements and work as long as the "investor" does what they say. The trouble is a lot of these "investors" have no real idea what they are doing, they are just following instructions of a course, so often get themselves into trouble by misapplying principals or over reaching what can be done. So when they go bad, unfortunately you go bad too.
I would contact a good real estate attorney immediately. There might be things that can be done, however they are very dependant on the exact circumstances of the "sale" as well as the laws of your area.
I wish you good luck
2007-09-11 11:11:28 · answer #1 · answered by rlloydevans 4 · 0⤊ 0⤋
If you sold your house , you would Not be in the loop on the payments ,
The term 'my mortgage company' would Not be applicable .
You did Not sell it , you went down some other 'creative' path ,
And I think your 'investor' is actually just renting with option to buy ?
Maybe if you looked at the transaction in real terms ,
Your future choices would be clearer .
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2007-09-11 10:36:33 · answer #2 · answered by kate 7 · 0⤊ 0⤋