contract for deed has gone baaaaaaddddd!

[Julebear]

My state is Wyoming
My husband and I purchased a home and moved there. We got the loan through the bank and had to put up our other two properties as collateral since it wasnt a true mortgage. I had trouble with my health and we had to move back. We found who we thought were great people to enter into a contract for deed. We had left some belongings on the property and went up there to get them and found out that over 20000 worth of our things have been sold, two buildings have been torn down, coralls taken down and material sold, trees have been chopped down (one pine tree she denys was ever there). We informed them after that that they were in breach of contract due to all the property damage and thefts. And that they were also in default since the payment is due on the first of the month and she is makeing the payments on the 15th of the month now. Since she got the letter which was informal and just suggested the length we would go through to get them out, she is completly ignoring me. The problem with all of this is we did not ask permission from our bank to enter into a contract for deed with these people because we did not know it wasnt allowed. We don't want to lose all of our other houses and become homeless. All we were trying to do was to make sure that the payments were made and thats the only thing they have done. Our homeowners insurance has been canceled since it is no longer a owner occupied policy but after reporting the thefts to the Sheriffs office they say they cant help us because they consider them to be the owners! We made the mistake of finding this contract online and it looked good but have to hire a lawyer to enforce it. Is there anyway to get these people out of there without haveing to come clean with the bank and losing everything we own? If it was a lease to own they would be out of there by now. I know how stupid we were please don't remind me I just need some advice as to where to start in evicting them. I am on Social Security and just don't have the money to fight this and if I can do some of the work the better. Thank you for anything you can tell me.What is the name of your state?

[JETX]

The first and ONLY thing you need to do is to RUN (don't walk) to a good local attorney.

[Julebear]

I have been looking through the threads on land contracts and it seems to be that you have to forclose on the people who you have a contract with but correct me if I am wrong that that doesnt mean you forclose on your loan with the bank its the land contract we are forclosing on correct?We a re to the point that we are going to take the risk and sit down with our banker and see what we can work out. We did get a call from the realtor that sold us the property and she has buyers for it but we need to get the contract for deed cancelled or whatever so am hoping on that but what would be the first step before going to a lawyer? What kind of documentation do I need? Like I said I am on disability and would like to know where I can find out this information beforehand so there isn't as much time spent on a lawyer if I have it ahead of time. Thank you for your quick reply.

[LindaP777]

Did you have these new owners put on the deed?

I know this contradicts itself, but it's the away I handle my real estate transactions: When buying, I always get the deed in my name. When selling (lease with option, owner financing, etc.) the deed remains in my name until all the money has changed hand through an appropriate title company (attorney representing me).

[JETX]

The first and ONLY thing you need to do is to RUN (don't walk) to a good local attorney.

[HomeGuru]

Originally Posted by JETX

The first and ONLY thing you need to do is to RUN (don't walk) to a good local attorney.

**A: OP, have you been running?

[Julebear]

Everything is in our name. They have either breached or defaulted on every aspect of the contract plus a few I wasn't prepared for. Am trying to beg borrow and whatever to get the money together for a few hours of lawyer time which goes at 140 hour here. So hopefully will get it rolling before they destroy too much then go after them in civil court, he is a conductor with the railroad so it shouldn't be too hard. But already have 3 people with the full amount and then some lined up for the day they leave. There is a prison being built and people are looking for something away from town. So it may be bleak now but I think it will work out.

[CharlotteInvest]

if you have buyers lined up, offer them some cash to leave.

[Julebear]

Am having trouble finding a lawyer in this area who even wants to take this case. The other party is threatening me and telling me I have to show them proof that the payments are being made. (if they werent they would be in forclosure now right?) she also wants proof of insurance. They were responsible for keeping up on the insurance and it was cancelled because they didnt pay it on the first so now thats an issue. Also an issue because of all the property of our that they have stolen and sold and that we made a claim to the insurance company about who can't do anything until they get a Sheriffs report who by the way says nothing was ever reported. Aaaaaaarrrrggg!!!! This month she only payed 400 of the 733 payment no explanations or anything so does that start a 30 day default? I know about running to a lawyer am trying to find one but am wondering how much she can put me through before I find one.

[nextwife]

I'm a little unclear.

Was the property MORTGAGED that you sold? If so, did you fail to payoff the underlying mortgage? Also, if so., ddid you agree in your mortgage that YOU would maintain insurance on the property?

[Julebear]

we had to leave the area due to my health and move back to our other home. We found these people to take over our payment. It was a personal loan on our side but the collateral is our other two propertys and this one. They don't call it a mortgage but we do. So we get these people to sign what I thought was a pretty good land contract and they have done all of the above. Our bank papers on closer inspection say that we can't enter into any other contract. Our payment has been made monthly as usual and until april had insurance. She had asked for an extention on the payment until the 15th of the month which was fine but I told her she had to make the insurance payment (which I usually do out of my account she puts in the money) because I didn't have even a hundred to make the payment. Found out she didn't make it and insurance was cancelled. In the contract it was up to us to get the policy which we did and her responsibility to pay it monthly. now she only paid 400 towards the payment which I had to make up the difference so we wouldnt default on our payment to the bank. So is that a breach on her part? Is she allowed only to make half payments, I am finding hell trying to find a lawyer in this area to help me. If only I wouldve made a lease to own I wouldnt have this problem.