Please help,,,i'm a trusting idiot

[Kittenintrouble]

What is the name of your state?What is the name of your state?MN

A coworker of mine sold me an inherited house Contract for Deed for $55,000 with $7000 down. I payed the $7000 and moved in January 1,2004. Payment were to be $445/month for 9 years. The kicker...the unsigned Contract is still sitting at the lawyer's office. He was going thru a divorce and wanted his wife's name cleared from the house before we did the contract. Well, she was cleared but he could never get the divorce papers to the lawyer to finish up the contract and get it all finished. It is all drawn up but unsigned. He had excuse after excuse but said it would get done. Wife moved away with needed paperwork apparently...but who knows. now a year and a half has gone by and i've paid the $7000 down and $445/month ($8455 so far). Thursday night he called and said he got an offer of $63000 for the house. He will give me back my $7000 down and an extra $500 for "interest" and "moving expenses". He also generously said i would have 40 days to find a new place to live once i got the $7500. He said he considers my $445/month payments as rent...even though i put "house payment" on the memo line of every check. He admitted that this was a slimey thing to do but he just doesn't feel too bad about it. I've offered to get a mortgage to pay off the balance but he doesn't want to sell to me...he needs the money bad...gambler i guess. What about my equity? do i have a chance to uphold the original contract? Can i sue to recoop equity lost? I've furnished this place and taken care of it. I've paid the insurance since day 1. what recourse do i have. I'm going the lawyer Monday morning, but any insight and help would be greatly appreciated.

Thanks a bunch

[HomeGuru]

Originally Posted by Kittenintrouble

What is the name of your state?What is the name of your state?MN

A coworker of mine sold me an inherited house Contract for Deed for $55,000 with $7000 down. I payed the $7000 and moved in January 1,2004. Payment were to be $445/month for 9 years. The kicker...the unsigned Contract is still sitting at the lawyer's office. He was going thru a divorce and wanted his wife's name cleared from the house before we did the contract. Well, she was cleared but he could never get the divorce papers to the lawyer to finish up the contract and get it all finished. It is all drawn up but unsigned. He had excuse after excuse but said it would get done. Wife moved away with needed paperwork apparently...but who knows. now a year and a half has gone by and i've paid the $7000 down and $445/month ($8455 so far). Thursday night he called and said he got an offer of $63000 for the house. He will give me back my $7000 down and an extra $500 for "interest" and "moving expenses". He also generously said i would have 40 days to find a new place to live once i got the $7500. He said he considers my $445/month payments as rent...even though i put "house payment" on the memo line of every check. He admitted that this was a slimey thing to do but he just doesn't feel too bad about it. I've offered to get a mortgage to pay off the balance but he doesn't want to sell to me...he needs the money bad...gambler i guess. What about my equity? do i have a chance to uphold the original contract? Can i sue to recoop equity lost? I've furnished this place and taken care of it. I've paid the insurance since day 1. what recourse do i have. I'm going the lawyer Monday morning, but any insight and help would be greatly appreciated.

Thanks a bunch

**A: you need an attorney like Jan 2004.

[Kittenintrouble]

i need constructive help