Laws on Refinancing

[CorinneL]

What is the name of your state? Colorado
We were buying some property that is owner financed and we had agreed
to refinance after two years to pay off the father and son. At the time, we
had no reason to believe that it would be any problem because I had been
with Hewlett Packard for 24 years. I've tried atleast ten to fifteen times in
the last two years to accomplish that and hadn't been able to have that
happen. We bought property that has two parcels on one deed and the
little house that was on it was never permitted and the residence that is
on it has been damaged from all the years of water coming off the hill behind
it had ruined the foundation. The house that sits on one of the parcels had
never been permitted to be put there by the original owners and we had to
do that before we could live in the house that was put there. We paid for a
permit to do so and the county cashed our check two years ago and we
had believed that we were legal. I have tried over and over to refinance and
have been told that it unrefinancable property and that was probably why the owners were financing it themselves because they knew that it was almost impossibe to get refinanced. The little house is kind of made out of half a trailer and some additions that were already there and noone wants to refinance trailer homes either. We never were turned down because of our credit. I've been told that they don't refinance on just property and that
there was always something wrong with the way the property was but I was
never told really what the problem was. The family had lived here all there
childhood and had accumulated quite alot of junk and trash which we had
spent alot of money and time (ever since we had been here which is about
three years or so) cleaning it up and painting the house, remodeling, doing
lots of inprovements on the appearance of the land and getting rid of all the
junk and trash off the premises.
We had the house appraised atleast three times at our expense,which we
had spent atleast $400.00 which we didn't get back even after they turned us down for the loan because we lacked about twenty square feet of footage. We have been so disappointed after putting our heart and soul into
this place and now we are being foreclosed on by these guys.
We feel like we have been setup from the very beginning on getting it all fixed up and now they are waltzing back in to take it back. This is on The
Big Thompson River and is worth probably atleast four hundred thousand dollars because you can't find river front property here very easily.
To get to the point- isn't there any laws to protect the buyer from not
being able to refinance after trying numerous times to be refinanced and
being turned down(and not because our credit) that it falls back on the owners for putting us in this position for what has been our financial ruin?
We thought that these people were our friends but we feel like they made out like bandits and we lost about fifty thousand dollars in the process and
lost our "Paradise" and our butts! We got it looking really nice and worth
something to have them reap all the benefits!

Disappointed In Colorado!

[john123456]

Originally Posted by CorinneL

What is the name of your state? Colorado
We were buying some property that is owner financed and we had agreed
to refinance after two years to pay off the father and son. At the time, we
had no reason to believe that it would be any problem because I had been
with Hewlett Packard for 24 years. I've tried atleast ten to fifteen times in
the last two years to accomplish that and hadn't been able to have that
happen. We bought property that has two parcels on one deed and the
little house that was on it was never permitted and the residence that is
on it has been damaged from all the years of water coming off the hill behind
it had ruined the foundation. The house that sits on one of the parcels had
never been permitted to be put there by the original owners and we had to
do that before we could live in the house that was put there. We paid for a
permit to do so and the county cashed our check two years ago and we
had believed that we were legal. I have tried over and over to refinance and
have been told that it unrefinancable property and that was probably why the owners were financing it themselves because they knew that it was almost impossibe to get refinanced. The little house is kind of made out of half a trailer and some additions that were already there and noone wants to refinance trailer homes either. We never were turned down because of our credit. I've been told that they don't refinance on just property and that
there was always something wrong with the way the property was but I was
never told really what the problem was. The family had lived here all there
childhood and had accumulated quite alot of junk and trash which we had
spent alot of money and time (ever since we had been here which is about
three years or so) cleaning it up and painting the house, remodeling, doing
lots of inprovements on the appearance of the land and getting rid of all the
junk and trash off the premises.
We had the house appraised atleast three times at our expense,which we
had spent atleast $400.00 which we didn't get back even after they turned us down for the loan because we lacked about twenty square feet of footage. We have been so disappointed after putting our heart and soul into
this place and now we are being foreclosed on by these guys.
We feel like we have been setup from the very beginning on getting it all fixed up and now they are waltzing back in to take it back. This is on The
Big Thompson River and is worth probably atleast four hundred thousand dollars because you can't find river front property here very easily.
To get to the point- isn't there any laws to protect the buyer from not
being able to refinance after trying numerous times to be refinanced and
being turned down(and not because our credit) that it falls back on the owners for putting us in this position for what has been our financial ruin?
We thought that these people were our friends but we feel like they made out like bandits and we lost about fifty thousand dollars in the process and
lost our "Paradise" and our butts! We got it looking really nice and worth
something to have them reap all the benefits!

Disappointed In Colorado!

Where is the realtor and real estate attorney you employed when you purchased the property?