owner finace

[pam troutman]

What is the name of your state (only U.S. law)? Tn

 

[pam troutman]

question: we have a owner finaced home..we have paid 800.00 monthly for one year..we have another year before we have to find a mortgage..we have never missed a payment..we put 15.000.00 down. we have put 25,000 in remoldling ..can we walk away without any sort of penalty..we would like to move back to Indiana.

 

[LdiJ]

question: we have a owner finaced home..we have paid 800.00 monthly for one year..we have another year before we have to find a mortgage..we have never missed a payment..we put 15.000.00 down. we have put 25,000 in remoldling ..can we walk away without any sort of penalty..we would like to move back to Indiana.

You have 40k into this house without even considering the monthly payments...it would be nuts to just walk away from that.

 

[OK-LL]

Yes, you can walk away -- it would be good to do the right thing, though, by providing the lender with a deed-in-lieu of foreclosure. This will save the lender having to file a foreclosure action against you to obtain the right to sell the property to satisfy the mortgage. Have you considered selling the property to a 3rd party and having them pay off the loan by getting their own financing? That way, you might come out whole.