P
pst58
Guest
What is the name of your state? Oregon
Will TRY to be brief, but this is really a MESS! Hope someone can help! Two years ago we purchased an "owner-financed home". Won't get into the "gorey details", but the long and short of it is that our new business is beginning to get off the ground but did not enable us to continue making these high house payments. We put the house up for sale, got a contract on it, contingent upon the sale of purchaser's home, and moved out by July 1 as specified in the contract, even though the closing was scheduled for July 5. On July 5 the buyers were notified that the closing on THEIR house had to be extended to July 30, subsequently our closing had to be extended as well. Due to another mix-up with the lender, another extension was made to Aug. 12. On August 6 our purchasers went in to the title company and withdrew the contract. So, even though their home DID close on Aug. 12, we are now stuck with TWO house payments. (Don't bother telling us how ridiculously stupid we were in this ordeal - - - we have "already" figured THAT out! ha!) As soon as we could collect our thoughts from the tailspin this put us in, we listed the house with a realtor on August 9. We did not and cannot make the August payment on the "first house" and the owners called us on August 12 and told us that we could either sign a "Deed In Lieu of Foreclosure" or else they could initiate foreclosure proceedings. There are a couple of "small" (???) liens on the property against us, so their attorney told them that he wasn't sure that we could do a "Deed In Lieu of" with the liens attached to the property. We feel absolutely terrible about the financial predicament we are in, but we simply do not have the money to make the payments and we cannot afford an attorney. We explained our situation to the original owners and told them that we understood if they had to go ahead and begin foreclosure. Our realtor spoke to an attorney in his office building about the situation and that attorney told him that we can "just hope" that the house sells before the foreclosure is final and that way the liens will get paid off and also the original owners will get their money. HOWEVER - - - the owners are calling us DAILY now - - at our place of business as well as leaving numerous messages on our answering machine at home - - telling us that they need money "TODAY" or they will begin foreclosure and that we must get the realtor to remove the "for sale" sign off of the property if we are not making the payment on it. Sorry for the length of this, but we are just in a quandary here as to what to do!! As badly as we hate it, we simply CANNOT make the payment to them and now September is due as well. Was the attorney in the realtor's office correct? CAN we leave the property up for sale in the hopes that it will sell DURING their foreclosure process, or do we just have to let it "sit there" for the next 3 -4 months or however long it takes for the foreclosure to go through? ANY advice will be greatly appreciated. Thank you.
Will TRY to be brief, but this is really a MESS! Hope someone can help! Two years ago we purchased an "owner-financed home". Won't get into the "gorey details", but the long and short of it is that our new business is beginning to get off the ground but did not enable us to continue making these high house payments. We put the house up for sale, got a contract on it, contingent upon the sale of purchaser's home, and moved out by July 1 as specified in the contract, even though the closing was scheduled for July 5. On July 5 the buyers were notified that the closing on THEIR house had to be extended to July 30, subsequently our closing had to be extended as well. Due to another mix-up with the lender, another extension was made to Aug. 12. On August 6 our purchasers went in to the title company and withdrew the contract. So, even though their home DID close on Aug. 12, we are now stuck with TWO house payments. (Don't bother telling us how ridiculously stupid we were in this ordeal - - - we have "already" figured THAT out! ha!) As soon as we could collect our thoughts from the tailspin this put us in, we listed the house with a realtor on August 9. We did not and cannot make the August payment on the "first house" and the owners called us on August 12 and told us that we could either sign a "Deed In Lieu of Foreclosure" or else they could initiate foreclosure proceedings. There are a couple of "small" (???) liens on the property against us, so their attorney told them that he wasn't sure that we could do a "Deed In Lieu of" with the liens attached to the property. We feel absolutely terrible about the financial predicament we are in, but we simply do not have the money to make the payments and we cannot afford an attorney. We explained our situation to the original owners and told them that we understood if they had to go ahead and begin foreclosure. Our realtor spoke to an attorney in his office building about the situation and that attorney told him that we can "just hope" that the house sells before the foreclosure is final and that way the liens will get paid off and also the original owners will get their money. HOWEVER - - - the owners are calling us DAILY now - - at our place of business as well as leaving numerous messages on our answering machine at home - - telling us that they need money "TODAY" or they will begin foreclosure and that we must get the realtor to remove the "for sale" sign off of the property if we are not making the payment on it. Sorry for the length of this, but we are just in a quandary here as to what to do!! As badly as we hate it, we simply CANNOT make the payment to them and now September is due as well. Was the attorney in the realtor's office correct? CAN we leave the property up for sale in the hopes that it will sell DURING their foreclosure process, or do we just have to let it "sit there" for the next 3 -4 months or however long it takes for the foreclosure to go through? ANY advice will be greatly appreciated. Thank you.