in limbo over contract...

[Anique]

state: oregon

we purchased a house on an installment contract, with the agreement that we would refinance after 1 year. when we purchased the home...they had had it inspected...so they say we looked over the inspection and everything seemed to be in order, well the inspector was a friend of theirs...any way we have big issues now with the house, also to top matters off my husband took a cut in pay and now we are behind in our payments. My questions are as follows
#1 Can we now make them fix the problems in the house?
#2 Now that we are behind, they are not making the payments to the mortgage co. and the mort. co is threatening to start foreclosure on them, what will happen to us? credit wise, and what can we expect as to when to move?
#3 we can pay the amount behind in the next week, would this be worth it? they are telling us they no longer want to carry the contract?
#4 if the payments are not made by this monday...then the people we are purchasing the home said they have already found a buyer, and on monday will give us 30 days to move out....don't we have some legal ground to make up the payments? can they just sell the house? can we just be served by them, without any documentation by the courts?

i would greatly appreciate any help, or a starting point. this seems so confusing. thanks so much!

 

[HomeGuru]

state: oregon

we purchased a house on an installment contract, with the agreement that we would refinance after 1 year. when we purchased the home...they had had it inspected...so they say we looked over the inspection and everything seemed to be in order, well the inspector was a friend of theirs...any way we have big issues now with the house, also to top matters off my husband took a cut in pay and now we are behind in our payments. My questions are as follows
#1 Can we now make them fix the problems in the house?
A: no because you could have hired your own home inspector but chose to accept the Seller's inspection report. You only have recourse if the Seller lied to you about the condition.

#2 Now that we are behind, they are not making the payments to the mortgage co. and the mort. co is threatening to start foreclosure on them, what will happen to us? credit wise, and what can we expect as to when to move?
A: the lender will file foreclosure which would affect you.

#3 we can pay the amount behind in the next week, would this be worth it? they are telling us they no longer want to carry the contract?
A: consult an attorney.

#4 if the payments are not made by this monday...then the people we are purchasing the home said they have already found a buyer, and on monday will give us 30 days to move out....don't we have some legal ground to make up the payments? can they just sell the house? can we just be served by them, without any documentation by the courts?
A: they need to officially foreclose through the Courts.


i would greatly appreciate any help, or a starting point. this seems so confusing. thanks so much!

A: It is confusing because you did not have an attorney represent you.

 

[Anique]

Re: Re: in limbo over contract...

A: It is confusing because you did not have an attorney represent you.

Probably a good idea to hire an attorney? or is it too late? even though the mortgage co may file foreclosure on the seller's...the sellers still have to file foreclosure on us?

Thanks for clearing a lot of this up!

 

[HomeGuru]

Hire an attorney NOW. When the lender files foreclosure on the Seller's, that will be foreclosure against you also.

 

[Anique]

We have made an an appointment with an attorney....it is scheduled for next week, as we've been waiting to consult with an attorney, we we're served by the seller's a 144 hour notice to be out by midnight on Dec. 24. Can they do this since we are not renting but rather purchasing on contract? This has turned into a huge mess...and yes we've learned a big lesson...don't try and do it yourself!!

 

[HomeGuru]

Give that notice to the attorney right away.