Owner amending a Land Contract

[madmidas]

Georgia
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Georgia
I know I have ask this question before but new developments have came to the table.The contract was entered into on 4/10/2007.Total cash price was 59,900 with a 25,000 down payment.It also states that should I default that any money paid will be used to repair and paint the property.Also I pay Hazard ins and property taxes as due.My interest rate was set by a prime rate of 8.5 and is 9.7%
Now comes the fun part.An amendment to original finance agreement shows up in my door.He states that the prime rate(prime was whited out) as of 4/10/07 was 5.5 and as of 4/10/09 was 7.0 so he is raising my interest rate to 11.2.I am disabled and on a fixed income and feel that he is making my payment to where I cannot afford to keep up with it.
Did he breach his own contract and if not what options do I need to persue?I don't think it is fair that he can basically steal my 25,000.

[FarmerJ]

DO you have a copy of the original and was it recorded at the county govt center ?

[JETX]

Originally Posted by madmidas

I know I have ask this question before but new developments have came to the table.

Don't start a new thread to continue an existing one. Put your 'update' in the ORIGINAL thread.