mandieshawn
Junior Member
We are buying a house on contract and were required by the contract to have $4,000 down. We couldn't come up with the money and are currently living here, and paid all of our payments on time. I know we have defaulted on the loan, I just want to know how long we have until we are asked to move.
Here is a copy of the paragraph in my contract concerning this. Can someone translate this for me?
Seller may declare this Contract forfeited and terminated, and upon such declaration, all right, title and interest of the BUyer in and to the Real Estate shall immediately cease and Buyer shall then be considered as a tenant holding over without permission and Seller shall be entitled to reenter and take immediate possession of the Real Estate and to eject Buyer and all persons claiming under him.
There is also this in the contract:
Event of Default: The following shall constitute an Event of Default for purposes of this contract:
Failure of Buyer, for a period of 30 days after written notice is given to buyer, to perform or observe or term of this Contract.
We haven't received a written notice, and they haven't asked us to move out yet.
We actually had an agreement (not in writing) that we could pay the balance at tax time. They just told us today that they received notice that if their prior balance (they didn't pay the mortgage for 6 months before we moved in) is not paid, then they will foreclose.
We have found another house, I just need to know how long they have to take back possession of the house. To me, it sounds like they have to give us written notice first. I just don't want them to be able to come in and lock the doors on us. We have paid on time the past three months.
Here is a copy of the paragraph in my contract concerning this. Can someone translate this for me?
Seller may declare this Contract forfeited and terminated, and upon such declaration, all right, title and interest of the BUyer in and to the Real Estate shall immediately cease and Buyer shall then be considered as a tenant holding over without permission and Seller shall be entitled to reenter and take immediate possession of the Real Estate and to eject Buyer and all persons claiming under him.
There is also this in the contract:
Event of Default: The following shall constitute an Event of Default for purposes of this contract:
Failure of Buyer, for a period of 30 days after written notice is given to buyer, to perform or observe or term of this Contract.
We haven't received a written notice, and they haven't asked us to move out yet.
We actually had an agreement (not in writing) that we could pay the balance at tax time. They just told us today that they received notice that if their prior balance (they didn't pay the mortgage for 6 months before we moved in) is not paid, then they will foreclose.
We have found another house, I just need to know how long they have to take back possession of the house. To me, it sounds like they have to give us written notice first. I just don't want them to be able to come in and lock the doors on us. We have paid on time the past three months.