Are the rules different on owner financed homes

[bishopryan]

What is the name of your state? Texas
So my father In-law hurt his back and is a little over 2 months late on the old house payment. This house is owner financed and he's been paying into it for 15 years he owes about 6,000.00 on the remaining note say about 5 more years.

The owner has given him 30 days to vacate and offered him 1000.00 as a nice jester.

With so much invested in this house he's wanting to sell it to recoup some of the money invested.

The owner has told him he can't sell it like you could if it was the banks note. Since its her house and she's financing it only she can sell it.

I don't know the rules or law on owner financed homes does anyone out there know what he could do or am I screwed and now the In-laws are now live-ins please help.

Or is there any law that because of the injury it can buy him time to sell before he is evicted

On another forum I was advised to have him file chapter 13 as that might help him keep the house until it sells. I'll be getting a copy of the lease probably today so I need to see what it says I'm thinking it states 60 days and I know he is past that.

 

[pojo2]

Is it financed by the seller on contract for deed?

Does the seller own it outright or is there a Mortgage she owes on (wrapped Mortgage)?

IF it is simply being financed by the seller then he can sell, refi, and anything else a person with a regular Mortgage can do.

IF it is contract for deed then he may be out of luck.

So which is it? Have you read the paperwork? He may need an Atty.

 

[bishopryan]

Is it financed by the seller on contract for deed?

Does the seller own it outright or is there a Mortgage she owes on (wrapped Mortgage)?

IF it is simply being financed by the seller then he can sell, refi, and anything else a person with a regular Mortgage can do.

IF it is contract for deed then he may be out of luck.

So which is it? Have you read the paperwork? He may need an Atty.

Thanks for the response I'll hopefully get my eyes on the contract tomarrow.

Whats the difference between contract for deed and financed and I don't think she owes anything on it.

 

[bishopryan]

OK just found out its contract for deed.

 

[HappyHusband]

OK just found out its contract for deed.

He needs to consult with an attorney or risk losing his house.

A seller may enforce the remedy of rescission or of forfeiture and acceleration against a purchaser in default under an executory contract for conveyance of real property (they can repossess) only if:

(1) the seller notifies the purchaser of:
(A) the seller's intent to enforce a remedy under this section; and
(B) the purchaser's right to cure the default within 60-days;

(2) the purchaser fails to cure the default within the 60-day period; and

(3) Section 5.066 (purchaser has paid 40% or 48 payments) does not apply.

He has paid more than 48 payments AND the seller did not notify him of his right to pay the balance within 60 days.
But if your father-in-law still cannot make the payments, he will lose the house anyway, and the $1,000 would seem like a nice "gesture".

 

[bishopryan]

OK so he can't resell but bankruptcy help anyway until maybe he can get current.