Deed of Trust Release

[1confused1]

We are in the state of Texas. 1 1/2 years ago we entered into a contract for deed ,with a real estate lien note , with the owner of the home we were renting. He owned the house outright. An attorney prepared the forms and it has been recorded. In our letter to him we stated that we would obtain a mortgage within five years. Today we went to a mortgage company and qualified for a mortgage to do a traight purchase on the home. The owner refuses to do it because he would have to pay 2400 in closing costs out of his $96,000 profit. We don't think we can get value on the house to refinance. Do we have any options? or are we stuck with this guy for the next 30 years? Any help would be appreciated.

 

[HomeGuru]

You can't refi because you are not an owner. You need to sue for specific performance and breach of contract.
Any astute Seller knows that there is the Seller's share of closing costs that need to be paid.