Rent to own

[waypat1969]

I'm from New Mexico. We are renting a mobile home with the option of buying at the end of one year. We have lived here 6 months. The owners have now decided they need the home for a family member, and we have the option of moving out or buying NOW. We signed a contract (computer generated by the owners). We were told 6 months ago, before moving in, that the payoff was $25,000, and now we found out the payoff is $31,000. We want to back out, but we were coerced into signing or we would have had to move out within a week or two. Is this contract binding? Do we have any recourse? Thank you

 

[HomeGuru]

What contract?

 

[waypat1969]

We signed a contract that the owners typed up on their computer. It consisted of part of the original contract that they had signed through a finance company. It stated the make, model, serial number, what furnishings were in the home,etc. It states that we promise to pay the remaining amount, but we were under the assumption the remaining amount was $25,000. After we signed the "contract" which they claim is legally binding, they tell us the payoff is actually $31,000. Is this type of contract legally binding?

 

[HomeGuru]

You need to have an attorney take a look at it.