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Mom Confessions Mom Confessions

question and advice about my housing?

Anonymous
Posted by Anonymous
  • 3 Replies
Hubby and I are buying our house on Land contract. We started paying on it about 4 years ago. We have done alot of work byt there is still a lot of work to be done on the house. Anyways the couple we are buying the house from were getting a divorce which is why they were moving from the house and neither of them could afford it on their own. Anyways here it is almost 4years later and She is getting reafy to marry a great guy. Her ex was an a**. She wants to refinance the house so its only in her name. I can understand that. However our contract says she is not allowed to refinance it. She just told me today she wants to come over tomorrow with her new guy and tour the home and see if there is anything that needs to be fixed before the appraiser comes on Monday. She set it up without even talking to me. I am a bit annoyed with her for that. I am really think about just giving the house back and losing out on our money. I dont even know how much more we owe I am guessing around $50,000. The purchase price was $60,000. What do you guys think?
Posted by Anonymous on Mar. 27, 2013 at 2:58 PM
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KristenFowles
by Ruby Member on Mar. 27, 2013 at 2:59 PM

 The contract says she isn't allowed to refinance it.

So I would have said no.

                         


There is no way to be a perfect mother, and a million ways to be a good one.

opal10161973
by on Mar. 27, 2013 at 3:09 PM

You need to read your land contract very thoroughly and make sure that she is not going against it.  If she violates one portion of the land contract and you do nothing, it opens the door for her to do whatever she wants after that.  If you wish to allow her to refinance, you or her need to make an amendment to the land contract in order to do so.  If you chose to not allow her to refinance, then you need to make it clear- in writing- that it stipulates in the contract that she is not allowed to do so. 

I hope you have kept every scrap of paper regarding the house and land, and I mean receipts for supplies and equipment, and a list of repairs and the amount of time it took to do them, etc.  She may balk at you not wanting her to refinance and you need to make sure you have everything in order, in case you need to sue her.

Anonymous
by Anonymous 1 - Original Poster on Mar. 27, 2013 at 3:19 PM
If we choose to give up the house then we lose all money we have put into repairs. Its a very clear and simple contract. she has no right to do anything with the house unless we dont make payments.

Quoting opal10161973:

You need to read your land contract very thoroughly and make sure that she is not going against it.  If she violates one portion of the land contract and you do nothing, it opens the door for her to do whatever she wants after that.  If you wish to allow her to refinance, you or her need to make an amendment to the land contract in order to do so.  If you chose to not allow her to refinance, then you need to make it clear- in writing- that it stipulates in the contract that she is not allowed to do so. 

I hope you have kept every scrap of paper regarding the house and land, and I mean receipts for supplies and equipment, and a list of repairs and the amount of time it took to do them, etc.  She may balk at you not wanting her to refinance and you need to make sure you have everything in order, in case you need to sue her.

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