I purchased a house on contract in 2005. The contract expired in Sept 2010. I live in Indiana. I have been making my payments and this month I was late and paid half of the payment and told the contract seller that I will pay the other half by the end of the month. He told me that he did not want the payment and he wanted me to move out. He approached me last week before this happen and told me that he had another house that he will finance me on contract that is cheaper that the one that I live in. I don’t want the other house, I paid the half and is planning on paying the other half by the end of the month.
Since the contract expired is there any laws that will protect me from losing my house, since I have been paying on the house for 6 years. After the contract expired he told me that he would renegotiate the balance, which he said that he would sell me the house for 30,000 cash previously, now he wants me to move. will this be considered a foreclosure. If I have paid more that half the principle to him do i get reimburse any money. I paid his 3000.00 down. Please help me
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A lot will depend on the original contract that you signed with the Seller. You should gather that information and call a local real estate attorney to review that with you. They should be able explain your options to remain in the house or purchase it outright at this point. Whether or not the Seller has the ability to foreclose on you will depend on the original contract and also your state’s laws. This is another great question for your attorney.
Good luck and keep us posted on what you learn in the comment section below.
Andy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.
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