How can I get out of an Owner financed home if I need to move for a job relocation?
Been in the home for only 6 months. Builder/ Financer has broken contract and not completed all work stated by time stated. Will not answer mail, phone calls or emails, but cashes mortgage every month. He does not report to our credit and we dont want to hurt our credit, but need to find a way out.
Public Comments
- Call a local real estate attorney to help you. They can determine from how the contracts are written whether you have an escape. In general an owner financed home is no different from a bank financed home (except you probably agreed to pay more for the home than it was worth). Did you take the 8K first time buyer credit? If so, that will be recaptured also. If you are open to relocation, why are you buying homes instead of renting?
- all work not completed does not give right to move out unless it makes the home uninhabitable. Check the renters laws in your state, you might be able to use your mortgage payment to finish the work your self, send it in a letter by mail ,e-mail, and phone message; hurry before you make your next mortage payment. Make sure you keep receipts.
- You will have to take your contract to an attorney to see how you can get out of this. It is highly unlikely a job relocation is going to qualify. But maybe the attorney can find something in the contract to get it squashed.
- You will not get out of a contract because of your job. However, if you can prove the other party has breached the contract a judge may release you. you would need to file a breach of contract lawsuit.
