Hello,
I have/had a land contract with a second party who acted as the financier to me and bought a property and then7days later sold it to me. The contract was for 3 years with a balloon. I still could'nt get qualified for a loan due to credit history so he extended it for another 2 years and upped the interest, fine I signed and continued the contract with a balloon after that. Then the town I live in had a tornado/wind storm come through it and did some damage to the house. We called the insurance co. out and they payed for a portion of the damages. (now stay with me, this is where it gets tricky) We also found undisclosed damages to the house (extensive) along with the wind damages. The insurance company came out again and looked it over and said that those damages were pre-existing to the tornado time. I went to the deed holder and told him the problem and asked him what he wanted to do. Since he had bought the house sight unseen (trusted his real estate friend) he had no formal inspection or appraisal done and told us to do what we needed to do to make it livable again. Ok it was October already and we were heading into winter and no roof on the house to speak of, and contractors were tough to come by due to the construction from th estorms that summer. We did not get it in writing but agreed we would act as if and be his saviors for not walking away from it (sure we would be out equity) but he would have to pay to put it back together before he could sell it. it was almost a total rot sight when we dug into it. We agreed that our monies invested in the house to repair it would be in leiu of mortgage payments and he agreed with that since it was gonna cost us alot more to fix the house than it cost us in payments every month, we figure we would get the sweat equity from it when we were able to finally buy it from him. Now it has been two years and more and we are finally coming to a close with the house being finished since we did it ourselves he wants to charge us for the whole 7 years default interest and make us pay his atty fees since he lost the court case this January. H esued the original seller for the above mentioned and the judge told him/his lawyer that he would not have that in his courtroom. The judge said that if we want our monies from this lawsuit we would have to sue the guy we have a contract with. OK, so now we are in a position that we did'nt want to be in, the guy was good to us in the past when we had trouble making payments on time and did'nt threaten us on th econtract default so we figured we would stay and fix the house and save him the nightmare we went through. But it seems as if we could show him that we really don't owe him all tha t money he claims we do that he would settle out of court for different price. Now I know this was long but some of the details had to be mentioned, if the picture I painted is not good enough ask me and I will give some more details.
Just know that we don't want to fight this in court but we have gotten enough info from sources that state we have a case here but we would rather present it in a manner of settling out of court. I just don't have as many details as I would like Iknow this story is messed up but the lawyers in our neck of the woods are to close to home for me and I would like to have you chew on this for a whileand see if you have any answers to get this guy to realize he was saved from a nightmare and we deserve some gratitude instead of fighting it out in court.
I have/had a land contract with a second party who acted as the financier to me and bought a property and then7days later sold it to me. The contract was for 3 years with a balloon. I still could'nt get qualified for a loan due to credit history so he extended it for another 2 years and upped the interest, fine I signed and continued the contract with a balloon after that. Then the town I live in had a tornado/wind storm come through it and did some damage to the house. We called the insurance co. out and they payed for a portion of the damages. (now stay with me, this is where it gets tricky) We also found undisclosed damages to the house (extensive) along with the wind damages. The insurance company came out again and looked it over and said that those damages were pre-existing to the tornado time. I went to the deed holder and told him the problem and asked him what he wanted to do. Since he had bought the house sight unseen (trusted his real estate friend) he had no formal inspection or appraisal done and told us to do what we needed to do to make it livable again. Ok it was October already and we were heading into winter and no roof on the house to speak of, and contractors were tough to come by due to the construction from th estorms that summer. We did not get it in writing but agreed we would act as if and be his saviors for not walking away from it (sure we would be out equity) but he would have to pay to put it back together before he could sell it. it was almost a total rot sight when we dug into it. We agreed that our monies invested in the house to repair it would be in leiu of mortgage payments and he agreed with that since it was gonna cost us alot more to fix the house than it cost us in payments every month, we figure we would get the sweat equity from it when we were able to finally buy it from him. Now it has been two years and more and we are finally coming to a close with the house being finished since we did it ourselves he wants to charge us for the whole 7 years default interest and make us pay his atty fees since he lost the court case this January. H esued the original seller for the above mentioned and the judge told him/his lawyer that he would not have that in his courtroom. The judge said that if we want our monies from this lawsuit we would have to sue the guy we have a contract with. OK, so now we are in a position that we did'nt want to be in, the guy was good to us in the past when we had trouble making payments on time and did'nt threaten us on th econtract default so we figured we would stay and fix the house and save him the nightmare we went through. But it seems as if we could show him that we really don't owe him all tha t money he claims we do that he would settle out of court for different price. Now I know this was long but some of the details had to be mentioned, if the picture I painted is not good enough ask me and I will give some more details.
Just know that we don't want to fight this in court but we have gotten enough info from sources that state we have a case here but we would rather present it in a manner of settling out of court. I just don't have as many details as I would like Iknow this story is messed up but the lawyers in our neck of the woods are to close to home for me and I would like to have you chew on this for a whileand see if you have any answers to get this guy to realize he was saved from a nightmare and we deserve some gratitude instead of fighting it out in court.
