First, why isn't the house in your names? It should still be able to be in
your names even if the owner is financing. Basically, it's like the owner
is the holder of the mortgage.
You should sue for specific performance (get an attorney who also knows
bankruptcy so that this lawsuit can be pursued around the stay that will
take effect once bk is
For about a year or more, my family had been renting a house from a
private
landlord who said he had no problem with us renting long term (we were
looking to rent the property for several years). During that time, due to
enormous health bills incurred when my husband had heart surgery, we were
forced to file for bankruptcy. Then, in the Fall of 2002 the landlord
told
us, due to changes in his own circumstances, he would not be able to renew
our contract when the time came (within a month or so). We were heart
broken as we had fallen in love with the house and were quite settled.
Due
to the bankruptcy we didn't feel we would be able to get a mortgage and
had
no idea what we would do. I suggested to my husband that we had nothing
to
lose by asking the owner if he would allow us to buy the house from him
via
"owner-financing" (he would hold the mortgage in his name). We were
delighted when he agreed to this and so we drew up a contract between us
and
gave him all of our savings, $10,000, as a cash deposit on the purchase
price.
We have been paying him monthly amounts for the last two years and have
invested many thousands of dollars (every penny we had, in fact) into the
house on landscaping and repair work etc. We recently decided that it
might
be better if we tried to get a mortgage now so that we could pay him off
in
full and actually have the house in our names. However, a few days ago he
asked to meet with my husband and dropped a bombshell on us. It seems he
has recently incurred great financial debts (health bills from his
daughter's illness and subsequent death) and expects the hospital to take
him to court over these debts. He intends to file for bankruptcy and his
intention seems to be to move his wife back into this house so that they
can
claim it as their "homestead" and not lose it in any bankruptcy filing.
We are absolutely devastated and don't know what to do or what our rights
are, or even if we have any. We have no savings left and feel like we
have
been kicked in the teeth and have no options. I would be most grateful if
there is anyone here in this newsgroup who could give me some advice.
Regards - Debbie
