Contract for Deed- lender? trying to foreclose not as agreed.
My wife and I entered into a contract for deed nearly 2.5 years ago. We talked about refinancing with the seller but there wasn't a specified time period by which this should be done nor is it in the contract. We received a call in the last couple of days that stated we must have refinanced by December 1st or accept 25,000 and move out. This isn't a normal property. It's a huge church with an attached building via a bridge about 20 ft. long. The attached building is 2 story. We decided to live in top floor and rent out the bottom floors rooms as offices or storage. We currently rent the church out but have other plans for other ventures thru said building including a coffee shop, using as a wedding venue, reunions , birthday parties etc. I know everyone is going to say contact a Lawyer but it states in contract not allowed and can't file with county. I know this is probably illegal. Need some solid advice please.
Most Popular Reply
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
- 13,512
- Votes |
- 23,418
- Posts
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Looks like you’re dealing with a shark. The “can’t have a lawyer review it before signing” is a clue.....nothing prevents you from using an attorney now.
You Need to have an attorney read it, and send them appropriate notice of your intention. Some contracts Do preclude recording, but it may not prevent you recording a Memorandum Of Contract.
One other concern is what liens/mtgs/debts may be, or become, attached to the property.....this is Always a risk with CFD's since title remains in the sellers name and he may not be able to deliver clear title when you are ready to pay it off.
USE AN ATTORNEY, and follow their advice. State laws vary along with the language in your specific contract.