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Ask Maverick Your Own Question
Maverick, Attorney
Category: Legal
Satisfied Customers: 5735
Experience:  20 years experience as a civil trial and appellate lawyer
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I owner financed a piece of property. The buyer was to make

Customer Question

I owner financed a piece of property. The buyer was to make payments over 5 years with a balloon payment at the end of the 5th year. Shortly after I started receiving payments I sold those payments, only the ones for five years, to a Note Buying Company. In that agreement it stipulated after all the payments had been received the title would go back into my name and I would still be entitled to the lump sum payment.
he buyer fell behind on those payments just before the end of the 5th year filed for bankruptcy. However, after filing all the necessary papers, my debt was not included in the bankruptcy judgement allowing me the right to collect the lump sum. Also the Note Company gave the buyer a second chance and did not foreclose on the property as they legally could have.
The buyer still has several years to finish making the payments but our original contract stated the lump sum was due this past February. The buyer thinks that the property will now become his when he finishes making the payments to the Note Company. He is not privy to the agreement I have with them that states the title goes back into my name once all their payments have been satisfied.
MY QUESTION IS THIS. . . How long do I have before I have to file a law suit for the lump sum that was due me this past February????????
Submitted: 3 months ago.
Category: Legal
Expert:  Maverick replied 3 months ago.

Welcome to Just Answer (“JA”)! My name is Maverick.

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Expert:  Maverick replied 3 months ago.

Answer: Under Ga. Code Ann. § 9-3-20 et seq., you would have six year to sue for breach of contract from the date that payment was due.