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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I'm purchasing a home using owner finance and I was told that

Customer Question

I'm purchasing a home using owner finance and I was told that I would be making a payments to the bank in October and the closing of the home papers would be drawn up in Jan. and it's May and the owners lawyer contact me today as I'm writing you to let me know that the home is being finance for 9.65%. 101,000 for 30 years I would have paid 309,722.40. I paid 4000,00. down in October and paid 1347 in November and then every month after paid 1094.86 a month. I was also told that I would not have to paid any closing cost, which now I'm looking at the paper stating closing cost is 400.00. And also my payment date is going to change in November instead the 24th it will be the first and that is not what we agreed, I also was going to make payments to the bank which would help establish credit and now I found I that I would continue to make payments to the owner need advice.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
Can you provide me a bit more information? Do you have a written agreement with the home owner? And, also, if the owner was owner financing, I'm presuming the owner had an existing mortgage on the property that you were going to pay. BUT, since he's the one on the mortgage, how was this going to build your credit as you would simply be making payment on his behalf? Thanks.

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