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3 years ago we entered an agreement with another party under…

Customer Question
3 years ago we entered...
3 years ago we entered an agreement with another party under the name of their business to purchase our home at the end of the 3 years which is up now, and they want us to refinance our mortgage for 15 years so say can continue to live in the home
Because we refused they are being difficult
This is our VA loan is there anything we can do
They have made the payments on time every month
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 1 minute by:
2/12/2016
Real Estate Lawyer: CalAttorney2, Lawyer replied 2 years ago
CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10,245
Experience: I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
Verified

Dear Customer,

I am sorry to learn of this situation. Your ultimate recourse is to sue them for breach of contract. If they fail to complete the purchase, you would likely be forced to sell the home on the open market in order to recoup your losses, but this would require a court order.

Short of filing a lawsuit, you can try to mediate the dispute with them - contact your local bar association and request referrals to mediators, a third party neutral can often help you reach a mutually agreeable resolution. Use the bar association's referrals to contact a mediator or two, the mediator will then contact the other party to set up a mediation session, and you can go from there - hopefully resulting in a formal or written settlement agreement, and save yourself the time and expense of litigation.

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