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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27989
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Good day, I did a finance by owner on contract ,

Customer Question

Good day,
I did a finance by owner on contract for deed, been paying on time over 2 years, now the former owner is trying to get me to sign back the warranty of deed, apparently they have refinanced the condo without consulting me of doing this. What are my rights in this position?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.
Good afternoon. What does the contract which you signed with them state about this? Were they allowed to refinance the home? Why do they want you to sign back the deed to them?
Customer: replied 1 year ago.
Contract for deed and no. They didn't inform me they were refinancing. Apparently the mortgage for them went up $400 more so they either want me to pay addt 400 to them or sign the warranty deed
Expert:  RealEstateAnswer replied 1 year ago.
Thank you for the additional information. The current contract which is in place and which was previously signed, will control. You do not have to do anything other then what is in the current contract and if they did something in breach/violation of the contract, you could sue them. Seeing how they refinanced it, I am inclined to believe they breached it. Now, the fact that their mortgage went up $400 is not something you need to be concerned with since you had an agreed upon price to pay to them, under the contract, to buy the home. You should not have to pay more and do not have to. Nor do you need to sign title back over to them, giving up your ownership interest. At this point, you need to do what is in your best interest and do not have to do anything out of the contract that is in place.
Expert:  RealEstateAnswer replied 1 year ago.
Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.
Expert:  RealEstateAnswer replied 1 year ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!