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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12398
Experience:  JD, MBA
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I bought a home with owner financing. It is a five year

Customer Question

I bought a home with owner financing. It is a five year interest only loan due in May, 2017. I can't qualify for the mortgage. I know I will lose my down payment, but can he sue me anything else?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Georgia
JA: Have you talked to a lawyer yet?
Customer: No
JA: Anything else you think the lawyer should know?
Customer: The mortgage is in my name, My wife is not on the note. Can the seller go after her as well?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  TJ, Esq. replied 1 year ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

Bear in mind that I haven't read the contract, and so I can't know for certain. Having said that, it would be unusual if you were liable for anything beyond the down payment. You will need to review the contract, however, to be certain. If you are liable for anything else, it should clearly state so.

As for your wife, if she didn't sign the note, then she is not liable and the seller cannot go after her for anything.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

Expert:  TJ, Esq. replied 1 year ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!