help me out of this contract
what is the best way to get out of a contract for deed?
its five years with a balloon. im in my 3rd year, and i dont want to do it anymore.
help me out of this contract
what is the best way to get out of a contract for deed?
its five years with a balloon. im in my 3rd year, and i dont want to do it anymore.
Re: help me out of this contract
You can default on the Contact and then the Contract vendor (the person from whom you bought the property) will cancel the Contract. However, that will not be good for your credit and you will lose whatever equity you have in the property.
You may be able to sell the property to someone else. If you sell it, your buyer can either pay for the property in full or may be able to assume the Contract. It depends on what your Contract provides with respect to you being able to sell it to someone else.
The person from whom you bought the property might be willing to simply cancel the Contract. Again, this will result in you losing whatever equity you have in the property.
The only way you can hope to get your money out of the property is to sell it to someone else. Is that a viable option?
If you would like to speak with me about this you may call me at (763) 428-8973.
Cathy A. Wagner
Cathy Wagner
Cathy A. Wagner, P.A.
P.O. Box 234
Rogers, MN 55374