How To Give Back To Previous Owners

Comments(4)

• 
  CROWLER20th January, 2004

  Well you may not be able to just givethe house back.
  
  They could end up suing you to make you give them the payments. Or they could foreclose and auction it off. Charging you for the attys fees and for all the other fees, penaltys and such.
  
  I would see if you could perhaps pay someone to take over your payments and do it fast if you start missing payments they could excellerate the loan and make you pay them or force you into foreclosure and bankruptcy.
  
  [ Edited by CROWLER on Date 01/20/2004 ]

• 
  BAMZ20th January, 2004

  Hi HrdAtWrk,
  
  A good first option is to contact the owner of the property that sold you the house on terms. Tell them your circustances and ask them if they would be open to taking the house back. You never know what you will get unless you ask. Most investors that I know would rather have the property back willingly than having to go through foreclosure to get it back.
  
  If you have kept the property up, you may have a better chance working something out with the owner.
  
  Best of Success!
  
  BAMZ

• 
  scott_mn20th January, 2004

  Wait.... it's not that serious yet. They can’t force you into bankruptcy.
  
  Without knowing exactly how you agreed upon the purchase or how long you have been in the house I would generally say, first get out the contract(s) you signed. Yes it will be dry reading but read it until you find something that deals with the situation you are in. Next get in contact with the previous owners. Explain the situation, be up front and see what they say. Keep in mind that anything you tell the previous owners can and might be used against you in the future.
  
  Then take it from there. Yes they might be upset and be expected to have to get out of the house ASAP or on a timeline they stipulate, but the outcome will be much better all around for all parties. I wouldn’t be as alarmist as the above post but do cover yourself and make sure you understand any arrangement you decide on, if you are presented that option. Also I suggest you try to get some professional advice from a professional friend or someone experienced with real estate transactions.
  
  From your post it sounds like you see the problem of not making payments before hand and are responsibly dealing with it. I wish more people I dealt with were this upfront.
  
  Good luck and hope all goes well.

• 
  MikeWood20th January, 2004

  It really depends on what "owner financed" really means. Did that actually offer you a loan or was is a lease to own or rent to own situation?? In any of the circumstances, it would be good to contact the previous owners, they may be able to work with you