Land Contract Out Dated!
We signed a land Contract back in '97 it was for 3 years @ 9.125%. Then we still could not get financing due to being self employed and no reporting to credit bureau. So he did another one for 2 years and upped the int. to 10.375%. With that said the house went through a major hail storm and wind damages. What we later found out was that he never had an inspection done nor did we :-( but there was major roof/floor/soffit/facia/water damage and the house was not bolted down to the foundation. There are other things that were found but I think you get the picturer it was a total loss other than the 4 exterior walls and even those weren't the greatest. So we went to the deed holder and asked him what he wanted to do, we said we would like to stay and repair the house with help from a grant (nointerest/nopayments)as long as we live there. He said to do what we have to do to make it liveable again. I mean it was bad and the problems started in October of 2001(construction). We said to the deed holder we would fix the house in leiu of mortgage payments until it was done, and he said that would be fine. He then in turn sued the prior owner for damages that were found after we started, and went to court on that this January2004. He/We LOST! to the tune of $81,000.00 includes atty. fees($6000). That Litigation suit took the better part of 2 years and we were just finishing the house at that time and exercised our option to purchase the house with him. So here we are, we wanted to pay for the house off of the agreed Amortization and he did also he would get his investment back plus his profits and we would get a house and some equity in it. Now he says that he wants to charge us for the last 2 years that there has been no contract (it had expired when we started construction) what timing huh? to the tune of 12.375% for the past due payments. No paperwork was signed other than he needed to agree to doing the grant with us that is binding. we have all the reciepts and labor time involved since we did the house ourselves and he never even showed up to ask how it was going. (dead of winter) and maybe half a roof for over two weeks. That was contracted but it was very cold we lived in the basement for nine months and payed all the bills on the house plus worked fulltime and rebuilt it all to save this guy's ass from having to do it himself. So it has gone from a payoff of $50,000.00(our original contract) to the better part of $85,000.00 to buy it from him. So once again is there anybody out there would be willing to talk to me about this and try the numbers? so I could propose something to him to get moving on the sale again. We want to use an arbitrator, but right now he won't talk to me (he's not good with confrontation) 
[addsig]
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