Expert: Sue Bernstein - 8/22/2008

Question
We sold our house under a contract that kept the mortgage in our names for 25 months to allow the house to build equity. The buyers have defaulted, have not been paying the mortgage even though they rented the property and are collecting rent for it. My husbands credit is ruined. The mortgage is 6 months behind, we don't have the money to sue. What do we do?

Answer
Dear Marie,

You need to seek local advice perhaps from an attorney to see what your options are. There should have been some mechanism set up so that if they are not making the payments you can step in and do and take the property back.  Someone has to look at your contracts and see what remedies you have.  I would advise you seek a real estate attorney immediately.

Good luck,

Sue Bernstein