Princeton, KY asked in Banking and Contracts for Kentucky

Q: I have a signed contract where the other party is trying to stick me with something I didn't agree to.

Here are the basics. I bought a house for $49,000, and put $10K down in cash, financing the remaining $39K, directly with the seller. No bank was involved. The terms of my contract state that I'm to make equal monthly payments with 8% interest added in, until the debt is paid. No penalties for paying early. No other terms. The other party is trying to say I agreed to a 15 year fixed mortgage rate with compoundable interest, and that's not in the contract. I say I paid the house off, they say I still owe $14K because of some 15 year contract they think I agreed to.

Related Topics:
1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Louisville, KY
  • Licensed in Kentucky

A: If it’s not in the contract, it was never a term of the contract.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.