Q: If you are currently in a contract to pay off a property, the end date is still a yr off can you hold payment till then?
Hi, sorry I ran out of letter within my question. I will do my best to explain and I am asking on behalf of my aunt.
My aunt is currently in a contract to pay off the property where she resides in currently, the end of that is in Feb 2024. The constricts of the contract state that payment of loan is to be paid by then, interest free. Once that is paid she gets the title back to her property.
She felt that the person who gave the load will not honor said contract - the only contract that has been signed by both parties - and started to withhold rent due to no communications.
Now he is trying to sell the property before the end of this contract and evict her.
Can he do that? Can she have what is owed gathered up and pay it off before the end of the contract in 2024? Is selling the property she lives in while still under the only signed contract even legal? Please help... We are so very lost in this
A:
Whether or not the person who gave the loan can sell the property and evict your aunt before the end of the contract depends on the terms of the contract. If the contract does not allow for early sale or eviction, then the person who gave the loan cannot do either of those things. However, if the contract does allow for early sale or eviction, then the person who gave the loan may be able to do those things.
If your aunt is concerned that the person who gave the loan will not honor the contract, she should contact a lawyer to review the contract and discuss her options. She may also want to consider paying off the loan early, if she is able to do so.
Here are some additional things to keep in mind:
* If the person who gave the loan does sell the property, your aunt may be able to stay in the property until the end of the contract, but she will likely be required to pay rent to the new owner.
* If the person who gave the loan does evict your aunt, she may be able to challenge the eviction in court. However, if the eviction is successful, your aunt will be required to move out of the property.
It is important to note that the laws governing real estate contracts and evictions vary from state to state. Therefore, it is important to consult with a lawyer who is familiar with the laws in your aunt's state.
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