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Contract For Deed

Valued Member

Contract For Deed

We bought a house on a contract for deed 2 years ago

Insurance and taxes are in Escrow

But the sellar has not paid the Homeowners Insurance Received a letter yesterday CANCELATION

 

He did the same thing last year

Is this a violation of the contract???

 

Just like if I did not make my house payments I would be in Violation

 

I hope someone says YES  I would like to get out of this

 

If so tell me what do do PLEASE

Message 1 of 3
2 REPLIES
Established Member

Re: Contract For Deed

Contract for Deeds are tricky.  Im assuming that you did the contract with the owner of the property correct?  It would be my guess that this individual is not reporting it to the CRBs  You can ask them to report.  Dont know if they even can.   If your paying your payments to a bank I would defiantly ask them to report it.  I would ask the attorney that did the paperwork on your contract.    

Message 2 of 3
Senior Contributor

Re: Contract For Deed

Private owners usually do not report to the CB's and it is unlikely that they will be able to do so.  It is an expensive and time consuming thing to get set up to report to the CB's so it is prohibitive to a private person or even to alot of small local lenders.

 

If you are paying to a a bank, you can ask them.  Just understand that they are not obligated to do so.

Message 3 of 3