10-18-2010 09:08 AM - edited 11-15-2011 04:30 AM
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
10-20-2010 08:31 AM
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.
10-20-2010 08:48 AM
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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO