We sold a home on Dec 13, 2008 privately by installment sale in Pa. We now live in SC.
Question Details:
We moved to SC in Dec 2008, immediately after entering into a private installment sale of our home. We still have a mortgage co that we owe. The home we sold is in Pa. Now, our buyers, 10 months later, haven't made a their payment and they say they have various grievances against us about the sale. We have a signed contract but the sale was private and was never recorded at the courthouse. If they continue not to pay, I cannot pay. My mortgage co will foreclose with or without them in the house. What are my liabilities and how can I avoid them?
I don't have all of the necessary information in order to give you a complete answer. I do not know if the contract is the only document with regards to this transaction. I also have not reviewed the contact so I don't know what sort of recourse you would have per the contract, nor do I know what your liabilities and responsibilities are under the contract. Lastly, I do not know what the buyers' "grievances" are.
But with the little information that I have, I can tell you this. You very much need to meet with an attorney who can see any and all documentation you have and who can ask you questions to get all of the details on this. Preferabldy it should be one who practices in the State of Pennsylvania, in case there are any specific state laws that would come into play.
Please understand that if I am understanding what has happened here, that is, that you have this home financed and you have then sold it so someone else, then you may be in violation of your mortgage agreement with the lender that financed it for you. Pretty much all mortgages that I have seen forbit a person from selling the property, transfering ownership, or doing anything else that would encumber ownership.
I really wish I could give you some help here, but I simply do not know enough of the particulars. Maybe if you meet with an attorney in PA, he/she can give you some ideas on resolving these "grievances."
I would recommend consulting with someone right away. One thing that you do not want is for the people that you sold this to, to turn around and sell it to someone else under the same conditions that you sold it. I would certainly assume that you did not sign over the deed to them. But nevertheless that would greatly compound your problems.
I'm sorry. I wish I could have been more help.
