LegalAdviceHQ

I own a house that was days away frm foreclosure auction. So i called the tenant and asked if he wanted to buy the house ( this was in 2008). I told him he would have to pay the full mortgage payoff amt due plus all sales expenses and taxes for the sale. He checked into it and found that he could not obtain a loan due to low income, high debt ratio plus bad credit. He asked if he cLould just pay the default amt to stop the foreclosure and take a few weeks to shop a loan. I was relieved and told him i would send him my mortgage info so he could pay the mtg himself plus he was expected to pay any repairs and maintenance on the house. Incidentally the mtg payment was LESS than the rent he had been paying to us. Later i told him to go ahead and take his time looking for a loan. We wouldnt need to complete the sale for a couple of years due to my husband being in school at the time. We NEVER agreed to carry paper for him and in fact couldnt because we obviously owed the bank a considerable amt.
Fast forward 3 yrs to now:The bottom line is that the sale was never completed and I DONT WANT TO SELL IT. Nothing at all was ever put in WRITING; the property value continued to freefall and is certain to appraise for far less than the amt we owe. The tenant has made only 6 payments on time! Five times they were over 30 days late. They additionally have made NO effort to obtain a loan and actually used their inlaws money to convert the family room into a bedroom for their elderly parents to live…without our knowledge.
Do I have anything to worry about as far as the verbal agreement to sell to them, or can I safely give them a lease to sign and if they refuse then evict them. I just want my house back. I dont mind continuing to rent to them but the house was our retirememt plan and I really want to continue owning it. I Have been worried that they will stop paying rent andnclaim that the amt the put up initially to prevent foreclosure was advanced rent. Then I will have trouble payng thewmaia

In: Bankruptcy / Debt Asked By: Sopsychobilly [3 ]