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  1. #1
    Join Date
    Jan 2012
    Posts
    1

    Default Should We Foreclose Our Houses

    My question involves real estate located in the State of: Texas

    This is regarding 6 houses that my family owns. My father was having difficulty handling them so he made this agreement with this guy that he'd give the houses in return to pay the property tax for that year. He would have to just pay the mortgage. Each property tax was approx. $10,000 and he would be responsible to pay the mortgage every month. In a written agreement, he was to buy our houses within two years. In return, he has to make sure our credit is not ruined. He refuses to buy our houses, he paid for property tax for 2008 and the rest of the property taxes he has placed in our mortgage as escrow and now threatens if we want our houses back we can have them, but we do not have the funds to even hire a lawyer. He has not paid the HOA fees. We’re being sued from the HOA association because he has not paid the money and the houses are still in our name. He keeps saying he will. We do not have that much money pay property tax, fix up the houses and sell them or get a lawyer. Do you think we should just foreclose the house? We need a way out asap!!! Any advice?

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Should We Foreclose Our Houses

    Your story is confusing to me. To understand, I think we'd need to see your agreement with him. Do you have outstanding mortgages, with a mortgage lender, on all these properties?

  3. #3
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Should We Foreclose Our Houses

    You should have had a lawyer when you made this contract. You really need one now.

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