Owner contract foreclosure!!!?
A few years ago I bought 10 acres in North Idaho for 36,000 and I have paid 12,000. My husband is an alcoholic and can be very evasive and I just found out that we are quite behind on our land and the owner wants to take it back. Like I said we have paid 12,000 and we built a little house on it for 20,000 from our savings. The taxes say its worth 127,000 but a Realtor told me in this market he thinks I can get 95,000 for it. But if the owner takes it, he would still have the 12,000 +interest I paid plus the house we built on it from our savings and he could sell it for 95,000. Am I entitled to receive any of that money or would I be broke and homeless?
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When you purchased the home from the owner, you must have some sort of contract or mortgage that spells out what your interest rate is, how long the terms of the loans are for, and the other parties rights in the event of default. Reread your contract, and see an attorney if there's anything you don't understand.
You should have an amortization table. This table tells you that for every payment made, what portion of it is interest and what is principal. See how all of the payments you have made to date affect the amount of principal that's currently due on your loan. Once you calculate the remaining principal, do a recalculation of the interest and penalties he's assessing against you. All you owe him are the remaining principal and the interest and penalties that have been assessed due to late payments.
If the owner of your 10 acres has not been paid and has moved to foreclose on the contract, the house that you built on his land becomes his property. Move to sell the house and land, and promise the owner of the land an extra 5,000 over and above what you still owe on the land contract. Otherwise, you will be broke and homeless.