Our law firm helps individuals who have purchased a home on a contract for deed and need experienced help combating predatory seller practices.
Does it seem like your low, easy-to-make home payments will never end? They might not, if you bought your home on a contract for deed. A contract for deed is a type of contract where you finance your home directly with the seller, instead of with a bank. Sadly, many sellers cheat hard-working people.
Some of the predatory practices include: misleading you about how much your home would cost, charging excessive late fees, failing to account for escrow funds, failing to account for the down payment, charging you for taxes without actually paying the taxing authority or not accounting for all of your payments—one missed payment that could amount to thousands of extra dollars over the life of your contract. These practices can lead to foreclosure and cause you to lose the most important investment of your life.
Fortunately, Texas has strong laws to protect homebuyers from those who engage in predatory practices. For example, the law requires sellers to give you a statement each year showing the progress you’ve made towards owning your home, and a seller who fails to do so could owe you money plus your attorney’s fees. If you’ve been victimized by someone who promised you low, affordable home payments, but you now are no closer to owning your home or are facing threats of foreclosure, you may have rights to your home that can be protected.
If you have purchased a home on a contract for deed and need legal advice, please contact the Law Firm of Herbert & McClelland LLP.