owner financing gone bad.

[Jerrry Hopkins]

Hi,

Four years ago I bought a house that I got thru owner financing . I thought it was a good investment , until i recently tried to sell it this month. Found out that It was a wrap and unfortunatly I was not wise to them. I filed a claim against the Title Ins policy but was denied. When the transaction took place I had signed warranty deed that had a Wrap addendum. So the issue is I owe 18,000 on the house had it sold for 110,000 however the seller still owes 70,000 on this original mortgage. I dont know if I can sue for damages?

Has anyone gone thru this?

Thank you

JR

[Wayne Brooks]

You need an attorney NOW, and yes you entitled to the house as per your purchase terms.  Sounds you've made extra payments, paying it off early, and the seller didn't make the same additional payments on the underlying mortgage.  The seller has Your money, you need to get it back, and applied to the underlying mortgage. 

I am assuming you stated the case properly, and you bought the property for $110k or so with a seller wrap, Not a Sub2.