Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 12 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Rachael Mabrey
  • Elizabethtown, IL
0
Votes |
1
Posts

contract for deed

Rachael Mabrey
  • Elizabethtown, IL
Posted

I have a real estate question. I purchased a home in Illinois contract for deed in 2008. The contract was initially for 2 years with a balloon payment due in 24 months. At the time the ballon payment came due my husband and I were going through a divorce and neither of us wanted to keep the home. I contacted both sellers of the home (one of which is an attorney). The attorney told me he wasn't concerned with what I was going through..he just wanted his money..however; the other owner told me not to worry about it....He said to live there and continue to make the payment as rent and we would worry about the contract at a later date. I am still living in the home due to not being able to find another home; however I am now ready to move and do not know what kind of legal obligation i have. If my contract was never renewed am I responsible for the orignal contract or if another contract was never drafted after the original expired am I free and clear to leave?

Loading replies...