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Updated over 13 years ago on . Most recent reply presented by

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Rachael Mabrey
  • Elizabethtown, IL
0
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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?

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