ANSWERS: 3
  • Verbal Agreements are as sound as the paper on which they are written! Verbal contracts are in deed legal in ALL States, however, laws which support them will vary. If you are being evicted under the terms of your Contract for Deed, I suspect that there may be a reason for this action. If you have been making someone else's mortgage payments, you are effectively in a Contract for Deed, but without the protections of a written contract. Furthermore, you may be subject to the "Due On Sale" clause of the original mortgage. In other words, whenever the person who took out the original mortgage no longer lives in the property, and has come to terms regading the sale of the property, the lender may call the mortgage due and ti must be paid in full. I suspect that the payments are in arrears. Unlike traditional mortgage terms which carry foreclosure/redemption periods of up to a year, CDs have no such protections. When you miss a payment, you can be evicted in as little as 30 days. I suggest that you bring the "mortgage" current and plead with the contract holder. Then write everything down!!!
  • While I do not know about verbal agreements holding up in court or not, I'd highly suggest getting everything like that written down on paper in the future, and even have it notarized by a public notary for extra protection.
  • not that i know of

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