suit for foreclosure

Posted by lisa on June 16, 2005 at 12:30:52:

my husband and i are being sued for a forelosure in 2/2004. It was financed through the owner. We had to sign a contract stating that it was only financed for two years by him. At the end of the two years, we had to refinance or sale the property. If we did not do ant of those things the balance was due on the note. We tried to refinance, but was told did not have equity to refinance. The house was up for sale for 10 mos. with no sale. So we moved out and bought a home through a mortgage company. In the meantime the owner foreclosed on that property in 2/04. He then turned around and sold it in 5/04. He is suing us for the total cost of the home. Shouldn't we be sued for the difference, not the whole purchase amount?

Follow Ups:

• Re: suit for foreclosure - lisa 12:32:52 06/16/05 (2)
  • Re: suit for foreclosure - Irwin 14:07:10 06/18/05 (0)
  • Re: suit for foreclosure - Janie 21:44:15 06/16/05 (0)

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Comments:
: my husband and i are being sued for a forelosure in 2/2004. It was financed through the owner. We had to sign a contract stating that it was only financed for two years by him. At the end of the two years, we had to refinance or sale the property. If we did not do ant of those things the balance was due on the note. We tried to refinance, but was told did not have equity to refinance. The house was up for sale for 10 mos. with no sale. So we moved out and bought a home through a mortgage company. In the meantime the owner foreclosed on that property in 2/04. He then turned around and sold it in 5/04. He is suing us for the total cost of the home. Shouldn't we be sued for the difference, not the whole purchase amount? 

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