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Breach of Contract o sell

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1 Breach of Contract o sell on Wed Dec 09, 2015 7:36 pm

Civilized_Citizen


Arresto Menor
I need an advice. My parents entered to a contract to sell(Property) which was placed under my name because during that time I am still young and not even sure what I am getting into. Now, they are not paying the monthly amortization of the house so we received a letter demanding us to vacate it and pay the total amount of unpaid amortization with penalties and interest. My question is what possible action does the developer can do against me? Is it civil or criminal case? I hope you can spend a time giving a piece of advice. I will really appreciate it.

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2 Re: Breach of Contract o sell on Thu Dec 10, 2015 12:08 am

Lunkan


Reclusion Perpetua
I guess you mean your parents BOUGHT the property (?)
(If they SOLD it, they don't need to pay amortations after that, because then the new owner need to take care of such.)

I find it some odd.
Don't the message say you have to pay that amount to STAY ? (=They give you the OPTIONS to leave OR pay and stay?)
Isn't the property COLLATERAL for a loan and they make a FORECLOSURE process?
(Normaly the loan is suppoused to be LOWER than the value of the property so the lender are suppoused to get COVER for the loan by make a Foreclose process and get their money back by that.)
I don't know what the loan DEAL say about if the lender can claim money from you IF the Foreclose process don't cover all. IF it's allowed, they can claim the not covered PART from you.
It CAN'T be a crminal case (except perhaps if you gave them FALSE information when buying the property or when applying for the loan).

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3 Re: Breach of Contract o sell on Thu Dec 10, 2015 12:12 am

betchay001


Prision Mayor
Hello,

1. How young were you when you signed the contract? 18 and above?
2. When payments are not made in three months, there is a provision in contracts that make the total amount due and demandable.
3. To answer your question:
a. First they will cancel the contract via notarial act (provided they gave you notices prior to this)
b. The developer will write you - whether it's ejectment or for mediation. I suggest that you take the time to talk to them and see if you can restructure your loan.
c. They can sue you, yes but it's not a criminal offense.

Court cases are long and expensive and will take its toll on anyone. I suggest that you talk to them and see what other options you have.

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