Legal Question in Real Estate Law in Colorado
In 2008 I bought a home from the builder who is holding my note. We didn't record the deed due to the "due on sale clause" from the bank. Since that time, he has been foreclosed on and his note to the bank has matured. Is there anything I can do to save my property or just take over the payments?
1 Answer from Attorneys
This is very unfortunate and I really wish you spoke with an attorney before you made this arrangement. Your agreement appears unsecured and has nothing to do with the bank. So you have no right to take over payments. You certainly can and should contact the bank and try to make an arrangement, but there is no guarantee that they will accept anything.
I assume you had a written agreement. Depending on the terms of that agreement you may have a claim for breach of contract. You would have to sue the seller, assuming you have that right.
You should contact an attorney as soon as possible to determine possible options. Good luck.
DISCLAIMER�This answer is for informational purposes only and is not legal advice regarding your question. This answer does not establish an attorney-client relationship.
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