Legal Question in Real Estate Law in New Mexico

We were having trouble paying our mortgage so we wanted to sell our trailer and land. We found someone who wanted it and we signed a contract lease to own agreement. We went through a escrow copany. The people who bought our trailer made one payment and then stopped and niether them or the escrow company told us that they were late. We got a letter from our mortgage company stating our home was going into forclosure now since the payments were 4 months late. We've talked to the buyers and they said they would pay but haven't yet and meanwhile our trailer could get taking away. Can we sue the people who agreed to buy our trailer for all or at lease part of what they agreed to buy it for?


Asked on 3/07/11, 3:36 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

You can legally enforce the contract which governs the relationship between the two of you. The provisions it contains are what you can ask be enforced, including any money which is owed. Probably swift legal action is called for.

Read more
Answered on 3/08/11, 11:25 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Mexico