My home is owner financed. I have a 8 day grace period in my contract! My payment is 16 days late and has never been 30 days late. He is a c...

Question

My home is owner financed. I have a 8 day grace period in my contract! My payment is 16 days late and has never been 30 days late. He is a control freak and makes me give him receipts for everything like the property taxes and threatens to foreclose if I dont. Can he forclose now with my payment being 16 days late? I have put a lotofmoney into this home and he knows he can resale it for more now.

Answer

8 days or 1 day - late is late. That is what you agreed to when you signed the contract, so I'm not sure why you would expect a different answer.

Answer

Your contract means what it says. If you are 1 second late, a lender can foreclose. YOu have three choices: (1) pay, (2) risk foreclosure, or (3) if you are eligible file bankruptcy.