Upcoming Foreclosures

Can I avoid forecloser?

I bought a home four years ago through owner financing, also called seller financing. I have fallen behind five or six payments but now owe only two payments of $510. I can make the last two payments this month; however, the seller has notified me by mail that he is "accelerating" the note, and the case is to go to court on June 2. My question is, can I simply make the last two payments, which will make me current, and avoid foreclosure. I'd hate to lose the house, even though we moved into another home last August. I'd hate to lose all the equity in the first home. I'd also hate to have the foreclosure appear on my credit report. Is there anyway out of this mess? I live in south texas and texas laws apply but I don't know where to look online to see if I have any rights.

Public Comments

1. refi it today and get the home with a bank
2. I am not a lawyer or realtor. There is probably something written into your sales agreement that allows the seller to accelerate the note if you do not make your monthly payments in a timely manner. (Most credit cards can demand full payment if you miss a payment.) Can you do a face-to-face with the seller and see if he would accept the payments that would bring you current & forget the acceleration? (Get it in writing.) If not, don't give him the payments. If you can't find info online, I'd check with a real estate lawyer about this. I'd hate to see you lose the house over something that can be solved.