I am in the process of refinancing a client out of their owner finance home and they are on title and the property is theirs. Their current loan we are paying off is still in the original buyer's name. If they wanted to sell the home they would be able to do so.
So it really comes down to how the original process was handled. You should speak with a title company and a real estate attorney to decide how best to proceed.
Hope this helps.
REALTORÂ® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157
http://www.AustinListed.com | http://www.360LendingGroup.com
If you want to contact me directly through my web site, I might be able to help give you some guidance on this once I have more information. Reach me through GlobeAssets DOT com.
You have lived there for four years, probably paying about the same as if you were renting.
What you should be concerned with, is if the house is worth less than you agreed to pay:
You are creating a Shortsale for the Seller; they are going to take a bath.
You will walk away with nothing, your credit will be ruined, and the Seller may be able to sue you; even though Texas is a Non-Recourse State. (This question is above my pay-grade).
If you can afford to rent somewhere else; then you can afford to work something out here: You owe it to yourself, but most of all, you owe it to the Seller who had faith in you!