Asked by Michelle in Phoenix, Phoenix, AZ • Fri Sep 13, 2013
We are in an owner will carry. If we are ever late (we are usually within the 10 day grace period), we are reminded that we do not have the same rights as a conventional mortage. The owner carrying our loan reminds us that if we are 30 days late we can be evicted. I can find nothing in the paperwork saying this. I can find a late fee after 10 days and a late fee plus interest after 30 days. I see nothing that says he can cancel the contract if we are 30 days late. I don't think we will ever be 30 days late but I just want to know if he is just feeding us bull. Could he really take the house back that easy?
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