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What happens if your building a house and you realize the payments will be too high?

Posted by Real Estate Investor on Jul 04 | Real Estate Investing Chatter

The house is 3/4 the way done and with the interest rates going up over a point it has put us in a tough situation. My income has just been reduced and has added to our concerns that the final numbers will be out of our reach What are our rights and responsibilities if we can’t afford the final mortgage amount?, more 
and What can we do, and should we pay?  My partner and i purchased a new built 2 bed leasehold flat last year. (There is only 2 flats within the plot)
As with leasehold there is ground rent and service charge to pay.
Before the contracts were signed we payed the remaining year ground rent and service charge.
Within the service charge there is a breakdown of what the money is used for and 1 of them is to pay for the T.V aerial system but we have only just got our tv ariel installed 1 yr on. (even though its a normal digital aerial) Also it pays for landscaping but outside our property is never done only at the start of the road where potential buyers can see.
Communal cleaners are payed through it only to turn up every 1 1/2 months even though the cost should be fortnightly.
we still also have various outstanding defects from our snagging list sent to the housing company last year.
We have payed the Ground rent for this year but have refused to pay the service charge until all defects are sorted and have a improvement on the landscaping. I have even mowed the grass at the rear of the property as it sometimes goes above 1 1/2 ft so we cant sit and enjoy the gr8 weather.
But to top off it all, we run on a private sewer and few months back it overflowed from the drain outside our plot. i informed the housing company about this but 2 weeks on no reply so i had to pay £60 to get it unblocked which building material was the cause.
so all in all our new dream property has become a nightmare. should we continue to hold paying the service charge and also what else can we do apart from my usal email, call the inwhich they never reply?, more 

and What do you expect when being evicted?  I have just received my court order and a court date for about two weeks from now. What happens in court? What happens after court?, more 

Can someone find the status of this house? it's at 936 Washington Blv. Upland CA 91786?  It’s been in a BAD fire. I don’t know if the owners are waiting for Insurance, or if the city is planning something with it since it is in the Historical section of the city. I don’t know who to call, so if one of you research hounds can find out anything, I’d be very grateful. I walk past it almost daily. It’s been like that for quite a while now. Thanks for whatever you can find., more 

and CAN I BE KICKED OUT OF A LAND CONTRACT?  I HAVE BEEN ON A LAND CONTRACT FOR 2 YEARS..THE OWNER OF THE HOME INFORMED ME ON MONDAY THAT IF I CANNOT BUY THE HOUSE WITHIN THE NEXT MONTH I WILL HAVE TO MOVE BECAUSE SHE HAS ALREADY TALKED TO A REAL ESTATE AGENT AND THEY WANT TO COME AND GO THROUGH THE HOUSE A PUT A FOR SALE SIGN IN THE FRONT YARD…NOW THE CONTRACT IS WRITTEN FOR US TO PAY $500 A MONTH FOR 360 MONTHS - 30 YEARS…THERE IS NO CLAUSE SAYING WE HAVE TO OBTAIN A LOAN AT ANY TIME..I HAVE MADE EVERY PAYMENT ON TIME…SO CAN SHE LEGALLY FORCE ME TO MOVE OUT???…YES THE CONTRACT IS NOTORIZED AND FILED WITH THE CITY.
didn’t mean to have my cap locks on sorry…:)
seeing a real estate attorney tommorow…and yes it was signed at a title agency and filed with the city…my name is on the property records when looked up on the computer, more 

Tags: repossessed, foreclosure, investing advice, property listings

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