Why would my lienholder request my contract be re-written after 12 years paying on the property?
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Why would my lienholder request my contract be re-written after 12 years paying on the property?
My lienholder says that she wants to re-write my contract for my home; I it purchased from her 12 years ago. The property was purchased with escrow to include taxes and insurance. Just this past year, she told me I would owe an additional $2000 one time payment because I didn’t have enough money is as row to pay the premiums for taxes and insurance because they both increased that year. She says to fix that issue, she wants to re-write my contract, still including escrow. I can’t help but think she has her own interest at heart and not mine. Can I get some insight or advice here or should I just go ahead with the re-write
Asked on January 14, 2017 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Presumably, she wants to rewrite the contract or revise it because doing so will bettter for her. But a contract is a contract: if you are currently in compliance with it, you do not have to revise or rewrite it--one party to a contract cannot require the other party to revise, etc. it. So if you are in compliance with th agreement, it's up to you whether to go along with this or not--you don't have to if you don't want to.
If you are currently in breach or default of the contract, she could potentially sue you for the default--rather than face the consequences of breach, you may wish to resolve the issue by acceeding to her request.
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