We are under a written contract with the property owner to purchase this property within 3 years, we paid a down payment and monthly mortgag...

Question

We are under a written contract with the property owner to purchase this property within 3 years, we paid a down payment and monthly mortgage. so far we have invested over 17,000 in 9 months. we just recived a certified letter the propertey has been forclosed on. what is our recourse both civil and criminal? Could this fall under an embezzlement statute?

Answer

Probably, neither (civil nor criminal) since if you were purchasing under what's

known as a contract for deed, ownership of this property would've remained with the seller until you had made the very last payment due under the contract, and

if a foreclosure action occurred in the meantime against the owner, that would

merely be an unfortunate intervening event with respect to your status in the matter.