I bought property from my father in law. I have paid him right on schedule, in fact way ahead of schedule. I owe him 11G still. I was going to take out a home equity loan to pay for my son’s college tuition, but I can’t because in the terms of the land contract it says I cannot otherwise encumber the property. So no prob, the credit unioin says I am good for thirty thousand, but have to pay off the land contract. There are mechanisms to take care of that or so I am told by the loan officer at the credit union. I only want 20 G, enought to pay off the house and make AJ’s tuition payments. Father in law refused, he says he doesn’t want the money lump sum now, and will refuse to cash any check, and refuses any sort of escrow arraingement.
I been around the block a few times, I have had my share of debt collectors hounding me for payment. I have never, ever, ever had anyone I owed a legitimate debt to refuse payment. My head is spinning.
The contract has no provision against early payment, and in fact the reason I owe so little is because I have been paying 150 a month above the required amount for ten years.
Can you force someone to accept money to pay off a debt?
I guess I am going to find out, as the father-in-law made an appointment to see an attorney, and invited me to sit in. I think I am going to decline and get my own hired gun. (attorney, not hit man).