Owner is being foreclosed on our house

[The Fulmers]

What is the name of your state? South Carolina, A little background info: In may, 2000, my wife and I began purchasing a home from the owner. Our payments being $404 a month and his $208 to the mortgage company. On june 6, 2004 we were served foreclosure notice by the city. The owner called 3 days later and said he would take care of it. On july 6, 2004 we were served by mail from the mortgage company foreclosure notices. To make matters worse we find that there are 4 other lein holders not including my wife and I. The notice states that when the property is auctioned that any monies made over what is due on the house will be distributed to the lein holders. My questions are as follows:

1. Should we make any more paymnets?

2. Should we move out now or wait untill the judgement?

3. Will this become as a bad credit mark against us?

4. If we move will we loose any monies collected from the auction?

5. Can we sue the owner for any or all past payments made on the house?

Sorry this thread is long but I wanted to try and get all facts out to you.
Thanks for any and all help given.

The Fulmers

 

[nextwife]

What is the name of your state? South Carolina, A little background info: In may, 2000, my wife and I began purchasing a home from the owner.

What EXACTLY do you mean by that?

You wrote an offer to purchase and it was accepted? Did you close with seller taking back a jr. mortgage? Was it a land contract purchase? Why wasn't the mortgage paid off at closing? What was the condition of title when you closed - was the lis pendens already appearing on title? What about any other liens? If so, why would you have closed without making him bring the mortage current first? Was the mortgage subject to a due on transfer clause?

If he is STILL the owner, how is it your house?

What did your attorney say when you asked about all this?

 

[HomeGuru]

What EXACTLY do you mean by that?

You wrote an offer to purchase and it was accepted? Did you close with seller taking back a jr. mortgage? Was it a land contract purchase? Why wasn't the mortgage paid off at closing? What was the condition of title when you closed - was the lis pendens already appearing on title? What about any other liens? If so, why would you have closed without making him bring the mortage current first? Was the mortgage subject to a due on transfer clause?

If he is STILL the owner, how is it your house?

What did your attorney say when you asked about all this?

**A: it appears that this is an installment sale contract.