Several years ago as a freelance writer for the Indianapolis Recorder I wrote a newspaper column with this same name.  The challenges faced by Indiana homeowners have drastically increased in the past 5 or 6 years as relates to their housing and housing associated problems.  Rarely do I make it through an entire day without encountering someone who has a housing problem who has contacted me for help in either understanding or trying to unravel the problem to move toward some kind of solution.  In almost every situation the real problem is that the consumer did not understand the terms of the contract that they signed in the beginning.

  CONTRACTS ARE LEGALLY BINDING.  IRON CLAD. IRREVOCABLE.

               CONTRACTS ARE LEGALLY BINDING 

Contracts never say, “You will not be bound to the terms of this contract IF

1. You do not understand the language used

2. The man/woman told you something different

3.  You changed your mind

4.  You thought they meant

5.  It seems unfair

6.  They added something you did not agree to

7.  You would have changed your mind if they had told you about . . . .

8.  You were rushed

9.  They knew they were putting you in a bind

10. You didn’t take time to read all of it”

When you sign a contract you are affirming for all time that:

           1.  You understand the terms of the contract

           2.  You acknowledge and accept the terms of the contract.

Many consumers are frustrated and angry at the turn of events when problems arise after signing into a predatory loan or a new construction loan that creates financial distress down the road.  While lenders and builders frequently encourage consumers to make poor financial choices, it is still imperative to remind consumers that you signed yourself into the trap.  You are bound by the contract that you did not fully understand which created your current financial distress. 

Be forewarned: get someone to help you.  Please notice I said H E L P.

The bottom line is that your name is the name on the contract; you’re the one who made a commitment.  Any legal repercussions will be against you.  Usually your agent, (and THE BUILDER’S AGENT or other professional) won’t suffer a loss.   You should take your time, know what you want, stay within your budget, understand the money side and never sign a contract with blank spaces (simply draw a line through that area).

It’s important that you not do anything until you have had a chance to consider all your options.  S L O W    D O W N.  Take a blank contract home and study it.  If you are not sure, WAIT.  Ask some more questions and be sure that the answers make sense to you.  Remember. . . . . . . 

      CONTRACTS ARE LEGALLY BINDING

**This is an excerpt from a larger document.  For a complete copy:  send an    email request to:mildredwilkins@homeownershipmatters.com.

  www.HomeOwnershipMatters.com   Knowledge is power, GET SOME!!!!

If there is a particular subject you would like to see explored, please contact Ms. Wilkins via email: mildredwilkins@homeownershipmatters.com.